BMO earnings fell in the first quarter, but still beat expectations. Find out more
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The discrepancy between the earnings comes from a pre-tax loss of $2.01 billion from rising interest rates and the management between the announcement and the closing of the US$16.3 billion Bank of the West deal announced in It’s a mark-to-market loss that the bank will treat as an adjusting item comprising about $1.63 billion recorded in non-interest revenue. Since the announcement of the deal, the U.S. Federal Reserve raised the federal funds rate a cumulative 4.5 per cent.
The Canadian personal and commercial banking segment’s adjusted profit slipped two per cent year-over-year to $980 million despite rising revenue as higher expenses and provisions for credit losses grew. The U.S. segment’s adjusted profit rose three per cent to $699 million on a stronger U.S. dollar.Article content
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