TORONTO - The Bank of Montreal raised its dividend as it reported a fourth-quarter profit of $1.19 billion, down from a year ago as it was hit by a restructuring charge related to its digitization and efficiency initiatives. The bank said Tuesday it will now pay a quarterly dividend of $1.06 per share, up three cents from its previous rate. The increased payment to shareholders came as BMO reported a profit that amounted to $1.78 per share for the quarter ended Oct. 31. This year’s fourth quarter included a $357-million restructuring charge, related to severance and real estate-related costs, as the bank accelerated delivery of digitization initiatives and simplification of the way it does business. Analysts on average had expected a profit of $2.41 per share, according to financial markets data firm Refinitiv.

Source: thestar December 03, 2019 11:37 UTC