Bank of Montreal (NYSE:BMO, TSE:BMO) shares move higher in pre-market trading after its first quarter results outstripped market expectations at all levels.
The bank also announced plans to repurchase up to 20 mln of its common shares.
READ: Bank of Montreal posts fourth quarter profit fall, weighed by declines from wealth management, capital markets
In a statement, Bank of Montreal said during the quarter, net income came in at C$973mln, or C$1.43 per share.
On an adjusted basis, Bank of Montreal earned C$2.12 per share.
Wall Street had pencilled in adjusted earnings of C$2.06 per share.
In the statement, Darryl White, the chief executive officer said the earnings reflected growth in personal and commercial banking in Canada and the U.S., driven by good loan and deposit growth and the benefit of higher interest rates.
In the quarter, revenue rose to C$5.7bn, beating analysts’ expectations for C$5.5bn.