Bank of Montreal recorded smaller net earnings in its third quarter when measured against last year. A one-time charge hurt final results. Profit fell due to this item. But adjusted profit went up. In fact, adjusted earnings beat what market analysts projected the lender to generate for the quarter.
The bank currently intends to repurchase its own shares. It disclosed the repurchase program right after topping market expectations. Financial analysts reduced performance benchmarks for the bank before these third-quarter results were officially released. BMO beat those targets.