Bank of Montreal (BMO) reported adjusted earnings of C$3.96 per share for the third quarter. This result marks a 22% increase from the previous year. Earnings surpassed the analyst consensus estimate of C$3.76 per share. Quarterly revenue totaled C$9.96 billion.
Record pre-tax earnings across all business segments drove the positive results. The Capital Markets division led performance with a 45% year-over-year increase in net income. Provisions for credit losses fell to C$722 million from C$797 million a year earlier.
Reported net income decreased due to a one-time charge from a business unit sale. BMO announced a new share buyback program for up to 25 million shares.