By Ketki Saxena
Investing.com -- The Bank of Montreal (TSX:BMO) reported a profit of $1.06 billion or $1.30 per share for the quarter ending April 30th, compared to last year's profit of $4.76 billion or $7.13 per diluted share during the same period.
On an adjusted basis, BMO earned roughly$2.93 per diluted share in the latest quarter; down from an adjusted profit of nearly$3.23 per diluted share this time last year. Analyst estimates predicting an adjusted profit of around $3.19 per share for the bank's second quarter.
Revenue for this quarter totalled $8.44 billion – compared to last year's figure of around $9.32 billion during the same timeframe.
Provisions for credit losses rose significantly to reach about $1.02 billion, up from only roughly $50 million just one year earlier.
BMO also announced an increase in its quarterly dividend. The financial institution revealed that it will now pay a quarterly dividend of $1.47 per share, up from the previous amount of $1.43 per share.