BMO

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.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.