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Bank of Montreal Second Quarter 2024 Earnings: Misses Expectations

Bank of Montreal (TSE:BMO) Second Quarter 2024 Results

Key Financial Results

  • Revenue: CA$7.27b (up 7.4% from 2Q 2023).

  • Net income: CA$1.72b (up 91% from 2Q 2023).

  • Profit margin: 24% (up from 13% in 2Q 2023). The increase in margin was primarily driven by higher revenue.

  • EPS: CA$2.36 (up from CA$1.26 in 2Q 2023).

earnings-and-revenue-growth
earnings-and-revenue-growth

All figures shown in the chart above are for the trailing 12 month (TTM) period

Bank of Montreal Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 8.5%.

Looking ahead, revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Canada.

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Performance of the Canadian Banks industry.

The company's shares are down 8.2% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 1 warning sign for Bank of Montreal you should know about.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.