(Toronto) BMO Financial Group’s third quarter net income increased in the current fiscal year to $1.45 billion, or $1.97 per share, from nearly $1.37 billion , or $1.95 per share in the corresponding quarter of fiscal 2022.
Over the same period, adjusted net income fell from $2.13 billion, or $3.09 per adjusted share, to nearly $2.04 billion, or $2.78 per adjusted share.
BMO Financial Group explained the 4% decline in adjusted net income as higher revenue was more than offset by higher expenses and higher provision for credit losses.
In one year, the financial institution’s third quarter revenues increased from 6.1 billion to 7.93 billion.
Concurrent with the release of its results, BMO Financial Group announced a dividend of $1.47 per common share for the fourth quarter of 2023, the same amount as the previous quarter and an increase of $0.08, or 6%, compared to the previous year.
