TORONTO – In what could be a harbinger of things to come, the Bank of Montreal has announced that its second quarter profit fell to $973 million, down three per cent from a year ago, as it took bigger provisions for credit losses and restructuring expenses.
The bank reported $999 million of net income during the same quarter last year.
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The earnings amounted to $1.45 per share, down from $1.49 per share a year ago.
BMO is the first of the big banks to report second quarter earnings.
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BMO’s net income included a $132 million restructuring charge related to technological changes and $201 million in provisions for credit losses, both higher than in last year’s second quarter.
On an adjusted basis, BMO earned $1.152 billion, or $1.73 per share, up from $1.146 billion, or $1.71 per share, a year ago.
Revenue increased to $5.10 billion, from $4.53 billion during the second quarter of last year.
BMO also announced its quarterly dividend will go up by two cents to 86 cents per share, effective Aug. 26, 2016.