BMO's transportation lending unit showed sharply improving credit metrics in its third-quarter earnings, likely the last such report before the bank sells the business to Stonepeak. Provisions for credit losses fell to $15 million from $41 million in the prior quarter and $50 million a year earlier, the lowest since the first quarter of 2023. Allowances for credit losses slid to $73 million from $86 million, while gross impaired loans dropped to $440 million from $576 million. Gross loans and acceptances for the transportation sector rose to $12.78 billion from $12.65 billion, though new originations collapsed to $11 million from $114 million as the bank prepares for the sale.
Bank of MontrealBMO's transportation lending unit shows improving credit metrics in Q3 earnings, reducing provisions and impaired loans.
