- Canadian lender BMO Financial Group reported a fall in second-quarter adjusted profit on Wednesday, hurt by weakness in its U.S. business.
The bank's U.S. personal and commercial banking unit took a hit from a fall in net interest income - the difference between what banks earn on loans and what they pay out on deposits.The unit's adjusted net income fell by 24% to C$612 million in the quarter.Lenders have had to offer competitive rates on deposits in a higher-for-longer interest rate environment to prevent depositors from fleeing to higher-yielding alternatives such as money market funds.
The bank's adjusted net income fell to C$2.03 billion , or C$2.59 per share, in the three months ended April 30, from C$2.19 billion, or C$2.89 per share, a year earlier. It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action. Please consider joining us in this mission by becoming a member of the SaltWire Network and helping to make our communities better.
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