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BMO Financial Group adjusted EPS increased 14% from last year

Staff writer |
For the first quarter ended January 31, 2016, BMO Financial Group reported net income of $1,068 million.

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This is $1.58 per share on a reported basis. Net income was $1,178 million or $1.75 per share on an adjusted basis.

BMO continued to deliver good operating results this quarter with $1.2 billion in adjusted net income and adjusted earnings per share of $1.75, up 14% from last year.

"Good revenue growth and disciplined expense management led to positive net operating leverage for the third consecutive quarter," said CEO Bill Downe.

"These results underline the benefits of our business mix, which is well diversified by geography and customer segment. Our combined Personal and Commercial banking business grew by 12% from last year, driven by strong adjusted results in U.S. Personal and Commercial Banking which was up 29% and Canadian banking which was up 5%.

"BMO Capital Markets performed well this quarter, with earnings up 18% year over year, while results in BMO Wealth Management reflect market conditions.

Concurrent with the release of results, BMO Financial Group announced a second quarter 2016 dividend of $0.84 per common share, unchanged from the preceding quarter and up $0.04 per share or 5% from a year ago, equivalent to an annual dividend of $3.36 per common share.

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