BMO profit rises 17 pct as loan losses drop

Tue Aug 27, 2013 6:47am EDT
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TORONTO Aug 27 (Reuters) - Bank of Montreal's third-quarter profit rose 17 percent, as Canada's No. 4 bank benefited from higher insurance income and lower provisions for bad loans.

BMO, the first Canadian lender to report results for the fiscal third quarter, earned C$1.1 billion ($1.05 billion), or C$1.68 a share, in the period ended July 31, it said on Tuesday.

That compared with a profit of C$970 million, or C$1.42 a share, in the year-before period.