Bank of Montreal Takes Hit on Credit Losses, Tighter Margins
- US division sees higher provisions after major acquisition
- Bank sees C$162 million in severance costs after cutting staff
This article is for subscribers only.
Bank of Montreal set aside more money for potentially sour loans and severance costs as it absorbs Bank of the West during a difficult period for US regional lenders.
The Canadian bank earned C$2.04 billion ($1.89 billion) on an adjusted basis in the fiscal third quarter, weighed down by weaker results in its US personal and commercial division. That was equal to C$2.78 per share, short of the C$3.13 expected by analysts in a Bloomberg survey.