BMO said its net income in the three-month period that ended July 31 fell 40 per cent to $1.37 billion from $2.28 billion a year earlier. The sharp decline was due in part to costs associated with BMO's planned US$16.3-billion takeover of Bank of the West, including a $694-million hit caused by the change in interest rates since the deal was announced in December, the bank said in its release Tuesday.On an adjusted basis, BMO said it earned $3.09 per share in its latest quarter.
“Aside from a challenging quarter in capital markets, which drove the bank's modest [earnings] miss versus consensus, at first look a solid third-quarter result with all other operating segments performing well. While the headline [earnings] miss could drive some share price underperformance today, we continue to favor BMO's medium-term outlook relative to peers,” stated Mike Rizvanovic, an analyst at Keefe, Bruyette & Woods, in a note to clients Tuesday.
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