BMO Financial Group A one-time benefit related to the purchase of Bank of the West boosted its dividend as it reported fourth-quarter net income of $4.48 billion, up from $2.16 billion in the same quarter last year.
The bank says it has increased its quarterly dividend by four cents to $1.43 per share.
The change came as BMO said its profit for the quarter ended October 31 was $6.51 per diluted share, up from $3.23 per diluted share a year earlier. Total revenue for the quarter was $10.57 billion, up from $6.57 billion in the same quarter last year.
Credit loss provisions were $226 million compared to $126 million of credit loss recoveries a year ago.
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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 ago.
Analysts on average had expected profit of $3.07 per share for the quarter, according to estimates compiled by financial markets data firm Refinitiv.
“Looking out to 2023, the economic environment remains uncertain, with inflation and high interest rates expected to slow the economy in the near term,” BMO chief executive Daryl White said in a statement.
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“We will continue to dynamically manage capital and resources to grow our businesses and serve our customers as we finalize preparations for our North American growth strategy, the natural next step in the approval, closing and integration of Bank of the West.” will support.
BMO said its Canadian personal and commercial banking business earned $917 million, down from $933 million a year earlier, while the US personal and commercial bank earned $660 million from $509 million in the same quarter last year.
The bank’s wealth management arm earned $298 million, up from $345 million in the same quarter last year, and its capital markets business earned $357 million in its latest quarter, down from $531 million a year earlier.
The bank’s Corporate Services group reported a profit of $2.25 billion for the quarter, boosted by a gain related to the pending purchase of Bank of the West, partially offset by a legal provision. The group had reported a loss of $159 million a year earlier.
For its full year, BMO reported a profit of $13.54 billion, or $19.99 per diluted share, on $33.71 billion in revenue, compared to a profit of $7.75 billion, or $11.58 per diluted share, on $27.19 billion in revenue a year ago.