BMO reports Q3 profit down from year ago on one-time charge, adjusted profit up
BMO Financial Group disclosed a third-quarter profit of $1.75 billion, marking a decline from $2.33 billion in the same period last year. The reduction was attributed to a one-time charge stemming from the sale of its transportation and vendor finance businesses. Despite the one-time hit, the bank's adjusted profit came in at $3.96 per diluted share, an increase from $3.23 per share a year ago. Revenue for the quarter was $9.90 billion, up from $8.99 billion a year earlier.
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