August 28, 2012 / 11:08 AM / 5 years ago

Bank of Montreal profit rises 37 percent; dividend raised

Aug 28 (Reuters) - Bank of Montreal reported a 37 percent jump in quarterly profit on Tuesday, topping expectations, and the company raised its quarterly dividend.

BMO, Canada’s No. 4 lender and the first to report results for the third quarter ended on July 31, said it had earned C$970 million ($979.95 million), or C$1.42 a share, compared with C$708 million, or C$1.09 a share, a year earlier.

Excluding items, the bank earned C$1.49 a share, ahead of the C$1.39 expected by analysts, according to Thomson Reuters I/B/E/S.

The bank also raised its quarterly dividend payout by 2 Canadian cents to 72 Canadian cents a share.

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