Bank of Montreal quarterly profit jumps on capital markets strength
Adds background and earnings results throughout
Feb 25 (Reuters) - Canadian lender Bank of Montreal BMO.TO on Tuesday reported a jump in first-quarter profit driven by strength in its capital markets business.
Adjusted earnings from BMO's capital markets business jumped 45% to C$591 million ($414.39 million) in the quarter.
A revival in dealmaking activity has boosted the fees at banks that earn from underwriting stock and bonds sales as well from advising on deals.
Meanwhile, BMO's provision for credit losses jumped to C$1.01 billion in the quarter from C$627 million a year earlier. Rival lender Scotiabank BNS.TO on Tuesday also set aside bigger loan loss provisions.
BMO's adjusted net income rose to C$2.29 billion ($1.60 billion), or C$3.04 per share, in the three months ended January 31, compared with C$1.89 billion, or C$2.56 per share, a year earlier.
($1 = 1.4268 Canadian dollars)
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