The Financial Post reports in its Thursday edition that BMO exceeded analysts' expectations on Wednesday after reporting record revenue across its business segments and lowering the amount of money it keeps on hand to cover potential credit losses. The Post's Jane Switzer writes BMO said net income for the three months ending Jan. 31 was almost $2.5-billion, up 16 per cent from $2.1-billion during the same period a year earlier. Net earnings per share were $3.39. BMO's adjusted net income, which excludes non-recurring items, increased 11 per cent to around $2.6-billion. Adjusted earnings per share were $3.48, higher than the $3.04 per share reported a year ago and above the $3.21 per share forecasted by analysts. BMO has been working to cut costs across the company, and quarterly results included a previously announced severance charge of $202-million. Bank of Nova Scotia analyst Mike Rizvanovic said in a note that the "big beat" for BMO this quarter was capital markets, where net income grew 11 per cent to $657-million based on strong trading activity and higher advisory fee revenue. Mr. Rizvanovic added, "Credit performance was also positive in the quarter and evident across the bank's lending businesses."