UPDATE 2-Bank of Montreal shares fall on disappointing U.S. profit

Tue Dec 3, 2013 12:07pm EST
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* Wealth management drives profit

* Headline result tops estimates

* Bank raises dividend by 2.7 percent

* Shares drop 3.7 percent on U.S. weakness

* Canada's No. 4 bank is first to report quarterly results (Adds analyst comments, stock prices, details)

By Cameron French

TORONTO, Dec 3 (Reuters) - Quarterly earnings at Bank of Montreal rose 1 percent due to stronger wealth management profit, and Canada's No. 4 bank raised its dividend, but its shares fell on Tuesday on the back of a sluggish performance at its U.S. Harris Bank unit.

Shares of BMO, the first Canadian bank to report fiscal fourth-quarter results, were down 3.7 percent at mid-morning, making BMO the weakest performer among financial stocks on the Toronto Stock Exchange's benchmark index.

Excluding items such as C$37 million ($34.73 million) in integration costs from the 2011 purchase of Wisconsin lender Marshall & Illsley, adjusted profit was C$1.1 billion, or C$1.64 a share.   Continued...