Bank of Montreal Stock Tumbles After Earnings—Here's Why

Key TakeawaysBank of Montreal missed profit and sales estimates Wednesday as it increased its provision for credit losses and reported a decline for its U.S. unit.The Canadian bank set aside C$705 million ($517 million) to cover bad loans, more than in the previous quarter and above analysts' forecasts.Bank of Montreal's U.S. personal and commercial banking income dropped as net interest income fell. Shares of Bank of Montreal or BMO Financial Group (BMO) plunged over 8% in intraday trading Wednesday after ...