UPDATE: Bank of Montreal Posts Upbeat FQ3 Profit

Bank of Montreal

reported better-than-expected fiscal third-quarter profit. The Toronto-based bank posted quarterly earnings of 1.13 billion Canadian dollars ($1.03 billion), or C$1.67 per share, up from C$1.12 billion, or C$1.66 per share, in the year-ago period. Excluding items, the bank's earnings climbed 4% to C$1.16 billion, or C$1.73 per share. However, analysts were projecting a profit of C$1.66 per share. The bank's loan-loss provisions increased to C$130 million versus C$76 million. BMO's personal and commercial banking earnings climbed around 8% to C$685 million, while earnings at BMO Capital Markets climbed 14% to C$306 million. Its wealth-management earnings shrank 12% to C$190 million. The bank maintained its quarterly dividend of 78 Canadian cents per share. "BMO delivered very good results in the third quarter confirming continued momentum across our businesses," said Bill Downe, Chief Executive Officer, BMO Financial Group. BMO shares gained 0.67% to $75.29 at 10:30 a.m. ET.