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BMO Financial Group Q3 Profit Edges Up

August 26, 2014

OTTAWA (dpa-AFX) - Canadian lender BMO Financial Group (BMO, BMO.TO) reported that its net income attributable to bank shareholders for the third quarter of 2014 edged up to C$1.110 billion from C$1.107 billion in the same quarter last year. Earnings per share were C$1.67, up C$0.01 or 1% from the prior year.

Adjusted net income was C$1.162 billion, up C$40 million or 4% from a particularly strong third quarter a year ago, as the prior year's results benefited from very low credit losses and a positive impact of long-term rates on insurance. Adjusted earnings per share were C$1.73, up 4% from C$1.66 a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of C$1.66 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue was C$4.215 billion up 5% from the third quarter a year ago. Adjusted revenue increased 10% to C$4.215 billion. Excluding the impact of the stronger U.S. dollar, adjusted revenue increased by C$327 million or 8%. Wall Street expected revenues of C$4.25 billion for the quarter.

Bank of Montreal announced that the Board of Directors declared a quarterly dividend of C$0.78 per share on paid-up common shares of Bank of Montreal for the fourth quarter of fiscal year 2014, unchanged from the previous quarter.

The dividend on the common shares is payable on November 26, 2014, to shareholders of record on November 3, 2014. The dividends on the preferred shares are payable on November 25, 2014, to shareholders of record on November 3, 2014.

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Source: dpa-AFX International Compact

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