(Toronto) The Bank of Montreal on Tuesday posted third-quarter profit up slightly from the same period last year, even as the amount it has set aside for bad debts increased.

The bank said it earned $1.45 billion, or $1.97 per share, for the quarter ended July 31, up from $1.37 billion, or $1.95 per share, a year earlier.

Revenue totaled $7.93 billion, compared to $6.10 billion in the same quarter last year.

Bank of Montreal’s provision for credit losses was $492 million, up from $136 million in the third quarter last year.

On an adjusted basis, Bank of Montreal says it earned $2.78 per share, down from $3.09 per share a year ago.

Analysts on average had expected adjusted earnings of $3.13 per share, based on estimates compiled by financial markets data firm Refinitiv.

“Our financial results remain strong and reflect the strength, diversity and active management of our business in a changing environment,” Bank of Montreal Chief Executive Darryl White said in a statement.

“We are accelerating efficiency initiatives and continuing to position the Bank to drive long-term growth and profitability supported by disciplined expense and risk management. »

Bank of Montreal’s personal and commercial banking operations in Canada generated a profit of $915 million, down from $965 million in the same quarter a year ago, as higher revenue was driven by higher revenue net interest and higher non-interest income more than offset by higher expenses and a higher provision for credit losses.

In the United States, the bank’s personal and commercial banking business brought in $576 million, after generating $568 million a year earlier, helped by a stronger U.S. dollar.

Bank of Montreal’s wealth management business brought in $303 million, down from $324 million a year earlier, while the bank’s financial markets business brought in $310 million, up from 262 million from the same quarter last year.

The bank’s corporate services division recorded a loss of 650 million, compared with a loss of 754 million a year earlier.