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TORONTO • The impact of low oil prices was evident in Bank of Montreal’s third-quarter results released Tuesday, but the share price of Canada’s fourth-largest bank rose as overall earnings beat analyst expectations.

Gross impaired loan formations tied to BMO’s oil and gas portfolio in the United States more than quadrupled to $105 million from $24 million just a quarter ago, while formations in the Canadian portfolio were “conspicuously low,” according to Peter Routledge, an analyst at National Bank Financial.

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“If low oil prices continue through [fiscal] 2016, we expect oil and as impaired loan formation to increase materially in both Canada and the United States,” Routledge said in a note to clients.

BMO kicked off a week of Canadian bank earnings for the period ended July 31, and Routledge acknowledged in his note that the signs of deteriorating credit are “faint” at this point.

Still, a conference call with BMO executives and analysts was dominated by questions about how the oil price will affect the health of the sector and bank customers in oil-dependent Alberta.