Bank of Montreal beats profit estimates

FILE PHOTO: A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo

TORONTO (Reuters) – Bank of Montreal beat analysts’ estimates for third-quarter profit on Tuesday, as it released $70 million in reserves set aside to cover credit losses and saw growth across its business.

Net income excluding one-off items rose to C$2.29 billion, or C$3.44, in the three months ended July 31, compared with C$1.26 billion, or C$1.85, a year earlier. Analysts had expected C$2.94 a share, according to IBES data from Refinitiv.

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