BMO Financial Group reported a second-quarter profit of $689 million, down from $1.5 billion a year ago, as it increased the amount set aside for bad loans due to the pandemic.
The bank says its total provision for credit losses for the quarter was $1.11 billion, up from $176 million in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.22 per share for the quarter, according to financial markets data firm Refinitiv.
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