BMO Financial Group reports Q4 profit down from 1 year ago, raises dividend – National | Globalnews.ca

BMO Financial Group raised its dividend as it reported its fourth-quarter profit fell compared with a year ago.

The bank says it will now pay a quarterly dividend of $1.51 per share, up from $1.47 per share.

The increased payment to shareholders came as BMO said its net income amounted to nearly $1.62 billion or $2.06 per diluted share for the quarter ended Oct. 31, down from $4.48 billion or $6.51 per diluted share a year earlier.

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On an adjusted basis, BMO says it earned $2.81 per diluted share in its latest quarter, down from an adjusted profit of $3.04 per diluted share a year ago.

Revenue was $8.36 billion, down from $10.57 billion in the same quarter last year.

BMO’s total provision for credit losses for the quarter rose to $446 million, up from $226 million a year earlier.