Bank of Montreal beats profit estimates

Bank of Montreal (BMO.TO) beat analysts’ estimates for third-quarter profit on Tuesday, as it released $70 million in reserves set aside to cover credit losses and saw growth across its business.

Net income excluding one-off items rose to C$2.29 billion, or C$3.44, in the three months ended July 31, compared with C$1.26 billion, or C$1.85, a year earlier. Analysts had expected C$2.94 a share, according to IBES data from Refinitiv.