Bank of Montreal (BMO) Dips as Q1 Earnings Fall Y/Y, Costs Rise

Shares of Bank of Montreal (BMO) lost 3.7% following the release of its first-quarter fiscal 2024 (ended Jan 31) results. Adjusted earnings per share of C $2.56 declined 16.3% year over year. A significant rise in provision for credit losses, along with higher adjusted expenses, primarily hurt the results. However, increases in net interest income (NII) and non-interest income were tailwinds. After considering non-recurring items, net income was C$ 1.29 billion ($0.95 billion), which increased significantly f ...