BMO Monetary Group reported third-quarter internet revenue of $1.37 billion, down from $2.28 billion in the identical quarter a yr earlier, because it took a $945-million cost associated to its acquisition of Financial institution of the West.
The financial institution says its revenue amounted to $1.95 for the quarter ended July 31, down from a revenue of $3.41 per diluted share a yr in the past.
Income totalled $6.10 billion, down from $7.56 billion in the identical quarter final yr.
Provisions for credit score losses amounted to $136 million for the quarter in contrast with a restoration of credit score losses of $70 million within the financial institution’s third quarter final yr.
On an adjusted foundation, BMO says it earned $3.09 per diluted share for the quarter, down from an adjusted revenue of $3.44 per diluted share a yr in the past.
Analysts on common had anticipated the financial institution to earn an adjusted revenue of $3.14 per share, in line with monetary markets information agency Refinitiv.
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