BMO Financial Q2 Profit Rises, Adj. EPS Miss Estimates; Declares Dividend

(RTTNews) - BMO Financial Group (BMO, BMO.TO) reported Wednesday that its second-quarter net income grew to C$1.87 billion from last year's C$1.03 billion. Earnings per share were C$2.36, compared to C$1.26 a year ago.

Adjusted net income was C$2.03 billion or C$2.59 per share, compared to prior year's C$2.19 billion or C$2.89 per share.

Analysts on average expected the company to report earnings of C$2.77 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total provision for credit losses was C$705 million, compared with a reported provision of C$1.02 billion and an adjusted provision of C$318 million in the prior year.

Revenue grew to C$7.97 billion from last year's C$7.79 billion. The Street was looking for revenues of C$8.05 billion for the quarter.

Net interest income dropped to C$4.52 billion from C$4.81 billion a year ago. Non-interest revenue, however, grew to C$3.46 billion from last year's C$2.98 billion.

Separately, Bank of Montreal declared a quarterly dividend of C$1.55 per share, an increase of 5% from the prior year and 3% from the prior quarter

The dividend on the common shares is payable on August 27, to shareholders of record on July 30. The company also declared dividends on preferred shares, payable on August 26 to shareholders of record on July 30.

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