BMO Financial Group president and CEO Bill Down said the integration of Marshall & Ilsley with BMO has created a competitive platform to grow its personal and commercial and wealth businesses in the US.
The bank’s revenue for the latest quarter increased to C$4.12bn ($4.14bn) from C$3.47bn ($3.49bn) during the same period a year ago.
Adjusted net income was up 19% or C$155m ($156m) to C$972m ($978m), or $1.42 per share compared to the same quarter previous year.
As at end 31 January 2012, BMO Financial Group’s profit from Harris Bank, the US based consumer lender, doubled to C$137m ($138m) compared to C$54m ($54m) after adding earnings from Marshall & Ilsley.
The acquisition doubled the number of the US branches and deposits of BMO Harris Bank, giving Bank of Montreal more branches in Chicago than Toronto.
The bank’s BMO Capital Markets investment-banking business profit declined 24% to C$198m ($199m) compared to the same period previous year.
The capital markets investment-banking business revenue from underwriting and advisory fees declined 49% to C$78m ($78.5m), while trading revenue grew 25% to C$378m ($380m) from the same period last fiscal, after adding a benefit from structured credit activities under new accounting rules.
