Bank of Montreal made less overall profit in its third quarter when measured against last year. A one-time charge impacted overall earnings. Profit declined as a result. But adjusted profit went up. In fact, adjusted earnings exceeded what market analysts anticipated the institution to bring in for the quarter.
The bank is preparing to retrieve its own shares. It disclosed the repurchase program right after topping market expectations. Financial analysts set lower profit targets for the bank before these third-quarter results were officially released. BMO exceeded those projections.