BMO posts strong Q1 2010 earnings, canadian loan losses fall

Credit crisis seems over as Canadian bank loan loss provisions fall materially

Canada’s fourth-largest bank, the Bank of Montreal, today announced Q1 2010 earnings for the period ended January 31, 2010.

The bank reported net income from operations as CDN $657-million, exponentially up from $225-million in the same period over last year.

The bank said loan losses from Canadian operations declined, allowing the company to lower capital adequacy reserves as deposits grew. Loan losses from the U.S. increased, earning BMO a $16-million net profit from U.S. operations.

 Total loan losses were $333-million, down by $95-million from the same period last year.

Revenue from capital market investments were up 40-percent to $248-million.

The financial intermediary said earnings per share (EPS), was $1.13 in the quarter, beating the Street forecasts of $1.03 per share.

The strong quarterly earnings propelled the stock (TSE:BMO) up more than 3.3-percent in mid-day trading, climbing to $58.53 per share, a new 52-week high.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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