Bank of Montreal profit slumps as credit losses loom
- Country:
- Canada
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)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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