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Bank of Montreal's U.S. Push Rewarded With Record Profit

  • Canadian earns $281 million from Chicago-based bank unit
  • Adjusted profit tops analysts’ estimates for third quarter
Photographer: Ben Nelms/Bloomberg

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.