Bank of Montreal set a profit record for its U.S. business, thanks in part to Donald Trump’s tax cuts and lower provisions for bad loans.
The lender earned C$364 million ($281 million) from its U.S. personal-and-commercial division in the fiscal third quarter, helped by rising revenue, and tax reform gains. Earnings for the U.S. business, which includes Chicago-based BMO Harris Bank, were up 36 percent from a year earlier and helped Bank of Montreal post profit that beat analysts’ estimates.
