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Bank of Montreal reports $1.19B fourth-quarter profit, raises dividend

The BMO Bank of Montreal logo is seen on the BMO Nova Centre, housing their Atlantic Canadian headquarters and support services, in Halifax on Tuesday, April 2, 2019. The bank held its annual general meeting on Tuesday. THE CANADIAN PRESS/Andrew Vaughan

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