Categories Earnings, Finance

Earnings: Bank of Montreal jolts analysts with solid Q1 results

Bank of Montreal (BMO) on Tuesday reported a 6% jump in its Q1 net revenue to $5.59 billion, much higher than the street consensus of $4.56 billion. Adjusted earnings per share were 10% year-over-year to $2.32, once again surprising analysts who had projected just $1.70 per share.

CEO Darryl White said, “Our North American P&C banking businesses performed very well, particularly across our US platform and in commercial banking, reflecting strong performance against solid economic fundamentals in Canada and the United States.”

Net income from US P&C saw a 43% growth during the quarter, helped by lower costs, tax benefits, and higher revenues. In the Canadian P&C segment, net income increased $1 million to $647 million. Growth in this unit was hampered by higher provision for credit losses and more expenses.

Total provision for credit losses was $137 million, a decrease of $4 million from the prior year.

Meanwhile, the Wealth Management segment saw its income decline to $239 million from $266 million reflecting weaker global market conditions. Net income from the Capital Markets fell 6% to $255 million.

Return on equity (ROE) was 13.6%, up from 9.4% in the same quarter last year.

The stock ended its last trading session up 0.2% on Monday. The shares have gained 13.6% since the start of this year.


Earnings Call: Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Viewing Highlight