Stock news for investors: Big banks see third-quarter profit growth

The bank says it earned a net income of $2.33 billion or $3.14 per diluted share for the quarter which ended July 31. The result for the quarter compared with a profit of $1.87 billion or $2.48 per diluted share in the same quarter last year.

Revenue for the quarter totalled $8.99 billion in the quarter, up from $8.19 billion a year earlier.

BMO’s provision for credit losses amounted to $797 million for the quarter, compared with $906 million a year earlier.

On an adjusted basis, BMO says it earned $3.23 per diluted share in its latest quarter, up from an adjusted profit of $2.64 a year earlier.

The average analyst estimate had been for earnings of $2.95 per share, according to LSEG Data & Analytics.

“BMO delivered another quarter of strong earnings growth, with solid revenue performance and good expense management,” BMO chief executive Darryl White said in a statement.

“We continue to invest to drive sustainable growth across our businesses, including our recently announced acquisition of Burgundy Asset Management Ltd., adding talent and advancing digital and AI capabilities to deliver a differentiated client experience.”

The bank said its Canadian personal and commercial banking business earned $867 million in its latest quarter, down from $914 million a year ago, as higher revenue was more than offset by higher expenses and a higher provision for credit losses for the quarter.

In the U.S., BMO said its personal and commercial banking business earned $709 million, up from $470 million in the same quarter last year. 

The bank said its wealth management business earned $436 million, up from $362 million a year ago, while BMO’s capital markets business earned $438 million, up from $389 million in the same quarter last year.

BMO’s corporate services group reported a net loss of $120 million, compared with reported net loss of $270 million a year earlier.

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Scotiabank reports $2.53B third-quarter net income, up from $1.91B a year ago

The Bank of Nova Scotia reported a third-quarter profit of $2.53 billion, up from $1.91 billion a year ago.

The bank says the profit amounted to $1.84 per diluted share for the quarter ended July 31, up from $1.41 per diluted share in the same period a year ago. 

Revenue totalled $9.49 billion for the quarter, up from $8.36 billion in the same quarter last year.

Scotiabank’s provision for credit losses for the quarter amounted to $1.04 billion, down from $1.05 billion a year earlier.