October 4, 2022
BMO boosts quarterly dividend as it reports second-quarter profit

The increased payment to shareholders came as BMO’s second-quarter profit amounted to $7.13 per diluted share, up from a profit of $1.30 billion or $1.91 per diluted share a year ago.

Revenue in the quarter totalled $9.32 billion, up from $6.08 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $50 million compared with $60 million a year ago.

“We continued to deliver good financial performance this quarter, driven by broad-based customer loan growth and strong credit quality in our North American P&C businesses, and solid results in our market sensitive businesses even amid more challenging conditions,” BMO chief executive Darryl White said in a statement.

“With consistent and disciplined execution of our strategy, we continue to deliver on our commitment to positive operating leverage, while investing to grow our revenue and drive our digital-first agenda.”

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