TORONTO â€” 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