The Bank of Montreal hiked its dividend as its second-quarter profit climbed 20 per cent compared with a year ago fuelled by its footprint south of the border, but fell short of market estimates due to severance costs. The division's results reflected good revenue growth, which was partially offset by higher expenses and higher provisions for credit losses. BMO Wealth Management reported second quarter net income of $305 million, up $9 million or three per cent from the year prior. BMO Capital Markets posted quarterly net income of $249 million, down nearly 13 per cent from $286 million in the prior year. The bank said its strong performance in investment and corporate banking and higher trading products revenue were largely offset by severance expenses and higher provisions for credit losses.

Source: CBC News May 29, 2019 13:29 UTC