Bank of Montreal (NYSE:BMO) announced its fiscal third-quarter results on Tuesday, reporting a net profit of $1.36 billion.
The bank’s earnings translated to $1.81 per share, falling short of Wall Street’s expectations.
When adjusted for non-recurring costs, earnings were $1.93 per share, still below the average analyst estimate of $1.98 per share, according to Zacks Investment Research.
Despite a strong revenue performance, BMO’s figures did not meet analysts' forecasts.
The bank reported a total revenue of $14.97 billion for the quarter, with net revenue excluding interest expense at $5.98 billion, both of which were below market predictions.
Bank of Montreal's share price has seen a 10% decline since the beginning of the year, although it has experienced a 7% increase over the past 12 months.
As BMO navigates a challenging economic landscape, the third-quarter results highlight the bank’s efforts to balance growth with market expectations amidst uncertain financial conditions.