Revenue totalled $9.27 billion, up from $7.67 billion in the same quarter last year.
The bank’s provision for credit losses amounted to $1.01 billion in its latest quarter, up from $627 million in the same quarter last year.
On an adjusted basis, BMO says it earned $3.04 per share in its latest quarter, up from an adjusted profit of $2.56 per share a year earlier.
Analysts on average had expected BMO to earn an adjusted profit of $2.41 per share, according to according to LSEG Data & Analytics.
“We delivered strong first-quarter performance with broad-based revenue growth driving positive operating leverage in each of our operating groups,” BMO chief executive Darryl White said in a statement.
BMO’s wealth management business earned $369 million in its latest quarter, up from $240 million. Wealth and asset management net income was $286 million, up 52% compared to the same quarter in 2024, primarily driven by stronger global markets and net sales, which was partially offset by higher expenses.
The bank’s wealth management segment had $406 billion in assets under administration and $451 billion in assets under management.
Insurance net income was $83 million this quarter, up $30 million from last year, primarily due to favourable market movements.
BMO said its Canadian personal and commercial banking business earned $894 million in its latest quarter, down from $921 million a year earlier.
In the U.S., the bank’s personal and commercial banking operations earned $580 million, up from $560 million in the same quarter last year.
The bank’s capital markets business earned $587 million, up from $393 million in the same quarter last year.
BMO had 6,341 employees by the end of the first quarter, up slightly from 6,322 at the same time last year.
Read More: BMO Financial Group reports $2.14B Q1 profit