Net income, excluding one-off items, fell to $2.14 billion, or $3.04 a share, in the three-month period ended Oct. 31, from $2.23 billion, or $3.33 a share, last year.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way.
The Canadian lender had set aside provisions of $226 million in the reported quarter, compared with a release of $126 million last year. Still, BMO recorded a 30 per cent surge in profit from its U.S. personal and commercial business. Peers Royal Bank of Canada and National Bank of Canada posted a 5 per cent and 13 per cent jump, respectively, in their personal and commercial businesses on Wednesday.
Last month, BMO had also booked a charge of $1.12 billion after a U.S. jury found its local unit liable for more than $550 million in damages in relation to a Ponzi scheme operated by a Minnesota businessman.
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