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TORONTO: Bank of Montreal (TSX:BMO) says its had a $669-million profit in the third quarter, falling short of analyst expectations.

The bank says its profits were equal to $1.14 per share of cash earnings, about seven cents short of analyst estimates.

However, the profit was still 17 per cent higher than a year ago, when the bank reported earnings of $557 million.

Revenue was down slightly to $2.91 billion from $2.98 billion.

Bank of Montreal also reduced its provisions for credit losses during the quarter as the economy improved from last year.

The provisions were reduced by $203 million from a year ago to $214 million for the three months ended July 31.