Bank of Montreal (BMO.TO) reported a quarterly profit on Wednesday that topped expectations, driven largely by growth in its Canadian lending portfolio and a drop in provisions for soured loans. The Toronto-based bank said net income rose to C$800 million ($816 million), or C$1.34 a share, in its second quarter, ended April 30, from a year-earlier profit of C$745 million, or C$1.26. BMO, which owns a network of retail banking operations spread across Canada and in the U.S. Midwest, said its adjusted earnings rose to C$1.35 a share from C$1.28 a year earlier. Analysts on average had forecast earnings of C$1.31 a share, according to Thomson Reuters I/B/E/S. Shares of BMO were up 20 Canadian cents at C$61.70 in early trade on the Toronto Stock Exchange on Wednesday.
Bank of Montreal (BMO) provides a range of credit and non-credit products and services directly and indirectly through Canadian and non-Canadian subsidiaries, offices and branches. Shares of BMO fell by 0.21% or $-0.13/share to $62.91. In the past year, the shares have traded as low as $51.11 and as high as $66.64. On average, 855100 shares of BMO exchange hands on a given day and today's volume is recorded at 157344.
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