Tags: Bank | Montreal | earns | dividend

Bank of Montreal Boosts Dividend as Profit Rises on US Lending

Tuesday, 28 August 2012 07:21 AM EDT

Bank of Montreal, Canada’s fourth-biggest lender by assets, raised its dividend for the first time in five years after posting third-quarter profit that climbed on added earnings from U.S. consumer banking.

Net income for the period ended July 31 rose 37 percent to C$970 million ($981 million), or C$1.42 a share, compared with C$708 million, or C$1.09 a share, a year earlier, the Toronto-based bank said Tuesday in a statement. Revenue rose 17 percent to C$3.88 billion.

Bank of Montreal increased earnings from its July 2011 takeover of Marshall & Ilsley Corp., the Wisconsin lender Bank of Montreal bought for C$4.1 billion in the largest acquisition in its 195-year history. The lender is integrating M&I into its Chicago-based BMO Harris Bank consumer lending unit.

Bank of Montreal said it had profit excluding items of C$1.49 a share, beating the C$1.38-a-share average estimate of 15 analysts surveyed by Bloomberg.

The lender raised its dividend 2.9 percent to 72 cents a share, the first increase of the quarterly payout since 2007.

© Copyright 2025 Bloomberg News. All rights reserved.


169
2012-21-28
Tuesday, 28 August 2012 07:21 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved