BMO Financial Group (BMO, BMO.TO) reported that its second-quarter net income attributable to shareholders declined to C$957 million from last year's C$1.010 billion. Earnings per share were C$1.42, down 6% from C$1.51 a year ago.
Adjusted net income attributable to the company was C$979 million, from C$964 million last year. Adjusted earnings per share were C$1.46, up 1% from C$1.44 a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of C$1.49 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue of C$3.944 billion decreased C$15 million from the second quarter last year. Adjusted revenue increased C$32 million or 1% to C$3.759 billion. There was good growth in BMO Capital Markets, due to a significant increase in revenue from interest rate activities, as well as higher corporate banking revenue. Eight analysts had consensus revenue estimate of C$3.84 billion for the quarter.
Bank of Montreal announced a third quarter 2013 dividend of C$0.74 per common share, unchanged from the preceding quarter and up C$0.04 per share from a year ago, equivalent to an annual dividend of C$2.96 per common share. The dividend on the common shares is payable on August 27, 2013, to shareholders of record on August 1, 2013. The dividends on the preferred shares are payable on August 26, 2013, to shareholders of record on August 1, 2013.
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