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Bank of Montreal announces dividend increase, $1-billion first-quarter profit

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A person walks by the Bank of Montreal in Toronto on August 28, 2012. THE CANADIAN PRESS/Michelle Siu

TORONTO – Bank of Montreal (TSX:BMO) says its profit in the first quarter was slightly more than $1 billion.

That amounted to $1.53 per share of net income, or $1.52 per share after adjustments — beating analyst estimates.

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.

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