UPDATE 1-BMO posts higher profit on U.S. unit growth, raises dividend

Tue Dec 1, 2015 7:31am EST
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(Adds details on dividend, segments)

TORONTO Dec 1 (Reuters) - Bank of Montreal reported a higher quarterly profit on Tuesday, benefiting from growth in its U.S. personal and commercial banking unit, and it increased its quarterly dividend.

The lender, Canada's fourth-largest bank, said it would lift its dividend to 84 Canadian cents per share this quarter, a 2 percent rise from the previous period.

Net income for the fourth quarter ended Oct. 31 was C$1.21 billion, or C$1.83 per share, compared with C$1.07 billion, or C$1.56 per share, a year earlier.

Excluding special items, earnings were C$1.90 per share.

Analysts on average had expected C$1.74 a share, according to Thomson Reuters I/B/E/S.

Profit jumped 23 percent in U.S. personal and commercial banking and 27 percent at the capital markets division. (Reporting by John Tilak; Editing by Lisa Von Ahn)