Canada's BMO misses profit estimates on higher provisions, US weakness
-Bank of Montreal missed analysts' estimates for quarterly profit on Wednesday, hemmed in by weakness at its U.S. segment and higher loan loss provisions, sending its shares down 6%.
That hurt the U.S. segment's net interest income, or the difference between what a bank earns on loans and pays out for deposits. Adjusted net income at the unit fell 24%. White now expects fewer and delayed rate cuts this year, with the Bank of Canada expected to begin lowering rates this summer and the U.S. Federal Reserve in the fall at a moderated pace.
A bright spot was the bank's capital markets business. The segment reported a 23% rise in net income, driven by higher interest rate trading and debt and equity issuance activity. Net income at the Canadian unit rose 7%.
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