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.
Despite significant progress in the Bank of Canada’s efforts to bring annual inflation down, a new survey shows that Canadians are feeling more stressed-out financially than two years ago. Anne Gaviola has more on the cumulative effect of the high cost of living and rapidly-rising interest rates on household budgets.on Wednesday missed analysts’ estimates for quarterly profit, hurt by weakness at its U.S.
The move came as Canadian banks look for opportunities to diversify south of the border, seeking alternative paths for growth as competition intensifies in a saturated market at home in a highly regulated market. BMO said the U.S. segment’s adjusted net income fell 24 per cent, hit by lower net interest income, or the difference between what a bank earns on loans and pays out for deposits, due to lower margins.Lenders have been competing on deposit rates to prevent consumers from moving their money to alternative high-yielding funds amid high interest rates.
Meanwhile, smaller peer National Bank of Canada surpassed analysts’ estimates for quarterly profit largely powered by its capital markets and wealth managementBMO’s adjusted net income fell to C$2.03 billion, in the three months ended April 30, from C$2.19 billion. On a per share basis BMO earned C$2.59 per share, compared with estimates of C$2.77.
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