BMO Financial Group reported a first-quarter profit of $247 million, down from $2.93 billion in the same quarter a year earlier, as it took a one-time charge related to its acquisition of Bank of the West.
The bank said Tuesday its profit amounted to 30 cents per share for the quarter ended Jan. 31 compared with a profit of $4.43 per diluted share a year earlier.
BMO's latest results included a pre-tax loss of $2.01 billion related to the management of the impact of interest rate changes between the announcement and closing of its purchase of Bank of the West on its fair value and goodwill. It completed the deal on Feb. 1. Analysts on average had expected a profit of $3.16 per share, according to those polled by financial markets data firm Refinitiv.
BMO said its Canadian personal and commercial banking business earned $980 million in its latest quarter, down from $1.00 billion in the same quarter last year as it faced higher expenses and a higher provision for credit losses.
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