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Bank of Montreal (BMO ) reported its first quarter results before the bell on Tuesday morning, posting lower net income and adjusted earnings than last year’s Q1.
BMO CEO Bill Downe, had the following comments: “BMO’s first quarter results reflect the impact of an unsettled environment in which we saw significant movements in oil prices, long-term interest rates and the Canadian dollar. Against this backdrop, underlying business performance was solid, with combined Personal and Commercial Banking adjusted earnings of $708 million, up 6% year over year, reflecting the benefits of our diversified and growing customer base. We also had good results in our Traditional Wealth businesses, with adjusted earnings up 28% from last year.”
BMO declared a second quarter dividend of 80 cents.
BMO stock was inactive in pre-market trading. YTD, the stock is down 3.09%.