Quarterly profit up 47% to $602MBank of Montreal quarterly profit up 47% to $602M; return on equity 20.4%
TORONTO (CP) - Bank of Montreal has reported a 47 per cent increase in February-April profits, crediting a strong performance across its operations and continuing solid loan quality.
BMO said Wednesday it had net income of $602 million in its second quarter ended April 30, worth $1.12 per share. This was up from $409 million, 77 cents per share, in the year-earlier period.
Revenue grew 13 per cent to $2.44 billion while expenses increased five per cent. Return on equity, a key profit metric, surged by one-third to 20.4 per cent, and the bank made net provisions for credit losses of only $5 million during the quarter, compared with $120 million a year ago.
"We continue to benefit from growth in business volumes, our focus on productivity and our superior asset quality." stated Tony Comper, president and chief executive officer of BMO Financial Group (TSX:BMO - news).