Bank of Montreal made less overall profit in its third quarter compared to last year. A one-time charge impacted overall earnings. Profit dropped because of it. But adjusted profit increased during the period. In fact, adjusted earnings exceeded what market analysts projected the lender to bring in for the quarter.
The bank currently intends to buy back its own shares. It disclosed the repurchase program right after topping market expectations. Financial analysts lowered their earnings expectations for the bank before these third-quarter results were officially released. BMO surpassed those goals.