The Canadian personal and commercial banking (P&C) unit of BMO Financial Group has recorded a net income of C$560m for the fourth quarter of 2015, up 6.4% compared to C$526m in the year-ago quarter.
For the quarter ended 31 October 2015, the unit’s revenue increased 3% compared to a year ago, driven by higher balances across most products and increased non-interest revenue.
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The division’s year-over-year loan growth stood at 4%, while its deposit growth was 5%.
The bank’s US P&C unit registered a net income of C$207m, a rise of 22.4% from C$169m in the prior year quarter.
Overall, the banking group recorded a net income of C$1.21bn for the fourth quarter, up 13.4% compared to C$1.07bn a year earlier.
BMO Financial Group CEO Bill Downe said: "For the first time, our Personal and Commercial Banking and Wealth Management businesses in the U.S. generated adjusted earnings of more than $1 billion. With the acquisition of GE Capital Transportation Finance which closed today, we continue to strengthen our large, well-established North American commercial banking customer base."
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