BMO Financial Group joined its peers on Tuesday by topping third-quarter profit expectations despite a flat performance in its U.S. retail banking division.
BMO earned $1.39 billion, compared with $1.25 billion a year earlier. On an adjusted basis, the bank earned $2.03 per share. Analysts, on average, expected $2.00 per share.
The core Canadian division did the heavy lifting, with $614 million in profit during the quarter, marking nine per cent growth from a year earlier.
The bank’s U.S. personal and commercial banking division turned in a flat quarter, with profit clocking in at $278 million.
BMO’s strongest growth came from its wealth management unit, where profit surged 32 per cent to $264 million.
Meanwhile, capital markets profit slipped eight per cent to $292 million.
"We are confident in the ongoing execution against our strategic priorities, grounded in a commitment to sustainability and the dedication of our over 45,000 employees to growing customer loyalty,” CEO Bill Downe said in a press release. “All of our businesses are well-positioned for continued success in the current environment and over the long term."
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