BMO Financial Q1 Profit Plunges; Declares Dividend

(RTTNews) - Bank of Montreal (BMO, BMO.TO) reported Tuesday that its first-quarter net income was C$247 million or C$0.30 per share, sharply lower than C$2.93 billion or C$4.43 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was C$2.27 billion or C$3.22 per share, compared to C$2.58 billion or C$3.89 per share in the year-ago quarter.

Provision for credit losses were C$217 million, compared to a recovery of C$99 million last year.

Revenue for the quarter decreased to C$6.47 billion from C$7.64 billion in the same quarter last year.

Separately, Bank of Montreal announced that its Board of Directors declared a quarterly dividend of C$1.43 per share on paid-up common shares for the second quarter of fiscal year 2023.

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