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Company News

Bank of Montreal profit slumps as credit losses loom

May 27 (Reuters) - Bank of Montreal reported a drop of more than 50% in quarterly profit on Wednesday as it set aside more money to cover potential loan losses from the coronavirus pandemic.

The lender said net income fell to C$689 million ($501.05 million), or C$1 per share, in the second quarter ended April 30 from C$1.49 billion, or C$2.26 per share, a year earlier.

Bank of Montreal set aside C$1.12 billion for future loan losses, vastly higher than C$176 million a year earlier. ($1 = 1.3751 Canadian dollars) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D’Silva)

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