Summary by Moomoo AI
Bank of Montreal reported Q3 2024 net income of $1.87B, up 19% YoY, with EPS of $2.48. Adjusted net income was $1.98B, down 8% YoY, with adjusted EPS of $2.64. Revenue rose 2% to $8.19B.Total provision for credit losses increased to $906M from $492M last year. CET1 ratio was 13.0%. Canadian P&C net income grew 4% to $914M, while U.S. P&C net income fell 6% to $470M. BMO Wealth Management net income decreased 9% to $362M. BMO Capital Markets net income rose 32% to $389M.The bank maintained its quarterly dividend at $1.55 per share. CEO Darryl White noted strong pre-provision, pre-tax earnings and positive operating leverage, reflecting good cost discipline and sustained operating performance amid cyclical increases in credit costs.
