TORONTO – The Bank of Montreal (TSX:BMO) says it earned $1.13 billion in adjusted net income in the third quarter, or $1.68 per cent per share.
The bank’s net income was up 17 per cent from $970 million in the same quarter a year ago and the share price gained 13 per cent to $1.68.
Total revenue was just over $4 billion, an increase $172 million from the third quarter last year.
Analysts surveyed by Thomson Reuters were expecting $1.52 in adjusted earnings per share and revenue of $3.96 billion.
The BMO board also declared a quarterly dividend today of 74 cents per share for the fourth quarter of fiscal year 2013, unchanged from the previous quarter.
BMO has been focusing on cost controls to help weather the recent wave of slugging consumer lending and president and CEO Bill Downe said the third quarter results “reflect the benefits of our disciplined growth strategy.”
“Canadian retail businesses were particularly strong in the quarter with both personal and commercial banking Canada and traditional wealth earnings reaching new highs,” he said.
“Looking forward, we see opportunities for growth in each of our businesses in an improving North American economy led by the United States, and this gives us confidence we’re well positioned heading into 2014.
The bank has more than 46,000 employees across its North American operations, which include retail banking, wealth management and investment banking, as well as the Chicago-based Harris Bank subsidiary.
The Bank of the Montreal is the first of the major Canadian banks to report their third quarter results this week.