Bank of Montreal (TSE:BMO) (NYSE:BMO) saw its headline fourth quarter profit fall weighed by declines from its wealth management and capital markets businesses.
The lender said its fourth quarter net attributable income dropped by 8.7% to C$1.23bn, or C$1.81 a share, down from C$1.34bn, or C$2.02 a share a year earlier.
BMO’s adjusted net income fell by 6.2% to C$1.31bn, or C$1.94 a share, also below the consensus of C$1.98 a share.
The bank said its net income was also hurt by higher insurance claims from recent hurricanes that hit the US.
Net income from BMO’s capital markets division fell by 17% to C$326mln, while net income from its wealth management business dropped 38% to C$172mln.
The company's Canadian personal and commercial banking business was a bright spot, however, with adjusted net income up 6.3% to C$625mln.
In pre-market New York trading, BMO shares were 1,2% higher at US$79.20.