BMO Financial Group and Bank of Montreal, parent company of BMO Harris Bank, today reported third quarter net income of $1 billion, flat from the third quarter of 2013.
Revenue was $3.8 billion, up slightly from $3.7 billion in the same period a year ago.
Provisions for credit losses were $130 million, compared to $76 million in the third quarter of 2013. The third quarter of 2013 was especially strong because of very low credit losses and a positive impact of long-term rates on insurance, the company said.
Higher revenues across all businesses were driven by strong growth in client assets and increased transaction volumes.
U.S. Personal and Commercial Banking reported net income of $147 million, up 2 percent over the same period a year ago. Average current loans and acceptances increased year-over-year because of strong growth in the core commercial and industrial portfolio.
“BMO delivered very good results in the third quarter confirming continued momentum across our businesses,” said Bill Downe, chief executive officer, BMO Financial Group. “Adjusted net income was up 4 percent from particularly strong results a year ago and adjusted earnings per share have increased 8 percent year-to-date. Net income and pre-provision, pre-tax earnings growth in U.S. Personal and Commercial Banking was encouraging, with improved revenue trends despite the low interest rate environment.”
