May 29, 2019 / 10:11 AM / 3 months ago

Bank of Montreal adjusted quarterly profit rises 4%

May 29 (Reuters) - Canada’s fourth largest lender, Bank of Montreal, reported a 4% rise in adjusted quarterly profit on Wednesday, helped by its personal and commercial banking business.

Adjusted net income rose to C$1.52 billion, or C$2.30 per share, in the second quarter ended April 30, from C$1.46 billion, or C$2.20 per share, a year earlier. (reut.rs/2KbHsvx)

Analysts on an average had expected a profit of C$2.30 per share, according to Refinitiv IBES data, although it was not immediately clear if the numbers were comparable.

Larger peers Royal Bank of Canada and Toronto-Dominion Bank both beat analysts’ estimates for quarterly profits last week, helped by strong loan growth. However, shares of these banks languished after announcing results, as investors focused on the surge in provisions for bad loans.

Reporting by Aparajita Saxena in Bengaluru; Editing by James Emmanuel

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