BMO Earnings Miss on Higher Costs Tied to Bank of the West

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Bank of Montreal in the financial district of Toronto, Ontario, Canada, on Wednesday, Nov. 8, 2023. The S&P/TSX Composite rose 0.3%, with six of 11 sectors higher, led by energy stocks.Photographer: Chloe Ellingson/Bloomberg

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By Christine Dobby

December 1, 2023 at 11:30 AM UTC

Updated on

December 1, 2023 at 1:02 PM UTC

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Bank of Montreal missed analysts’ earnings estimates as the company reported higher expenses related to the integration of Bank of the West and a drop in wealth-management income.

The Toronto-based lender earned C$2.81 per share on an adjusted basis in the fiscal fourth quarter, it said in a statement Friday, falling short of the C$2.85 average estimate of analysts in a Bloomberg survey. Non-interest expenses totaled C$5.7 billion ($4.2 billion), up from C$4.78 billion a year earlier and missing analysts’ forecasts of C$4.95 billion.