TORONTO — BMO Financial Group reported a third-quarter profit of $2.33 billion, up from $1.87 billion a year ago, as the bank benefited from stronger U.S. operations and lower credit loss provisions.
For the quarter ending July 31, BMO said net income amounted to $3.14 per diluted share, compared with $2.48 per share in the same period last year. On an adjusted basis, earnings were $3.23 per share, surpassing analyst expectations of $2.95, according to LSEG Data & Analytics.
Revenue climbed to $8.99 billion, up from $8.19 billion a year earlier. The bank’s provision for credit losses fell to $797 million from $906 million.
“BMO delivered another quarter of strong earnings growth, with solid revenue performance and good expense management,” said CEO Darryl White. He added the bank is continuing to invest in long-term growth, citing the recent acquisition of Burgundy Asset Management Ltd. and ongoing work to expand digital and AI capabilities.
Performance varied across business segments. Canadian personal and commercial banking posted $867 million in profit, down from $914 million as higher expenses and credit provisions offset revenue growth. In contrast, U.S. personal and commercial banking surged to $709 million from $470 million. Wealth management earned $436 million, up from $362 million, while capital markets contributed $438 million, up from $389 million.
BMO’s corporate services group reduced its loss to $120 million from $270 million in the same quarter last year.
The results underscore the bank’s resilience amid higher costs in Canada and highlight the growing importance of its U.S. business to overall earnings momentum.