The Canadian personal and commercial banking (P&C) arm of BMO Financial Group has posted a net income of C$529m in the first quarter of 2016, up 5% compared to the prior year quarter.
Revenues rose 6% from a year ago, driven by higher balances across most products, increased non-interest revenue and higher net interest margin.
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The unit’s year-over-year loan growth was 5%, while deposit growth stood at 6%.
The bank’s US P&C unit reported a net income of C$251m, up 31% compared to a year earlier.
Overall, the banking group recorded a net income of $1.07bn in the first quarter, a rise of 7% from the prior year.
BMO Financial Group CEO Bill Downe said: "BMO continued to deliver good operating results this quarter with $1.2 billion in adjusted net income and adjusted earnings per share of $1.75, up 14% from last year. Good revenue growth and disciplined expense management led to positive net operating leverage for the third consecutive quarter."
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