BMO’s provisions for credit losses in the latest quarter totalled $217-million, compared with $99-million in the same period last year
reported a drop in first-quarter profit on Tuesday, as the lender shored up rainy-day funds to prepare for potential loan defaults in an uncertain economy.
Provision for credit losses came in at $217-million for the quarter, compared with a recovery of PCLs of $99-million a year earlier. Economic forecasts have turned gloomy over the past year, heightening expectations of a recession, prompting lenders to set aside more capital in case customers fall behind on their loan payments.
Last week, rival Canadian Imperial Bank of Commerce kicked off the reporting season for the country’s largest lenders by also building its loss provisions and reporting a drop in quarterly profit. On an adjusted basis, Bank of Montreal reported a net income of $2.27-billion, or $3.22 per share, for the three months ended Jan. 31, compared with $2.58-billion, or $3.89 per share, a year earlier.Your Globe
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