Bank of Montreal made less overall profit in its third quarter compared to last year. A one-time charge impacted overall earnings. Profit fell due to this item. But adjusted profit went up. In fact, adjusted earnings surpassed what market analysts anticipated the institution to generate for the quarter.
The bank currently intends to buy back its own shares. It revealed the stock plan right after topping market expectations. Financial analysts reduced performance benchmarks for the bank before these third-quarter results were published. BMO exceeded those projections.