BMO’s Commercial Focus in U.S. Midwest Fuels Record Profit

Dec 04 2018, 11:19 AMDec 04 2018, 3:13 PMDecember 04 2018, 11:19 AMDecember 04 2018, 3:13 PM

(Bloomberg) -- Bank of Montreal has long seen its U.S. loan growth slanted more toward businesses than individual consumers, a focus that helped the lender post record earnings in its fiscal fourth quarter.

The owner of Chicago-based BMO Harris Bank said commercial lending rose in the three months ended Oct. 31, with balances from the U.S. division jumping 10 percent to $59 billion, Bank of Montreal said Tuesday in its earnings statement.

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Bank of Montreal shares fell 2 percent to C$97.01 at 9:50 a.m. in Toronto trading. The shares have fallen 3.7 percent this year, outperforming the 5.7 percent decline of the eight-company S&P/TSX Commercial Banks index.

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