Bank of Montreal made less overall profit in its third quarter relative to last year. A one-time charge hurt final results. Profit fell due to this item. But adjusted profit showed gains. In fact, adjusted earnings beat what market analysts expected the bank to generate for the quarter.
The bank is preparing to repurchase its own shares. It revealed the stock plan right after topping market expectations. Financial analysts set lower profit targets for the bank before these third-quarter results came out. BMO surpassed those goals.