BMO Financial Group reports $4.48B Q4 profit, raises dividend
By The Canadian Press on December 1, 2022.
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. Companies in this story: (TSX:BMO) 9-8
