BMO Monetary Group raised its dividend because it reported its fourth-quarter revenue fell in contrast with a yr in the past.
The financial institution stated Friday it can now pay a quarterly dividend of $1.51 per share, up from $1.47 per share.
The elevated fee to shareholders got here as BMO stated its web revenue amounted to just about $1.62 billion or $2.06 per diluted share for the quarter ended Oct. 31, down from $4.48 billion or $6.51 per diluted share a yr earlier.
On an adjusted foundation, BMO says it earned $2.81 per diluted share in its newest quarter, down from an adjusted revenue of $3.04 per diluted share a yr in the past.
Income was $8.36 billion, down from $10.57 billion in the identical quarter final yr.
Larger mortgage loss provisions
BMO’s complete provision for credit score losses for the quarter rose to $446 million, up from $226 million a yr earlier.
“Trying to 2024, we’ve got proactively positioned the financial institution for future development and are assured that our dynamic expense and capital administration actions and ongoing focused investments will drive constant and differentiated efficiency,” BMO chief government Darryl White stated in a press release.
BMO stated its Canadian private and business banking operations earned $962 million in its newest quarter, up from $917 million a yr earlier, helped by a rise in income, resulting from increased web curiosity revenue and better non-interest income, partially offset by increased bills and the next provision for credit score losses.
The financial institution’s U.S. private and business banking enterprise earned $661 million, up from $660 million in the identical quarter final yr.
BMO’s wealth administration enterprise earned $262 million, down from $298 million a yr earlier, whereas the financial institution’s capital markets arm earned $489 million, up from $357 million in its fourth quarter of 2022.
The financial institution’s company companies group reported a lack of $757 million in its newest quarter in contrast with a revenue of $2.25 billion a yr earlier.
