BMO’s Q1 profits rise to $2.49B despite severance charge
BNN Bloomberg
BMO Financial Group reported a rise in profits that beat analyst expectations despite charges related to layoffs.
The bank reported a first-quarter profit of $2.49 billion, up from $2.14 billion a year earlier as it had strong fee growth in its market-driven businesses and margin expansion in its Canadian and U.S. banking units.
“We’re executing on our commitment to deliver higher returns and profitable earnings growth,” said chief executive Darryl White on an earnings call Wednesday.
BMO has also pushed on operational efficiency, taking a $202 million pre-tax severance charge in the quarter. Bank filings show its total employee head count is down by 678 to 53,035 compared with its third quarter.
“Our commitment to expense management and operational efficiency continues to enable strategic investments in technology and talent,” said White.
The bank said its profit amounted to $3.39 per diluted share for the quarter ended Jan. 31, up from $2.83 per diluted share in the same quarter last year.
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