Business News: BMO Financial Group and National Bank See Increased Q2 Profits

BMO Financial Group announced a significant increase in its dividend as it reported a profit of $1.87 billion in its latest quarter, up from $1.03 billion a year earlier. The bank will now pay a quarterly dividend of $1.55 per share, up four cents from the previous amount.

The strong financial results were driven by BMO’s Canadian personal and commercial banking business, which earned $872 million in the quarter, up from $819 million in the same quarter last year. Additionally, the bank’s wealth management business saw a significant increase, earning $320 million compared to $240 million a year earlier.

BMO’s capital markets business also performed well, earning $459 million, up from $370 million. However, the U.S. personal and commercial banking operations saw a decrease in earnings, dropping from $731 million to $543 million.

BMO’s provision for credit losses for the quarter decreased to $705 million from $1.02 billion a year ago. The bank’s corporate services segment reported a loss of $328 million in the second quarter, an improvement from a loss of $1.13 billion in the same quarter last year.

Meanwhile, National Bank of Canada also reported a strong second-quarter profit of $906 million, up from $832 million a year earlier. The bank raised its dividend to $1.10 per share and saw increases in revenue and adjusted earnings per share.

Overall, both BMO and National Bank highlighted their commitment to generating long-term value for shareholders in an uncertain macroeconomic environment.