BMO profit dips to just over $1 billion

Bank of Montreal saw its profit dip in the last quarter of 2014. (Liam Richards/Canadian Press)

Bank of Montreal reports it had a lower first-quarter profit than last year, although its main Canadian banking arm and other major parts of its business still showed growth.

The bank had $1 billion of net income in the first quarter, before adjustments, down $61 million or six per cent from a year earlier.

Its adjusted net income was $1.041 billion, down $42 million or four per cent

The adjusted profit amounted to $1.53 per share, which was 10 cents below analyst estimates of $1.63 per share.

BMO said the reduced adjusted net income was primarily due to the impact of long-term interest rates on its insurance business.

Barclays banking analyst John Aiken said the bank's underlying performance isn't as bad as the profit dip suggests, but acknowledged it's a bad start for the closely watched earnings season for the big banks.

"This will not only likely weigh on its valuation today but could also pull down the shares of the group until the rest begin reporting," he said in a note to clients.

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