Bank of Montreal reports strong Q2 earnings, marks fifth consecutive quarterly increase in profit

One of Canada’s top five banks today, the Bank of Montreal, posted earnings for the second quarter of 2010.

The bank reported higher than expected earnings as provisions for bad debts declined significantly.

The bank said total bad loan expenses in the period were $249-million, down from $372-million in the same period last year.

Aggregately, the Bank of Montreal reported net earnings of $745-million ($1.26 per share) in the period, marking the fifth straight quarterly increase in both revenue and net income. This compares with $387-million in net income in the second quarter of last year, an increase of almost 50-percent.

Return on Equity (ROE) was significantly up to 16.4-percent, compared to 8.1-percent in the same period last year.

The capital market unit helped contribute to the strong earnings, earning $259-million in net earnings, up almost 40-percent from Q2 ’09.

BMO President and CEO Mr. Downe said today in a statement, “Our results confirm that we are successfully executing the customer-focused strategy we laid out three years ago. Our financial strength is giving us the flexibility to attract top talent and customers and expand our North American presence, while delivering strong results,”

The other top Canadian banks are expected to report their respective second quarter earnings within the next two weeks.


tag TAGS: ,
Short URL: http://business2press.com?p=6489
Recommended:
b2p Ensure that you follow us on Twitter and Like us on Facebook
Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
checkmark
We are perfectly committed to the highest ethical and professional codes of conduct and standards in the industry on a firm wide basis. Learn more about us, our contributors, and our governance
b2p
We encourage you to comment. Comments are moderated. Comments that are abusive, off-topic, have marginal substance, or include promotional content will be removed. We cannot facilitate requests to edit or remove comments, or explain moderation decisions

Business 2.0 Press publishes exclusive business tech news and analysis covering start-ups to large-caps from Bay & Wall streets since 2008 from a group of highly knowledgeable industry professionals that abide by the toughest industry codes of conduct and professional standards lightMore

lightAdd value by subscribing (RSS)

logo

StockFractions.com has the most stock ratios for public companies. Get the most comprehensive micro insight on public firms available on the web, all for free.
Stock Fractionsgo

title

Colon cancer is one of the leading causes of death. Irrespective of family history, everyone is exposed to the risk. About 90% of colon cancer cases begin from non-cancerous tumors, polyps, which could form in the large bowel. Screening with a colonoscopy will painlessly remove any polyps hence almost entirely reducing your risk of developing the horrible disease. The good news is that about 90% of colon cancer cases are preventable through a simple (yes, simple) colonoscopy.
Learn moreatom
Public service message from Business 2.0 Press