TORONTO - Bank of Montreal (TSX:BMO) surprised analysts by reporting its first-quarter profit was slightly more than $1 billion and revenue was stronger than expected.
Analysts had estimated about $958 million in adjusted profit, the equivalent of $1.48 per share.
Instead, BMO beat that by four cents per share with $1.041 billion of adjusted net income — up $69 million or seven per cent from a year earlier.
The bank's revenue and net income were also well above consensus estimates compiled by Thomson Reuters.
Chief executive Bill Downe says all of the bank's major divisions performed well during the three-month period, which ended Jan. 31.
The bank also says its quarterly dividend will be going up, rising by two cents to 74 cents per share.
Bank of Montreal, also known as BMO, is the first of Canada's big banks to report its first-quarter earnings.