Bank of Montreal Raises Share Dividend As Earnings Results Top Forecast

Shares of Bank of Montreal were up 0.65% to $89.58 in pre-market trading on Tuesday after the lender revealed its fourth-quarter earnings that was well ahead of market expectations.

The bank’s earnings per share rose to C$2.10 for the quarter to October 31st from C$1.90 a year earlier, beating forecasts calling for earnings of C$1.85. The Canada’s fourth-biggest lender witnessed its net income gained 11% to $1.35 billion, up from $1.21 billion in the same quarter last year.

Thanks to strong performance by its U.S. personal and commercial business, BMO’s revenue reached C$5.28 billion in the last quarter. That was 6.0% higher than C$4.98 billion the bank earned during the fourth quarter of last year. As the result, BMO boosted its quarterly dividend by two cents to 88 cents per share.

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