Bank of Montreal reports smaller first-quarter profit

Tue Feb 24, 2015 7:42am EST
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TORONTO Feb 24 (Reuters) - Bank of Montreal posted a smaller first-quarter profit on Tuesday, largely due to the impact of declining long-term interest rates on its insurance unit and lower investment and corporate banking revenues.

Net income at Canada's fourth-largest bank was C$1 billion, or C$1.46 a share, for the first quarter ended Jan 31, compared with C$1.06 billion, or C$1.58 a share, a year earlier.

On an adjusted earnings, the bank said its earnings slipped to C$1.04 billion, or C$1.53 a share, down from C$1.08 billion, or C$1.61 a share, a year ago. (Reporting by Euan Rocha)