TORONTO — BMO Financial Group reported its third-quarter profit rose compared with a year ago as its provision for credit losses fell.

The bank says it earned a net income of $2.33 billion or $3.14 per diluted share for the quarter which ended July 31. The result for the quarter compared with a profit of $1.87 billion or $2.48 per diluted share in the same quarter last year.

Revenue for the quarter totalled $8.99 billion in the quarter, up from $8.19 billion a year earlier.

BMO's provision for credit losses amounted to $797 million for the quarter, compared with $906 million a year earlier.

On an adjusted basis, BMO says it earned $3.23 per diluted share in its latest quarter, up from an adjusted profit of $2.64 a year earlier.

The average analyst estimate had been for earnings of $2.

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