Bank of Montreal recorded smaller net earnings in its third quarter compared to last year. A one-time charge impacted overall earnings. Profit fell due to this item. But adjusted profit increased during the period. In fact, adjusted earnings surpassed what market analysts projected the lender to bring in for the quarter.
The bank is preparing 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 came out. BMO beat those targets.