March 3, 2009 / 12:26 PM / 9 years ago

UPDATE 1-Bank of Montreal Q1 profit falls 12 pct

* Q1 credit loss provision C$428 mln, up $198 mln

* Q1 capital markets environment charges of $359 million

March 3 (Reuters) - Bank of Montreal (BMO.TO) posted a 12 percent fall in net income for the first quarter, hurt by capital markets environment charges and an 86 percent jump in provision for credit losses.

The company, one of Canada’s biggest banks, earned C$225 million ($175.6 million), or 39 Canadian cents a share, compared with C$255 million, 47 Canadian cents a share, a year earlier. [ID:nWNAB9389]

The company reported adjusted cash earnings of C$1.09 a share after excluding capital markets environment charges of 69 cents per share.

Analysts were expecting a profit of 96 Canadian cents a share, excluding items, according to Reuters Estimates.

Shares of the company closed at C$26.99 Monday on the Toronto Stock Exchange. They have fallen 48 percent from their 52-week high of C$52.31 touched in May last year. ($1=1.281 CANADIAN DOLLAR) (Reporting by Anurag Kotoky in Bangalore; Editing by Himani Sarkar)

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