Bank of Montreal’s Canadian personal and commercial (P&C) banking division registered a net income of C$502m for the first quarter ended 31 January 2015, a rise of C$17m or 4% compared to the previous year period.
Adjusted net income for the unit increased C$17m or 4% to C$503m versus the same period a year ago. The rise was mainly attributed to higher revenue and lower provisions for credit losses, partly offset by higher expenses.
Revenue soared C$50m or 3% year over year, owing to higher balance and fee volumes across most products, partially offset by lower net interest margin.
Expenses were up C$45m or 6% highlighting continued investment in the business.
Loan growth for personal banking was 3%, and deposit growth was 8%.
Overall, the bank’s net income was C$1.0bn for the first quarter of 2015, a drop of C$61m or 6% compared to the year ago quarter.