The Canadian personal and commercial banking (P&C) division of BMO Financial Group has posted a net income of C$556m for the third quarter of 2015, a rise of C$31m or 6% compared to the year ago period.

For the quarter ended 31 July 2015, the unit’s revenue increased C$60m or 4% compared to the year ago quarter, driven by higher balances across most products and increased non-interest revenue.

The division’s year-over-year loan growth was 3%, while its deposit growth stood at 6%. Expenses soared C$37m or 5% during the quarter.

The bank’s US P&C business posted a net income of C$222m, up C$61m or 38% from the prior year.

The division’s year-over-year loan growth was C$2.5bn or 4%, driven by good growth in core commercial and industrial (C&I) loans of C$3.9bn or 14%.

Overall, the banking group recorded a net income of C$1.19bn or C$1.80 per share on a reported basis and a net income of C$1.23bn or C$1.86 per share on an adjusted basis.

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BMO Financial Group CEO Bill Downe said: "BMO delivered very good results in the third quarter, with adjusted net income of $1.2 billion, up 6% from good results a year ago and up 7% from the second quarter.

"These results were driven by good operating group performance, particularly in our combined Personal and Commercial Banking business which posted adjusted earnings of $792 million, up 13% from last year, and in Wealth Management where adjusted net income was up 10%. Credit provisions continued to be stable."