Bank of Montreal said fiscal fourth-quarter profit rose 13%, led by capital markets and U.S. banking. The lender raised its dividend 2.4% to 84 Canadian cents a share.
Net income for the period ended Oct. 31 climbed to a record C$1.21 billion ($908 million), or C$1.83 a share, from C$1.07 billion, or C$1.56, a year earlier, the Toronto-based firm said Tuesday. Profit excluding some items was C$1.90 a share, beating the C$1.74 average estimate of 16 analysts surveyed by Bloomberg.
"BMO posted a strong finish to the year, delivering record results," Chief Executive William Downe, 63, said in a news release. "For the first time, our personal and commercial banking and wealth-management businesses in the U.S. generated adjusted earnings of more than C$1 billion."
Bank of Montreal, the country's fourth-largest lender by assets, benefited from higher earnings at its Chicago-based BMO Harris Bank unit. Those results were bolstered by a stronger greenback relative to the Canadian dollar and growth in commercial lending across the U.S. Midwest.