BMO-Bank of Montreal Stock Tanks 6.2% as High Provisions Hurt Q3 Earnings

Shares of Bank of Montreal (BMO) declined 6.2% on the NYSE in response to weak third-quarter fiscal 2024 (ended July 31) results. Adjusted earnings per share of C $2.64 declined 10.2% year over year.A significant jump in provision for credit losses and lower net interest income (NII) primarily hurt the results. However, an increase in non-interest income, higher loans and deposit balance and lower expenses acted as a tailwind.After considering non-recurring items, net income was C$ 1.87 billion ($1.37 billion ...