Bank Of Montreal Q4 Earnings Sink, Miss Estimates

(RTTNews) - Bank of Montreal (BMO.TO) on Friday reported lower earnings and revenue for the fourth quarter. Earnings per share missed analysts estimates.

Quarterly earnings decreased to C$1.49 billion or C$2.06 per share from C$4.41 billion or C$6.51 per share last year, due to the inclusion of the recently acquired Bank of the West results in the current quarter.

Excluding items, adjusted earnings were C$2.02 billion or C$2.81 per share compared to C$2.06 billion or C$3.04 per share in the previous year.

On average, ten analysts polled by Thomson Reuters expected earnings of C$2.85 per share for the quarter. Analysts' estimates typically exclude special items.

Net Revenue decreased to C$8.21 billion from C$10.94 billion the same quarter last year. Analysts expected revenue of C$8.21 billion.

Net interest income increased to C$4.94 billon from C$3.77 billion a year ago.

Non-interest revenue dropped to C$3.42 billion from C$6.80 billion in the prior year.

Total provision for credit losses surged to C$446 million from C$226 million in the last year.

Additionally, the company declared a quarterly dividend of C$1.51 per share reflecting an increase of 6 percent, payable on February 27, 2024, to shareholders of record on January 30, 2024.

On Thursday, Bank of Montreal shares closed at C$111.98, up 1.16% in Toronto.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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