Bank of Montreal reports third-quarter profit up, tops market expectations

TORONTO -- BMO Financial Group topped expectations for its third-quarter results, boosted by strength in its U.S. operations.

The bank says it earned $1.54 billion for the quarter ended July 31, up from $1.39 billion in the same quarter a year ago.

The profit amounted to $2.31 per share for the quarter, up from $2.05 per share in the same quarter last year.

On an adjusted basis, BMO says it earned $1.57 billion or $2.36 per share in its most recent quarter, up from $1.37 billion or $2.03 per share a year ago.

Analysts had expected the bank to earned $2.26 per share for the quarter, according to Thomson Reuters Eikon.

BMO chief executive Darryl White says the bank saw a particularly good contribution from its U.S. segment and from its commercial businesses on both sides of the border.

"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," White said in a statement.

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