By Patrick Thomas
Bank of Montreal's (BMO) fourth-quarter profit fell about 30% from a year earlier due to a restructuring charge.
The Canadian bank reported net income of 1.19 billion Canadian Dollars ($890 million), or C$1.78 a share, down from C$1.7 billion, or C$2.58 a share, a year ago.
The bank's earnings included a C$357 million after-tax restructuring charge related to severance payments and real estate-related costs.
On an adjusted basis, the bank reported earnings of C$2.43 a share. Analysts surveyed by FactSet were expecting earnings of C$2.38 a share, or C$2.41 a share on an adjusted basis.
Net interest income rose to C$3.36 billion from $3.02 billion a year ago while noninterest revenue was C$2.72 billion, down from C$2.88 billion a year earlier.
Revenue at Bank of Montreal rose to C$6.09 billion from C$5.89 billion a year ago. Excluding certain items, revenue rose about 5% to C$5.75 billion. Analysts were expecting C$5.97 billion, according to FactSet.
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