TORONTO — The Bank of Montreal raised its dividend as it reported a fourth-quarter profit of $1.19 billion, down from a year ago as it was hit by a restructuring charge.
The bank says it will now pay a quarterly dividend of $1.06 per share, up three cents from its previous rate.
The increased payment to shareholders came as BMO reported a profit that amounted to $1.78 per share for the quarter ended Oct. 31, down from a profit of nearly $1.70 billion or $2.58 per share a year ago.
On an adjusted basis, BMO says it earned nearly $1.61 billion in the quarter, up from $1.53 billion in the same quarter last year.
The adjusted profit amounted to $2.43 per share, up from $2.32 per share a year ago.
Analysts on average had expected a profit of $2.41 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Dec. 3, 2019.
Companies in this story: (TSX:BMO)
The Canadian Press