Bank of Montreal boosts dividend, reports $1.25B quarterly profit

Bank of Montreal reported a second-quarter profit of $1.25 billion on Wednesday and said it will boost its dividend by three cents up to 96 cents a share.

Bank's adjusted earnings top the average of analysts' expectations by eight cents per share

The Canadian Press ยท
BMO on Wednesday reported its second-quarter profit amounted to $1.86 per share compared with a profit of $1.25 billion or $1.84 per share a year ago when the bank had more shares outstanding. (Chris Helgren/Reuters)

Bank of Montreal raised its quarterly dividend as it reported a second-quarter profit of $1.25 billion.

The bank says it will now pay a quarterly dividend of 96 cents per share, up three cents from 93 cents in its previous quarter.

BMO reported its second-quarter profit amounted to $1.86 per share compared with a profit of $1.25 billion or $1.84 per share a year ago when the bank had more shares outstanding.

The latest quarter included a $192-million after-tax restructuring charge primarily related to severance costs.

On an adjusted basis, BMO says it earned $2.20 per share for the quarter, up from $1.92 per share a year ago.

Analysts on average had expected the bank to earned $2.12 per share, according to Thomson Reuters Eikon.