Canada-based BMO Financial Group has reported a net income of C$669m or C$1.13 per diluted share, for its third quarter ended 31 July 2010, compared to C$557m, or C$0.97 per diluted share, for the same quarter last year.
Net interest income after provision for credit losses was C$1.36bn compared to C$1.05bn in the third quarter of 2009.
BMO Financial posted a net income of C$2.07bn or C$3.51 per diluted share for the first nine months of 2010, compared to C$1.14bn, or C$1.97 per diluted share, for the same period last year.
For the nine months period ended 31 July 2010, BMO Financial reported a net interest income after provision for credit losses of C$3.83bn compared to C$2.91bn in 2009.
BMO Financial Group president and CEO of Bill Downe said that the focus that the firm is maintaining on helping its customers succeed and the strategic investments in businesses with good growth potential have translated into a solid year-over-year increase in earnings.
“Our results underline the benefit of the bank’s diversified business mix,” Downe said.