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Bank of Montreal beats quarterly profit estimates

TORONTO, Feb 23 (Reuters) – Bank of Montreal beat analysts’ estimates for quarterly profit on Tuesday, as it set aside lower-than-expected funds for loan loss provisions.

Net income excluding one-off items rose to C$2.04 billion, or C$3.06 a share, in the three months to January, compared with C$1.6 billion, or C$2.41 a share, a year earlier. Analysts had expected C$2.15 a share, according to IBES data from Refinitiv.

Reported net income was C$2.02 billion, or C$3.03 a share, up from C$1.59 billion, or C$2.37 a share, a year earlier. ($1 = 1.2615 Canadian dollars) (Reporting By Nichola Saminather and Sohini Podder)

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