The Canadian personal and commercial banking (P&C) arm of BMO Financial Group has posted net income of C$561m for the third quarter of 2016, up C$5m or 1% compared to the prior year.

Revenues increased C$73m or 4% from a year ago, driven by higher balances across most products.

The unit's year-over-year loan growth stood at 6%, while deposit growth was 8%.

Provision for credit losses rose by C$43m to C$152m, driven by higher provisions in the commercial portfolio and below-trend consumer provisions a year ago              .

The bank's US P&C unit reported net income of C$277m during the period, a surge of C$55m or 24% compared to the same quarter in 2015.

BMO Financial Group CEO Bill Downe said: "We had good performance across our operating groups, particularly in Personal & Commercial Banking and BMO Capital Markets. Adjusted operating leverage was very good at 3.8% and the capital position is strong with a Common Equity Tier 1 ratio of 10.5%.

"Our performance year to date reflects our focus on the customer and strong operating discipline. We are confident that our strategy and diversification across businesses, customer segments and geographies will continue to deliver good growth and long-term value to our shareholders."

Overall, the group posted net income of C$1.24bn for the third quarter of 2016, up 4% from a year ago.

"BMO delivered strong results in the third quarter, reflecting the benefits of our consistent execution to deliver an exceptional customer experience. Adjusted net income was $1.3 billion, up 5% from last year, and adjusted earnings per share were $1.94, up 4%,” Downe added.