BMO Financial Group raised its dividend as it reported a fourth-quarter profit of $2.30 billion.
The bank says it will now pay a quarterly dividend of $1.67 per share, an increase of four cents per share.
BMO says its profit amounted to $2.97 per diluted share for the quarter ended Oct. 31 compared with a profit of $2.30 billion or $2.94 per diluted share a year ago when it had more shares outstanding.
Revenue for the quarter totalled $9.34 billion, up from $8.96 billion last year, while the bank’s provision for credit losses totalled $755 million, down from $1.52 billion a year ago.
On an adjusted basis, BMO says it earned $3.28 per diluted share, up from an adjusted profit of $1.90 per diluted in the same quarter last year.
Analysts on average had expected an adjusted profit of $3.03 per share, according to estimates compiled by LSEG Data & Analytics.
