December 1, 2015 / 12:21 PM / 2 years ago

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

TORONTO (Reuters) - Bank of Montreal (BMO.TO) 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 logo for the Bank of Montreal is seen at its branch Toronto, March 5, 2013. REUTERS/Mark Blinch

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

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