A Bank of Montreal sign is pictured in North Vancouver, B.C. Tuesday, April, 2, 2019. THE CANADIAN PRESS/Jonathan Hayward
TORONTO – BMO Financial Group raised its quarterly dividend as its second-quarter profit fell compared with a year ago and its provisions for credit losses climbed higher.
The bank says it will now pay a quarterly dividend of $1.47 per share, up from $1.43 per share.
The increased payment to shareholders came as BMO reported a profit of $1.06 billion of $1.30 per share for the quarter ended April 30, down from a profit of $4.76 billion or $7.13 per diluted share a year earlier.
Revenue totalled $8.44 billion, down from $9.32 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $1.02 billion, up from $50 million a year earlier.
On an adjusted basis, BMO says it earned $2.93 per diluted share in its latest quarter, down from an adjusted profit of $3.23 per diluted share in the same quarter last year.
The average analyst estimate had been for an adjusted profit of $3.19 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 24, 2023.
Companies in this story: (TSX:BMO)
