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Bank of Montreal beat analyst estimates in the fourth quarter on the back of better-than-expected provisions for credit losses and higher advisory fees.

BMO shares rose more than two per cent in early trading Tuesday, but one analyst cautioned that the strength in the quarter came from some of the bank’s more volatile performance measures.

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“While we view BMO’s results as quite solid, we are uncertain as to how much credit it will receive for the beat on provisions and advisory fees, which we estimate contributed approximately 15 cents per share to the beat against our forecasts,” John Aiken, an analyst at Barclays Capital, said in a note to clients.

Bank-wide provisions for credit losses were down by more than $80 million from the previous quarter, and the analyst noted that the bank reported a $6 million recovery despite an uptick in impaired energy loans.