Bank of Montreal 4Q Profit Rise Beats Views

By Adriano Marchese

Bank of Montreal on Friday reported a rise in fourth-quarter profit, beating analyst expectations as revenue rose.

The Canadian investment bank and financial services company said earnings per share were 3.23 Canadian dollars, the equivalent of US$2.52, up from C$2.37 in the comparable quarter a year ago.

Net income was C$2.16 billion, compared with C$1.58 billion a year ago, while return on equity rose to 16% from 12.4%.

On an adjusted basis, earnings were C$3.33 a share, beating analyst expectations of C$3.21 a share, taken from FactSet.

Revenue rose to C$6.57 billion from C$5.99 billion, meeting analyst consensus expectations for the three months ended Oct. 31.

In the period, the company reported a recovery of credit losses of C$210 million, compared with a provision of C$93 million in the prior-year period.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

12-03-21 0631ET