Tuesday, September 28

Bank of Montreal

Bank of Montreal, bank of nova scotia, Banking, FP Finance

BMO and Scotia soar past expectations, but consumer loan growth still languishing

Breadcrumb Trail Links FP Finance Banking Both banks benefited from large drops in provisions for credit losses Author of the article: Stefanie Marotta Publishing date: Aug 24, 2021 • 12 minutes ago • 5 minute read • Join the conversation Bank of Nova Scotia earned $2.54 billion for third quarter, or $1.99 a share while Bank of Montreal reported $2.28 billion in profit, or $3.41 per share. Photo by Reuters/Bloomberg files Article content Bank of Nova Scotia and Bank of Montreal posted third-quarter profits that towered over analyst expectations Tuesday, as the reopening of the economy following pandemic restrictions freed up millions of dollars in loan-loss provisions and gave once-stifled personal and commercial banking operations a boost. Advertisement ...
Bank of Montreal, bank of nova scotia, FP Street

Scotiabank’s foreign loan losses surge as BMO beats expectations

Article content continuedScotiabank and Bank of Montreal are the first Canadian lenders to report results for the three months through July, a period in which the country's six biggest banks are expected to see an average profit decline of 30 per cent, according to analysts' estimates. Bank of Montreal's net income declined 21 per cent, while Scotiabank's plunged 34 per cent, giving investors an indication of how the pandemic continues to cause havoc for lenders.'Bore the Brunt'“Scotia's miss was predicated on higher than forecast provisions as Scotia catches up on its allowances for performing loans,” Barclays Plc analyst John Aiken said in a note to investors Tuesday morning. “International bore the brunt of the impact, with its contribution essentially coming in as nil."Loan-loss pro...
Bank of Montreal, FP Street

BMO beats expectations as lower bad loan provisions pay off

Article content continuedCompared with rivals, Bank of Montreal set aside the least for souring loans in the second quarter, with provisions measured as a percentage of loans. That ratio was 0.89 per cent in the third quarter, compared with 0.94 per cent in the second and 0.28 per cent a year earlier.Bank of Montreal, which has consumer-banking operations in Canada and the US, typically earns more from its domestic operations, though Chief Executive Officer Darryl White has been pushing for more growth from its southern neighbour. Profit at the Canadian division fell 51 per cent from a year earlier, while in the US it declined 29 per cent to $263 million, as loan-loss provisions surged from a year earlier in both regions.The bank's BMO Capital Markets unit was sideswiped in the second q...