Bank of Montreal is reporting an increased profit for the second quarter ended April 30, thanks to sharply lower loan loss provisions and stronger equity markets.

Canada’s fifth-largest bank said net income for the quarter rose 47% to $602 million, or $1.12 per share, up from $409 million, or 77¢ per share, a year ago.

Revenue grew 13% to $2.44 billion while expenses increased 5%. Return on equity surged by one-third to 20.4%.

The bank said it made net provisions for credit losses of only $5 million during the quarter, compared with $120 million a year ago.

“We continue to benefit from growth in business volumes, our focus on productivity and our superior asset quality.” said Tony Comper, president and CEO, in a news release.

http://www.newswire.ca/en/releases/archive/May2004/26/c6652.html