Drop in profit from its wealth management and capital markets divisions amid ‘weaker global market conditions’
Analysts had expected a profit of $2.23 per share, according to those surveyed by Thomson Reuters Eikon.
While Canada’s fourth-largest lender saw strong results from its U.S. personal and commercial banking division and relatively flat earnings from its domestic retail banking arm, BMO saw a drop in profit from its wealth management and capital markets divisions amid “weaker global market conditions.” BMO chief executive Darryl White says the bank’s North American personal and commercial banking businesses performed “very well” while its market-sensitive businesses were impacted by the “challenging revenue environment” earlier in the quarter.
“BMO’s good performance this quarter reflects the benefits of our diversified and attractive business mix which continues to deliver sustainable growth, with adjusted earnings per share up 10 per cent from last year,” White said in a statement.
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