December 3, 2019 / 11:09 AM / 4 days ago

Bank of Montreal quarterly profit drops 30%

Dec 3 (Reuters) - Bank of Montreal reported a nearly 30% drop in quarterly profit on Tuesday, hit by a restructuring charge.

Canada's fourth-largest lender said net income fell to C$1.19 billion ($894.67 million), or C$1.78 per share, in the fourth quarter ended Oct. 31, from C$1.69 billion, or C$2.57 per share, a year earlier. reut.rs/2DI7ge5

On an adjusted basis, the company earned C$2.43 per share. ($1 = 1.3301 Canadian dollars) (Reporting by C Nivedita in Bengaluru; Editing by Bernard Orr)

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