Bank of Montreal (BMO.TO) reported fiscal third quarter results that CIBC Capital Markets said are "negative" as the Canadian bank reported a 4% miss versus consensus.
Analyst Paul Holden said the miss was driven by credit, as pre-provision operating profit was higher than consensus.
Holden said BMO's adjusted EPS of $2.64 was below consensus of $2.76 and his estimate of $2.70.
"The total provision for credit losses (PCL) ratio of 54 basis points (bps) increased 10bps sequentially and came in higher than consensus at 46bps and our forecast of 47bps," the analyst said in a note to clients.
"Impaired came in at 50bps, up from 41bps last quarter, mostly driven by losses in US commercial and wholesale banking," Holden said.
The analyst maintained a Neutral rating and $120 price target on BMO shares.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。