that fell 4 per cent and raised its dividend as higher costs and lower returns from investment and corporate banking weighed on earnings.
The bank’s earnings for the quarter that ended Oct. 31 were affected by two large items. It had revenue of $3.37-billion from a hedging strategy designed to offset the impact of interest rate changes on the closing cost of its $17.1-billion deal to acquire California-based Bank of the West. And it took a previously-announced legal provision of $1.14-billion after a U.S. court found the bank liable for damages in a lawsuit related to a prominent Ponzi scheme.
BMO earned $4.48-billion, or $6.51 per share, compared with $2.16-billion, or $3.23 per share, in the same quarter last year. Adjusted to exclude the one-time items, BMO said it earned $2.14-billion, or $3.04 per share. On average, analysts expected adjusted earnings of $3.11 per share, according to Refinitiv.BMO’s results represent “a mixed quarter,” said Scotia Capital Inc. analyst Meny Grauman, in a note to clients. “There is plenty to like here despite the headline miss.”A TD Bank branch in Halifax, on March 30, 2017.
BMO almost double in dividends. Mmm
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