Bank of Montreal's fiscal second-quarter net income was C$1.25 billion, barely changed from the year-ago figure. Earnings per share was higher by 2 Canadian cents at C$1.86.
The S&P Capital IQ consensus estimate for normalized EPS for the fiscal second quarter was C$2.12.
It was a mixed bag for BMO's operating segments in the recent quarter. Personal and commercial segments in Canada and the U.S. recorded higher net incomes year over year, with the Canadian side posting an 11% increase to C$590 million and the U.S. side going up 46% to C$348 million. Net income for BMO Wealth Management also rose, by 17% to C$296 million.
Meanwhile, net income for BMO Capital Markets decreased 8% to C$286 million amid lower provision for credit losses and lower taxes in the current quarter. BMO's corporate services segment recorded a net loss of C$274 million for the recent quarter, compared to a net loss of C$87 million a year ago.
BMO also recorded a post-tax restructuring charge of C$192 million, mainly related to severance, in the recent quarter.
Provision for credit losses was C$160 million in the fiscal second quarter, compared to C$251 million in the prior year.
