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TORONTO - BMO Financial Group (NYSE:BMO) reported better-than-expected first quarter fiscal 2025 results on Tuesday, with adjusted earnings and revenue surpassing analyst estimates.
BMO shares were down 0.43% in pre-market trading following the earnings release.
The Canadian bank posted adjusted earnings per share of C$3.04, exceeding the consensus forecast of C$2.44. Revenue came in at C$9.26 billion, topping expectations of C$8.55 billion.
BMO’s net income rose to C$2.14 billion in Q1, up from C$1.29 billion in the same quarter last year. The bank benefited from higher net interest income due to balance growth and improved margins.
"We delivered strong first quarter performance with broad-based revenue growth driving positive operating leverage in each of our operating groups," said Darryl White, Chief Executive Officer of BMO Financial Group.
The bank’s provision for credit losses increased to C$1.01 billion from C$627 million a year ago, reflecting higher provisions in commercial banking and Canadian unsecured consumer lending.
BMO’s Common Equity Tier 1 ratio, a key measure of financial strength, stood at 13.6% at quarter-end, unchanged from the previous quarter.
The bank raised its quarterly dividend by 5% to C$1.59 per share. It also repurchased 1.2 million common shares during the quarter under its share buyback program.
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