The latest of the Big Six banks to publish their quarterly financial results have shown strong results.
BMO Financial Group posted third quarter net income of $1.536 billion, up 11% and adjusted net income up 14% to $1.565 billion.
"BMO delivered strong results and ongoing earnings momentum this quarter. Adjusted net income was up 14% and adjusted earnings per share grew 16% with a particularly good contribution from our U.S. segment and from our competitively advantaged commercial businesses on both sides of the border. Total Bank adjusted operating leverage was 2.9% and was positive in each of our operating groups," said Darryl White, Chief Executive Officer, BMO Financial Group.
BMO’s Canadian personal and commercial banking business grew a relatively modest 5% compared to 36% in the US.
Meanwhile, Scotiabank reported third quarter net income of $1.939 billion compared to $2.103 billion in the same period last year. The figures were impacted by acquisition-related costs of $320 million after tax. Without these costs, net income was up 7% to $2.259 billion.
Canadian Banking's adjusted earnings grew 9% driven by strong commercial asset growth, margin expansion and positive operating leverage.
"Year-to-date investments to strengthen the Bank are enabling us to deliver an excellent customer experience, and are reflected in our third quarter results," said Brian Porter, President and CEO of Scotiabank. "The strong results from our Pacific Alliance operations demonstrate the continued strength of our diversified geography and business mix and our recent acquisitions will continue to enhance our operations in this key region. In the next quarter, we look forward to completing the acquisition of MD Financial."
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