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The Bank of Montreal (BMO) reported a decline in its second-quarter adjusted profit, primarily due to weakness in its U.S. business. The bank's Q2 earnings revealed an adjusted EPS of C$2.59, missing the estimated C$2.77. Additionally, BMO's revenue for the quarter was C$7.99 billion, falling short of the expected C$8.05 billion. The bank also increased its quarterly dividend to C$1.55 per share from C$1.51. However, the provision for credit losses was significantly higher at C$705 million, compared to the estimated C$585 million. As a result, BMO's stock dropped 1.68% in pre-market trading, was down 1.7% pre-market, and was down 7% by the end of the day.
BMO REPORTED EARNINGS EARLIER TODAY *BANK OF MONTREAL Q2 REVENUE $7.99B , EST. $8.05B ( MISS ❌ ) *BANK OF MONTREAL Q2 ADJ EPS $2.59, EST. $2.77 ( MISS ❌ ) *PROVISION FOR CREDIT LOSSES $705 MILLION, ESTIMATE $585 MILLION ( MISS ❌ ) $BMO DOWM 7% + https://t.co/x1wOFmIEqP
$BMO (-1.7% pre) Bank of Montreal misses analysts’ expectations as provisions for loan defaults top estimates - Globe & Mail https://t.co/TVojNkUFn2
Bank of Montreal Q2 earnings are out this morning: ~EPS: C$2.59 vs C$2.77 est ~SALES: C$7.99B vs C$8.05B est ~Increases quarterly dividend C$1.55/share from C$1.51 https://t.co/t4wtoWgLQd $BMO 🔴 -1.68% in pre-market https://t.co/YZQCyjEMkC
