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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marshall & Ilsley Corp | NYSE:MI | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.90 | 0.00 | 01:00:00 |
Kicking off the second-quarter reporting season for Canada's big banks, Bank of Montreal (BMO) posted a 7% improvement in earnings and beat analyst expectations on the back of lower loan-loss provisions and ongoing strength in its Canadian personal and commercial banking operations.
The country's fourth-largest bank in assets earned C$800 million or C$1.34 a share in its latest quarter, up from C$745 million or C$1.26 a year earlier.
Adjusted earnings improved to C$1.35 a share from C$1.28, ahead of the Thomson Reuters mean estimate of C$1.31 a share.
Loan-loss provisions fell to C$145 million from C$249 million a year earlier.
Return on equity rose to 16.7% from 16.4%. Revenue was up 5.5% to C$3.22 billion.
Analysts were expecting Canada's big banks to post another quarter of solid earnings, helped in part by lower loan losses in the wake of a steadily improving economy.
"As we see the signs of a business-led recovery in both Canada and the United States, we believe that banks like ours have a unique institutional responsibility to play in that recovery. Our consistent approach to lending, in good times and more challenging times, continues to pay off with ongoing strength in P&C Canada commercial loans balances and market share, while maintaining our disciplined approach to risk management," the bank said.
Earnings from BMO's personal and commercial banking operations rose C$3 million to C$443 million, including a 1.7% improvement in Canada to C$401 million. Earnings from its private client group and BMO Capital Markets operations fell 12% and 9.6%, respectively.
BMO owns Chicago-based Harris Bank and agreed in December to buy Milwaukee, Wis.-based Marshall & Ilsley Corp. (MI) in a US$4.1 billion deal. The bank continues to expect to close the purchase in its fiscal third quarter.
BMO maintained its quarterly dividend at 70 Canadian cents a share.
In Toronto Tuesday, Bank of Montreal closed at C$61.50, down 1.1%.
-By Judy McKinnon, Dow Jones Newswires; 416-306-2100; judy.mckinnon@dowjones.com
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