BMO Financial Group reported a first-quarter profit of $2.5 billion, up from $2.1 billion a year earlier.
The bank said Wednesday its profit amounted to $3.39 per diluted share for the quarter ended Jan. 31, up from $2.83 per diluted share in the same quarter last year.
Revenue for the quarter totalled $9.82 billion, up from $9.27 billion a year earlier.
The bank’s provisions for credit losses for the quarter amounted to $746 million, down from $1 billion.
On an adjusted basis, BMO says it earned $3.48 per diluted share in its latest quarter, up from an adjusted profit of $3.04 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $3.20 per share in the quarter, according to LSEG Data & Analytics.
BMO chief executive Darryl White said the bank had a very strong start to the year.
“Building on last year’s momentum we are executing on our commitments, delivering higher return on equity and double-digit earnings growth,” White said in a statement.
“We earned record revenue in each of our operating segments this quarter, with strong fee growth in our market-driven businesses.”
The bank says its Canadian personal and commercial banking business earned $948 million, up from $877 million a year ago, helped by an increase in revenue, as well as a lower provision for credit losses, partially offset by higher expenses.
In the U.S., BMO says its banking operations earned $742 million, up from $625 million a year earlier, as it faced headwinds from a weaker U.S. dollar.
The bank’s wealth management business earned $352 million, up from $328 million, while its capital markets business earned $657 million, up from $589 million a year earlier.