TORONTO –
BMO Financial Group raised its quarterly dividend 25 per cent and beat expectations as it reported a fourth-quarter profit of nearly $2.2 billion, up from nearly $1.6 billion in the same quarter last year.
The bank says it will now pay a quarterly dividend of $1.33 per share, up from $1.06. It also plans to buy back up to 22.5 million of its shares.
All six of Canada’s big banks have raised their dividends and announced plans to buy back large numbers of their shares this week as they reported their fourth-quarter results. The increased payments to shareholders follow a decision by the federal banking regulator last month to lift restrictions on dividend increases, share buybacks and executive compensation that were put in place at the start of the pandemic.
BMO says its profit amounted to $3.23 per share for the quarter ended Oct. 31, up from $2.37 per diluted share in the same quarter last year. Revenue totalled $6.6 billion, up from nearly $6 billion a year ago.
On an adjusted basis, BMO says it earned $3.33 per diluted share, up from an adjusted profit of $2.41 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $3.21 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Dec. 3, 2021
