Key takeaways:
- Several of Canada’s big banks have increased their dividends this week.
- The Bank of Montreal inflated its dividend to $1.33 per common part.
BMO increases its dividend by 25%:
BMO Financial Group increased its quarterly dividend by 25 per cent and surpassed expectations as it recorded fourth-quarter earnings of almost $2.2 billion, higher from approximately $1.6 billion in the corresponding quarter the previous year.
The bank stated Friday it will now pay a quarterly dividend of $1.33 per share, higher from $1.06. It also intends to purchase back up to 22.5 million of its shares.
BMO states its earnings amounted to $3.23 per share for the quarter ended Oct. 31, upward from $2.37 per reduced share in the same quarter the previous year. Revenue added $6.6 billion, higher from approximately $6 billion a year ago.
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On an improved basis, BMO states it gained $3.33 per diluted share, up from adjusted earnings of $2.41 per diluted share in the same quarter last year.
Critics on average had anticipated adjusted earnings of $3.21 per share, according to calculations collected by financial markets data company Refinitiv.
“We delivered another quarter of solid performance with positive operating leverage in each of our diversified businesses, contributing to strong earnings for fiscal 2021,” BMO chief executive Darryl White stated in a statement. Source – cbc.ca
“Looking ahead to 2022, we will proceed to position BMO for growth with the ensuing economic recovery. We are making targeted investments in technology and talent to drive enhanced customer expertise and deliver market-leading advice to help them make real financial progress.” Source – cbc.ca
