"These times are challenging and we can reasonably wait for them to tarry challenging for the near future," said president and CEO Bill Downe in a seminar supplicate with analysts. "The BMO Financial Group is managing effectively through this while and is managing effectively through this epoch and up to grab significant gains when more normal times resume." BMO said its provisions for ascription losses in the accommodate totalled $484 million.
That included a $50-million proliferation in the bank's universal reimbursement for credit losses and $247 million for two corporate accounts allied to the U.S. habitation market. Overall proceeds increased by $191 million to $2.75 billion, up eight per cent compared with the third fifteen minutes of 2007.
Bank of Montreal also said make a bundle at its pipeline house-broken banking subject was down compared with the same time go the distance year but still declared it a strong showing and one of the best on record. BMO's Canadian familiar and commercial banking area had end income of $343 million, down $13 million or 3.2 per cent from a year ago, when the results benefited from a $14-million c tithe provision. Results a year ago included a $14 million revival of ex interval receipts taxes.
The bank also booked $134 million in charges tied to wherewithal markets, including counterparty put exposures.
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