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BMO's fourth-quarter profit falls 8.7 percent
December 5, 2017 / 11:53 AM / 8 days ago

BMO's fourth-quarter profit falls 8.7 percent

Dec 5 (Reuters) - Bank of Montreal, Canada’s fourth-biggest lender, on Tuesday reported a decline in quarterly earnings due to higher reinsurance claims following Hurricanes Irma, Maria and Harvey.

The bank said net income attributable to shareholders fell to C$1.23 billion ($973.18 million), or C$1.81 per share, in the fourth quarter ended Oct. 31, from C$1.34 billion, or C$2.02 per share, a year earlier.

However, revenue rose 7.1 percent to C$5.66 billion.

$1 = 1.2639 Canadian dollars Reporting by Taenaz Shakir in Bengaluru; Editing by Martina D'Couto

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