Bank of Montreal made less overall profit in its third quarter compared to last year. A one-time charge hurt final results. Profit dropped because of it. But adjusted profit showed gains. In fact, adjusted earnings exceeded what market analysts expected the bank to generate for the quarter.
The bank is preparing to retrieve its own shares. It disclosed the repurchase program right after topping market expectations. Financial analysts lowered their earnings expectations for the bank before these third-quarter results were officially released. BMO surpassed those goals.