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BMO advances after reporting higher than expected earnings

Bank of Montreal (BMO) is advancing after the bank this morning reported first quarter adjusted earnings of C$1.52, versus the consensus estimate of C$1.48. The bank's Tier 1 capital ratio under Basel III rules came in at 11.1, while its provisions for credit losses were C$178M, versus $141M during the same period a year earlier. "BMO had a strong first quarter, with momentum in each of our businesses and a strong capital position. Looking ahead, we are well-positioned to leverage our North American platform and deliver sustained earnings growth," said BMO Financial Group CEO Bill Downe. In mid-afternoon trading, Bank of Montreal rose 84c, or 1.4%, to $62.