BMO reports $1.49 billion of net income during first quarter, up 39%

BMO has $1.49 billion of net income in Q1

TORONTO — The Bank of Montreal (TSX:BMO) grew its first-quarter net income by 39 per cent to $1.49 billion, beating analyst expectations by a wide margin.

The first-quarter for the three months ended Jan. 31 figures include a $168 million after-tax gain on the sale of Moneris U.S.

During the same period last year, BMO had $1.07 billion of quarterly profit.

The earnings amounted to $2.22 per share, up from $1.58 per share during the first quarter of 2016.

After adjustments the bank earned $2.28 per share, up from $1.75 per share a year ago. Analysts had been expecting earnings of $1.88 per share, according to data compiled by Thomson Reuters.

The bank also reported $5.41 billion of revenue, compared with $5.08 billion a year ago. 

“The good momentum in the business is the consequence of a clear strategy and consistent execution, doing what we said we would do,” BMO CEO Bill Downe said in a statement.

“Our roadmap is focused on providing customers with intuitive products and services that meet their evolving preferences, while improving efficiency in all of our channels.”

 

Follow @alexposadzki on Twitter.

The Canadian Press

Just Posted

Reel Reviews: A shallower Deadpool

We say, “It is more of the same for Deadpool 2.”

Kelowna Vegan Festival takes over the Rotary Centre

The plant based creations stem from wanting to create a product that brings people together

UPDATE: West Kelowna fire deemed suspicious, crews dousing hot spots

Boucherie fire quiet overnight, mop-up continues, while evacuees have returned home.

Where to find the best ingredients for a vegan charcuterie board in the Okanagan

It’s warming up, pair your summer whites with a vegan charcuterie creation

Airbnb hosts earning millions in the Okanagan

The Okanagan was among the list of three Canadian wine markets.

Trans Mountain pipeline: Is it worth the risk?

Concerns range from the threat of an oil spill to the impact of tanker traffic on wildlife

Wildfire sparked north of Merritt, estimated 8 hectares

BC Wildfire Service is responding to the fire near Chattaway Lake FSR 27 kilometres north of Merritt

Call for artists for upcoming South Okanagan exhibition

The Penticton Art Gallery is inviting artists from across the globe to submit artworks

B.C. to spend $181M to create 200 general practitioner jobs

Jobs will go to new medical school graduates

Vernon company wins Ozone best production

Powerhouse Theatre’s Calendar Girls will move on to the Theatre BC Mainstage Festival

Host AquaJets fly at long course invitational

Kelowna swim club wins team title at annual spring meet at H2O

Federal leaders trade barbs about India trip at press gallery dinner

Justin Trudeau’s infamous trip to India earlier this year was the focus of many of the jabs

Most Read