Business

Bank of Montreal beats profit estimates, raises dividend to 25%

FILE PHOTO: The Bank of Montreal logo is seen outside a branch in Ottawa
FILE PHOTO: The Bank of Montreal (BMO) logo is seen outside a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo

December 3, 2021

TORONTO (Reuters) – The Bank of Montreal closed Canadian banks’ earnings season with better-than-expected fourth-quarter earnings on Friday, as strong growth across all businesses big boosted adjusted earnings 38% from a year earlier and increased dividends. 25%.

Canada’s fourth-largest lender raised its dividend to C$1.33 from $1.06 in previous quarters and said it will buy back 22.5 million, or 3.5% of its shares. vouchers in circulation.

While BMO recovered provisions for loan losses of C$126 million ($98.19 million) for the three months ended October 31, it posted strong growth even when that effect is excluded. Its net profit margin, excluding trading, has dropped.

Earnings before adjusting, before provisioning, grew 15% in the banking business in Canada, 17% in the US, 29% in the asset management unit and 28% in the capital markets, with Bank-wide revenue increased by 10%.

The bank said adjusted non-interest expenses increased 6% from a year earlier, largely due to higher staff-related costs.

Net income excluding one-time purchases grew to C$2.23 billion ($1.77 billion), or C$3.33 per share, for the three months ended Oct. compared with C$1.61 billion, or C$2.41 per share, a year earlier. According to IBES data from Refinitiv, analysts were expecting C$3.21 a share.

(1 dollar = 1.2832 Canadian dollars)

(Reporting by Mehnaz Yasmin in Bengaluru and Nichola Saminather in Toronto; Editing by Shailesh Kuber and Carmel Crimmins)

https://www.oann.com/bank-of-montreal-beats-profit-estimates-raises-dividend-by-25/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-montreal-beats-profit-estimates-raises-dividend-by-25 Bank of Montreal beats profit estimates, raises dividend to 25%

Bobby Allyn

USTimeToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimetoday.com. The content will be deleted within 24 hours.

Related Articles

Back to top button