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1h ago

BMO and Scotiabank Top Q3 Estimates as Profit Rises, Credit Provisions Ease

Beats on adjusted EPS reflect easing credit costs alongside strength across wealth, markets, U.S. banking, and international operations.

A Scotiabank sign is shown on a shopping mall in Ottawa on Thursday, June 27, 2024. THE CANADIAN PRESS/Sean Kilpatrick
People make their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, Monday, Aug. 14, 2023.
A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
BMO is working to restore online banking services for customers after a technical problem overnight. A Bank Of Montreal sign is pictured in Ottawa on Monday, July 11, 2022. THE CANADIAN PRESS/Sean Kilpatrick

Overview

  • BMO reported net income of C$2.33 billion, equal to C$3.14 per diluted share for the quarter ended July 31, with adjusted EPS of C$3.23 versus a C$2.95 consensus.
  • BMO’s provision for credit losses fell to C$797 million from C$906 million a year earlier, while revenue rose to C$8.99 billion from C$8.19 billion.
  • BMO’s Canadian personal and commercial banking earned C$867 million, U.S. personal and commercial banking rose to C$709 million, wealth management reached C$436 million, and capital markets earned C$438 million.
  • Scotiabank posted net income of C$2.53 billion, or C$1.84 per diluted share, with adjusted EPS of C$1.88 topping a C$1.73 analyst estimate.
  • Scotiabank’s provision for credit losses was C$1.04 billion, slightly lower year over year, as international banking net income rose to C$670 million, global wealth management increased to C$417 million, and Canadian banking edged down to C$958 million.