August 26, 2014 / 11:30 AM / 5 years ago

Bank of Montreal reports stronger-than-expected profit

The logo for the Bank of Montreal is seen at its branch Toronto, March 5, 2013. REUTERS/Mark Blinch

TORONTO (Reuters) - Bank of Montreal (BMO.TO) reported stronger-than-expected third-quarter profit on Tuesday, helped by gains at its Canadian and U.S. personal and commercial banking units and higher revenue at its capital markets arm.

Net profit at Canada’s fourth-largest bank was C$1.13 billion ($1.03 billion), or C$1.67 a share, for the third quarter ended July 31, compared with C$1.12 billion, or C$1.66 a share, a year earlier.

Adjusted earnings were C$1.73 a share. Analysts had expected C$1.66 a share.

BMO said profit at its Canadian retail bank rose 8 percent to C$526 million. Profit at its U.S. personal and commercial banking operation rose 2 percent.

Its BMO Capital Markets unit earned C$306 million, up 14 percent.

(1 US dollar = 1.0962 Canadian dollar)

Reporting by Jeffrey Hodgson; Editing by Bernadette Baum

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