BMO Financial Group posted net income of $4.48 billion in its fourth quarter, a sizeable increase from the same time last year thanks in large part to the one-time gain as a result of its acquisition of Bank of the West.
The bank’s fourth-quarter profit rose from $2.16 billion the same time last year, with the increase seeing its earnings per diluted share boosted to $6.51 for Q4 2022 compared with $3.23 last year.
Its net income for the fiscal year rose to $13.54 billion, up from $7.75 billion last year, with provisions for credit losses spiking to $313 million from $20 million in 2021.
Its earnings per diluted share on an adjusted basis were $3.04, lower than analysts’ average expectation of $3.07 (according to Refinitiv) and down from its adjusted profit of $3.33 the previous year.
The bank’s performance came amidst a “rapidly changing macroeconomic environment,” CEO Darryl White said, with its results “supported by targeted investments in technology and talent which delivered award-winning customer and employee experiences.”
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