- Category: Economic
- Published Tuesday, February 23, 2016
- CTV News
TORONTO -- The Bank of Montreal saw its first-quarter profit rise seven per cent to $1.07 billion as it grew revenue in its personal and commercial banking segments on both sides of the border.
The earnings amounted to $1.58 per common share.
On an adjusted basis, the bank (TSX:BMO) had $1.18 billion in net income, or $1.75 per share.
Its revenue amounted to $5.08 billion for the quarter ended Jan. 31, up from $5.06 billion a year ago.
The bank's Canadian personal and commercial banking business saw its profits climb by five per cent from a year ago to $529 million.
South of the border, BMO's personal and commercial banking division increased its net income by 31 per cent to $251 million.
Provisions for credit losses rose to $183 million, compared with $163 million during the same quarter last year.
Meanwhile, BMO's wealth management arm saw its net income slip roughly seven per cent to $148 million, from $159 million a year ago, due to weak market conditions.
"Our results this quarter reinforce our confidence that successfully executing on our strategy will enable us to meet customers' changing expectations and continue to perform well in an unsettled environment," BMO's chief executive Bill Downe said in a statement.