The Canadian personal and commercial banking (P&C) arm of BMO Financial Group has posted net income of C$531m for the second quarter of fiscal 2017, up 1% compared to C$525m in the year ago quarter.
The group said that the rise in income was driven by higher balances across most products and increased non-interest revenue.
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The unit’s revenues for the quarter ended 30 April 2017 stood at C$1.724bn, a rise of 3% from C$1.67bn a year ago. Provision for credit losses was rose by C$1m to C$128m.
The bank’s US P&C arm reported net income of C$248m for the second quarter of fiscal 2017, down 7% from C$268m in the corresponding quarter of 2016. The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, dipped 7% year-on-year to C$260m.
Overall, the banking group reported a net income of C$1.25bn for the second quarter of fiscal 2017, up 28% from C$973m in the corresponding quarter of 2016. The group’s adjusted net income increased 12% year-on-year to C$1.29bn.
BMO Financial Group CEO Bill Downe said: “BMO delivered good results in the quarter with adjusted net income of $1.3 billion and adjusted earnings per share of $1.92. Earnings growth reflects the benefits and resilience of our diversified business model, with strong contributions from our Wealth Management and BMO Capital Markets businesses, and consistent continuing investment in technology and our employees.”
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