Bank of Montreal profit slumps more than 50% as credit losses loom

Bank of Montreal reported a drop of more than 50 per cent in quarterly profit on Wednesday as it set aside more money to cover potential loan losses from the coronavirus pandemic.

The lender said net income fell to $689-million, or $1 per share, in the second quarter ended April 30 from $1.49-billion, or $2.26 per share, a year earlier.

Bank of Montreal set aside $1.12-billion for future loan losses, vastly higher than $176-million a year earlier.

More to come

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