Bank of Montreal, the first Canadian bank to post fiscal second-quarter results, reported its biggest profit decline in seven years after it set aside twice as much money to cover bad loans. It cut about 1,100 management jobs, or 3% of its work force.

Net income for the quarter that ended April 30 fell 44%, to $316 million, or 61 cents a share, from a year earlier, the Toronto company said Tuesday. Revenue rose 1%.

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