Bank of Montreal’s new chief executive officer, Darryl White, says he wants a greater share of earnings coming from the U.S. He’s seeing some progress.

Profit from personal and commercial banking in the country rose 2.3% in the fiscal fourth quarter to a record $222 million from a year earlier, the Toronto-based bank said Tuesday. In Canadian currency, however, it fell 2.8% on a weaker U.S. dollar.

Bank of Montreal has sought to expand in the U.S. Midwest since acquiring Chicago-based Harris Bank in 1984. Recent growth has come through acquisitions, including the 2015 purchase of a transportation finance business from General Electric and the 2011 takeover of Milwaukee-based Marshall & Ilsley, which doubled U.S. deposits and branches.

Bank of Montreal signage is displayed outside a branch in Vancouver.
Bank of Montreal signage is displayed outside a branch in Vancouver. Bloomberg News

U.S. retail banking contributes about 20% of Bank of Montreal’s total annual profit, which rose 16%, to $4.23 billion in U.S. dollars, for the year ended Oct. 31. White, who became CEO on Nov. 1, has said he expects the share of business from the U.S. to increase.

Here’s a look at key numbers from Bank of Montreal’s fourth-quarter results, in Canadian dollars.

Net income fell 8.8% on elevated reinsurance claims. The adjusted profit was $1.94 a share, missing by 4 cents the consensus estimates of 13 analysts surveyed by Bloomberg. The company raised its quarterly dividend 3.3% to 93 cents a share. Revenue climbed 7.1% to $5.66 billion, while noninterest expenses rose 1.4% to $3.37 billion.

Its profit from U.S. personal-and-commercial banking in Canadian currency fell 2.8% to $280 million. Earnings from Canadian banking rose 6.1% to $624 million. Wealth management and insurance had earnings of $172 million, down 38% from a year earlier, after recording $112 million in reinsurance claims.

Capital markets profits fell 16% to $326 million on lower investment and corporate banking revenue, higher expenses and provisions.

Bloomberg News