By Maitane Sardon


Bank of Montreal on Tuesday reported a rise in third-quarter net profit and revenue.

The Canadian financial institution said net income increased to 1.45 billion Canadian dollars ($1.07 billion), or C$1.97 a share, compared with C$1.37 billion, or C$1.95 a share in the prior-year period.

Adjusted earnings were C$2.78 a share, compared with C$3.09 a share. According to FactSet, analysts were expecting a rise to C$3.13 a share.

Revenue rose to C$7.93 billion from C$6.1 billion.

Provision for credit losses, which are provisions that the bank sets aside to cover bad or uncollected debt, rose to C$492 million from C$136 million.

Common equity tier 1 capital ratio, which measures a bank's core capital compared with its riskier assets such as loans and mortgages, was 12.3% compared with 15.8% a year earlier.

"Record revenue in Canadian personal and commercial banking and contribution from Bank of the West drove good preprovision, pretax growth this quarter, and our capital and liquidity position remains strong," Chief Executive Office Darryl White said.


Write to Maitane Sardon at maitane.sardon@wsj.com


(END) Dow Jones Newswires

08-29-23 0615ET