© Reuters. 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
(Reuters) – Bank of Montreal beat analysts’ estimates for second-quarter profit on Wednesday, as the lender set aside lower-than-expected provisions in the quarter.
Net income excluding one-off items rose to C$2.1 billion ($1.74 billion), or C$3.13 per share, in the three months ended April 30, compared with C$715 million, or C$1.04, a year earlier. Analysts had expected C$2.77 a share, according to IBES data from Refinitiv.
Canada’s fourth-biggest lender reported an overall net profit of C$1.30 billion, or C$1.91 a share, up from C$689 million, or C$1 a share, a year ago.
($1 = C$1.2078) (This story corrects paragraph 1 to clarify lender set aside lower provisions and did not release reserves)
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