Bank of Montreal announced a record annual profit of $4.2 billion Tuesday and rewarded investors by increasing its dividend by two cents to 76 cents per quarter.
The total brings the bank's annual dividend up to $3.04 per year and bumps the bank's dividend yield up to 4.13 per cent based on Monday's close.
The bank saw profit gains in most of its business units, with provisions for credit losses — the amount the bank puts aside to cover bad loans — falling 23 per cent to $589 million for the year.
"Canadian personal and commercial banking had record earnings in the year. We delivered robust volume growth contributing to notably stronger revenue and income in the second half of the year," BMO chief executive Bill Downe said in a statement.
"Wealth management had a record year with earnings up significantly and increased market share, supported by strong asset growth and customer loyalty."
One blemish was the bank's U.S. operations which had a 28 per cent drop in net income to $103 million. Profit in the capital markets segment dropped 27 per cent to $229 million.
On the other end of the spectrum, the bank's core Canadian personal and commercial banking arm recorded $469 million of net income in the fourth quarter, an increase of $27 million or six per cent from a year earlier.
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