Bank of Montreal’s Q3 adjusted profit falls but beats analyst estimates

A Bank of Montreal branch in Vancouver, B.C.Ben Nelms/Bloomberg

TORONTO — Bank of Montreal’s adjusted net income for the first quarter dropped by seven per cent to $1.422 billion in the first quarter, but still came in ahead of analyst estimates.

The bank’s adjusted net income amounted to $2.12 per share — above the estimate of $2.06 per share from Thomson Reuters.

Without adjustments, Bank of Montreal’s net income for the quarter ended Jan. 31 was $973 million or $1.43 per share, down 35 per cent from a year earlier — mostly because of a $425 million one-time item related to U.S. tax reform.

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