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The Canadian bank earned $2.78 per share on an adjusted basis in the fiscal third quarter, weighed down by weaker results in its U.S. retail and commercial division. Analysts polled by Bloomberg had expected $3.13 per share.
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“We continue to deliver solid financial results that reflect the strength, diversity and active management of our businesses in a changing environment,” Chief Executive Darryl White said in a statement on Tuesday.
The bank paid $162 million in severance costs for the quarter ended July 31. In response to the slow flow of business, she laid off employees in her BMO Capital Markets division.
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The net interest margin, the difference between what a bank earns on loans and what it pays for financing, was 1.68 percent, 1 basis point below the second quarter.
Bloomberg.com
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