The Bank of Montreal posted net income of $2.49 billion in its first quarter, up 16 per cent from the same period last year, and about 6 per cent ahead of analysts’ estimates, according to Visible Alpha. (The Logic)

Talking point: The bank’s U.S. commercial banking earnings rose 17 per cent compared to last year, to $742 million, as the lender continues to push for improved profitability in its American business. In an earnings call, BMO CEO Darryl White reiterated a goal he first outlined at RBC’s CEO conference in January of reaching a 15 per cent return on equity by the end of 2027. He added that the bank is “90 per cent through” with its U.S. optimization efforts, and expects the program to be “effectively complete” in the second quarter of this year. Capital markets activity also boosted results, with the division’s profit rising 11 per cent from a year ago to $657 million on higher equities trading and advisory fee revenue. BMO set aside $746 million in provisions for credit losses in the quarter, down from $1.01 billion a year earlier, and below analyst forecasts compiled by Visible Alpha.