BMO Financial Group: Sharp decline in profits in the 3rd quarter

BMO Financial Group: Sharp decline in Q3 profits

UPDATE DAY

BMO Financial Group saw its net income melt like snow in the sun from $2.275 billion to $1.365 billion in the third quarter ended July 31. 

Adjusted net income fell year over year from $2.292 billion, or $3.44 per share, to $2.132 billion, or $3.09.

The financial institution reported a provision for credit losses of $136 million, compared to a recovery of credit losses of $70 million in the same period of 2021.

Across all nine first months of the year, net income increased significantly to $9.054 billion from $5.595 billion.

“Our performance this quarter continued to demonstrate the strength and the quality of our diversified businesses, credit excellence and the resilience of our earnings capacity,” said Darryl White, Chief Executive Officer, BMO Financial Group, m ardi.

“We delivered strong loan growth and increased margins which enabled our North American Personal and Commercial Banking businesses to generate record revenues, mitigating the impact of difficult market conditions on our Capital Markets sectors,” he analyzed.

In addition, BMO Financial Group announced a dividend of $1.39 per common share for the fourth quarter of 2022, an increase of $0.33 or 31% over the prior year.