Bank of Montreal hikes dividend in spite of reduce profit. The Bank of Montreal posted a quarterly profit of $1.2 bn in the 4th quarter, a down of nine per cent from final year’s level.
The bank too determine aside $208 mn determine aside to cover bad loans.
That’s up from $174 mn final year.
But in spite of the reduce profit, the bank lifted its quarterly divided with 3 cents a share to 93 cents per quarter.
More to come
BMO hikes dividend as profit drops on hurricane claims
Bank of Montreal hiked its dividend however fiscal fourth-quarter profit fell as the bank absorbed higher costs from reinsurance appeals in the aftermath of a series of destructive hurricanes.
Story continues below advertisementAdjusted to exclude proven items, BMO earned $1.94 per share, below the $1.98 consensus expectation between analysts polled with Bloomberg LP.
The reinsurance claims, that totalled $112-million in the quarter, negatively influenced earnings per share with 17 cents.
Story continues below advertisementStory continues below advertisementHurricanes Irma, Maria & Harvey made for a noisy 4th quarter in fortune management.
But the results were battered with the reinsurance costs, When results in the 4th quarter final year participate a earn on the discound of an equity investment.
Laurentian Bank increases dividend after Q4 profit doubles from a year ago
Laurentian Bank of Canada lifted its dividend as it announced its fourth-quarter profit further than doubled compared by a year ago.
The higher dividend came as Laurentian announced fourth-quarter internet revenue of $58.6 mn or $1.42 per diluted share, up from $18.4 mn or 45 cents per diluted share a year ago.
Revenue for the 3 months ended Oct. 31 totalled almost $268 million, up from $236.4 mn in the same quarter final year.
On an adjusted basis, the bank tells it earned $66.5 mn or $1.63 per diluted share for the quarter, up from $50.5 mn or $1.47 per diluted share a year ago.
Analysts on average had foreseen a profit of $1.55 per share, according to Thomson Reuters.
collected by :Victor Alphen