BMO Financial Group raised its dividend as it reported a profit of $1.87 billion in its latest quarter, up from $1.03 billion a year earlier.
Bank of Montreal signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj
The increased payment to shareholders came as BMO says its profit amounted to $2.36 per diluted share for the quarter ended April 30, up from $1.26 per diluted share a year earlier.BMO's provision for credit losses for the quarter amounted to $705 million, down from $1.02 billion a year ago when it took an initial provision of $705 million related to the loan portfolio at Bank of the West, which it acquired last year.
"This quarter, we achieved strong pre-provision, pre-tax earnings growth and positive operating leverage, driven by continued momentum in Canadian personal and commercial banking and strengthening performance in our capital markets and wealth businesses," BMO chief executive Darryl White said in a statement.Analysts on average had expected a profit of $2.77 per share, according to LSEG Data & Analytics.
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