BMO Financial Group easily topped fiscal third-quarter profit expectations amid double-digit gains in its stateside banking division.
Total profit climbed 11 per cent year-over-year to $1.54 billion in the three months ending July 31. On an adjusted basis, BMO earned $1.57 billion, or $2.36 per share. Analysts, on average, expected $2.26 per share.
"The bank is strong and growing,” said BMO CEO Darryl White in a release. “Our performance is a direct result of efforts to simplify how we work across our organization and with our customers and deliver the exceptional products and experiences that our customers have come to expect. Together we are making the bank more efficient and more competitive, positioning ourselves to deliver long-term growth and shareholder value.”
The bank benefited from its exposure to the U.S. economy, with adjusted profit south of the border surging 34 per cent year-over-year to $376 million.
Meanwhile, BMO's core Canadian banking division saw adjusted profit rise five per cent to $642 million, and earnings from its wealth management and capital markets units also rose in the quarter.
BMO also announced on Tuesday it will leave its quarterly dividend unchanged at $0.96 per share.
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