BMO Financial Group saw its net income melt like snow in the sun, dropping from $2.275 billion to $1.365 billion in the third quarter ended July 31.
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Adjusted net earnings fell year over year from $2.292 billion, or $3.44 per share, to $2.132 billion, or $3.09.
The financial institution reported a provision for credit losses of $136 million, compared to a recovery of credit losses of $70 million in the same period of 2021.
On the whole of the first nine months of the year, the net profit rather knew a considerable increase to settle at 9,054 billion $, compared to 5,595 billion $.
“Our performance this quarter continued to demonstrate the strength and quality of our diversified businesses, the excellence of credit and the resilience of our earnings capacity,” said Darryl White, Chief Executive Officer, BMO Financial Group, on Tuesday.
“We delivered strong loan growth and increased margins that enabled our North American Personal and Commercial Banking businesses to generate record revenues, mitigating the impact of challenging market conditions on our businesses. Capital Markets”, he analyzed.
Additionally, BMO Financial Group announced a dividend of $1.39 per common share for the fourth quarter of 2022, an increase of $0.33 or 31%, compared to the prior year.