Scotiabank topped profit estimates last quarter while BMO missed. Heres why – National [Video]

Canada’s Bank of Montreal on Tuesday reported quarterly profit below analysts’ estimates, its sixth miss in a row, hurt by weakness in its U.S. retail segment and as the lender made bigger than expected provisions for potential bad loans.

Meanwhile, peer Bank of Nova Scotia, Canada’s fourth largest bank by market capitalization, reported better than expected profit powered by strong growth at its businesses at home and overseas, which spans across North America, Latin America and the Caribbean.

Canadian banks have sought growth south of the border expanding through acquisitions or brick by brick as opportunities in a saturated and highly regulated market at home were limited.

BMO purchased U.S. regional lender Bank of the West for US$16.3 billion last year, giving it exposure to nearly two million customers, about 500 retail branches and commercial and wealth offices across the midwest and western United States.

Scotiabank looked further down, expanding …