BMO Financial Group Reports $4.48B Q4 Profit, Raises Dividend

BMO Financial Group Reports $4.48B Q4 Profit, Raises Dividend

TORONTO — BMO Financial Group raised its dividend as it reported fourth-quarter net income of $4.48 billion, up from $2.16 billion in the same quarter last year, boosted by a one-time gain related to its purchase of Bank of the West.

The bank says it increased its quarterly dividend by four cents to $1.43 per share.

The change came as BMO said its profit amounted to $6.51 per diluted share for the quarter ended Oct. 31, up from $3.23 per diluted share a year ago. Revenue totalled $10.57 billion for the quarter, up from $6.57 billion in the same quarter last year.

Provisions for credit losses were $226 million compared with a $126-million recovery of credit losses a year ago.

On an adjusted basis, BMO says it earned $3.04 per diluted share, down from an adjusted profit of $3.33 per diluted share a year earlier.

Analysts on average had expected a profit of $3.07 per share for the quarter, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Dec. 1, 2022.