Bank of Montreal (BMO) reported fiscal second-quarter net income of $2.63 billion. This figure represents a 34% increase over the previous year.
Adjusted earnings reached $3.67 per share, exceeding analyst expectations. Following these results, BMO raised its quarterly dividend by 5% to $1.71 per share.
Net income in the capital markets division jumped 47% to $638 million. Robust global markets and investment banking activity drove the division's growth.
A significant decrease in provisions for credit losses further boosted the bottom line. The U.S. banking and wealth management segments also recorded solid growth during the period.