Posted 2/27/2024, 1:18:53 PM
BMO Profits Miss Estimates on Weak Capital Markets, Higher Loan Losses
- BMO missed analysts' estimates, reporting weak capital markets revenue and increased loan-loss provisions
- Adjusted earnings per share of C$2.56 missed expectations of C$3.02 per share
- Capital markets division net income fell 19% to C$393 million
- Provisions for credit losses were C$627 million, above the C$514.2 million forecast
- BMO recorded C$340 million in severance charges over the past two quarters related to a restructuring program announced last August