(Toronto) BMO Financial Group reported net income of $1.87 billion in the third quarter, as its provision for credit losses increased from the same period last year.
The financial institution said its net income was $2.48 per share for the quarter ended July 31, up from a profit of $1.57 billion, or $2.12 per share, a year earlier.
On an adjusted basis, BMO said it earned $2.64 per share in its latest quarter, down from adjusted earnings of $2.94 per share in the same quarter last year.
Its revenue totaled $8.19 billion, up from $8.05 billion in the same quarter a year ago.
BMO’s provision for credit losses was $906 million in the third quarter, up from $492 million a year earlier.
Analysts on average expected BMO to report adjusted third-quarter profit of $2.76 per share, according to LSEG Data & Analytics.