(Toronto) BMO Financial Group increased its dividend, but its fourth-quarter profit was down from last year.

The bank says it will now pay a quarterly dividend of $1.51 per share, up from $1.47 per share.

The increase in shareholder payouts comes as BMO reported net income of nearly $1.62 billion, or $2.06 per share, for the quarter ended Oct. 31, down from 4 .48 billion, or $6.51 per share, a year earlier.

On an adjusted basis, BMO says it earned $2.81 per share in its most recent quarter, down from adjusted earnings of $3.04 per share a year ago.

Revenue was 8.36 billion, down from 10.57 billion in the same quarter last year.

Provision for credit losses for the quarter was 446 million, compared to 226 million a year earlier.