(Adds segments’ results, dividend)
TORONTO, May 27(Reuters) - Bank of Montreal reported an adjusted quarterly profit that topped market expectations on Wednesday, driven by growth in its wealth management and U.S. banking businesses, and raised its dividend.
The results from the country’s fourth-largest lender come amid concerns that banks might be hit by a slowdown in oil prices and weakness in the Canadian economy. With growth in the domestic business harder to come by, they have been expanding their wealth management units.
Net income at BMO’s wealth management unit jumped 24 percent in the second quarter, with assets under management and administration climbing 36 percent. Further support came from its U.S. personal and commercial banking business, where earnings grew 31 percent.
The company said net income for the quarter ended April 30 was C$999 million ($800.93 million), or C$1.49 per share, compared with C$1.08 billion, or C$1.60 per share, a year ago. Adjusted earnings, which exclude extraordinary items, rose to C$1.71.
Analysts on average had expected earnings of C$1.66 a share, according to Thomson Reuters I/B/E/S.
The bank raised its quarterly dividend 82 Canadian cents a share, up 2 percent from the previous quarter.
Also on Wednesday, National Bank of Canada reported a higher quarterly profit and raised its dividend.
$1 = 1.2473 Canadian dollars Reporting by John Tilak Editing by W Simon