TORONTO — BMO Financial Group reported its third-quarter profit rose compared with a year ago as its provision for credit losses fell.
The bank says it earned a net income of $2.33 billion or $3.14 per diluted share for the quarter which ended July 31. The result for the quarter compared with a profit of $1.87 billion or $2.48 per diluted share in the same quarter last year.
Revenue for the quarter totalled $8.99 billion in the quarter, up from $8.19 billion a year earlier.
BMO's provision for credit losses amounted to $797 million for the quarter, compared with $906 million a year earlier.
On an adjusted basis, BMO says it earned $3.23 per diluted share in its latest quarter, up from an adjusted profit of $2.64 a year earlier.
The average analyst estimate had been for earnings of $2.95 per share, according to LSEG Data & Analytics.
"BMO delivered another quarter of strong earnings growth, with solid revenue performance and good expense management," BMO chief executive Darryl White said in a statement.
"We continue to invest to drive sustainable growth across our businesses, including our recently announced acquisition of Burgundy Asset Management Ltd., adding talent and advancing digital and AI capabilities to deliver a differentiated client experience."
The bank said its Canadian personal and commercial banking business earned $867 million in its latest quarter, down from $914 million a year ago, as higher revenue was more than offset by higher expenses and a higher provision for credit losses for the quarter.
In the U.S., BMO said its personal and commercial banking business earned $709 million, up from $470 million in the same quarter last year.
The bank said its wealth management business earned $436 million, up from $362 million a year ago, while BMO's capital markets business earned $438 million, up from $389 million in the same quarter last year.
BMO's corporate services group reported a net loss of $120 million, compared with reported net loss of $270 million a year earlier.
This report by The Canadian Press was first published Aug. 26, 2025.
Companies in this story: (TSX:BMO)
The Canadian Press
