Bank of Montreal took a hit in the fiscal fourth quarter as a chill in capital markets weighed on investment-banking revenue. 

Profit from BMO Capital Markets fell 33 per cent to $357 million in the three months through October, the Toronto-based company said Thursday. Overall profit trailed analysts’ estimates. 

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Plunging equity markets have dried up demand for initial public offerings while debt capital markets also have been slow. That has hurt BMO Capital Markets, which saw its investment-banking revenue decline as the business was “impacted by current market conditions,” the bank said in a statement.

Bank of Montreal shares have fallen 3.5 per cent this year, compared with a 7.5 per cent drop for the S&P/TSX Commercial Banks Index.

Also in the results:

• Net income more than doubled to $4.48 billion, or $6.51 a share.
• Excluding some items, profit was $3.04 a share. Analysts estimated C3.07, on average.
• Bank of Montreal set aside $226 million in provisions for credit losses. Analysts projected $270.4 million.