Bank of Montreal raises dividend but profit slips

TORONTO Tue Feb 26, 2013 7:03am EST

TORONTO Feb 26 (Reuters) - Bank of Montreal on Tuesday reported its quarterly profit eased as lower loan recoveries at its U.S. retail bank offset higher wholesale banking and wealth management profits.

However, Canada's fourth largest bank and a major player in the U.S. Midwest, raised its quarterly dividend by 2.8 percent to 74 Canadian cents per share.

The bank earned C$1.05 billion ($1.02 billion), or C$1.53 a share, in the fiscal first quarter ended Jan 31. That compared with a year-before profit of C$1.11 billion, or C$1.63 a share.

On an adjusted basis, the bank earned C$1.52 a share. Analysts had expected C$1.48 a share, according to Thomson Reuters I/B/E/S.