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BMO Financial Group reports $1.87B Q2 profit, raises quarterly dividend

Written by on May 29, 2024

TORONTO — BMO Financial Group raised its dividend as it reported a profit of $1.87 billion in its latest quarter, up from $1.03 billion a year earlier.

The bank says it will now pay a quarterly dividend of $1.55 per share, up four cents from $1.51 per share.

The increased payment to shareholders came as BMO says its profit amounted to $2.36 per diluted share for the quarter ended April 30, up from $1.26 per diluted share a year earlier.

Revenue totalled $7.97 billion, up from $7.79 billion in the same quarter last year, while BMO’s provision for credit losses for the quarter amounted to $705 million, down from $1.02 billion a year ago.

On an adjusted basis, BMO says it earned $2.59 per diluted share, down from an adjusted profit of $2.89 per diluted share in the same quarter last year.

Analysts on average had expected a profit of $2.77 per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published May 29, 2024.

Companies in this story: (TSX:BMO)

The Canadian Press