Adjusted FQ4 net income of $1.102B fell 2% from a year ago. BMO was expected to have a weak Y/Y comparison after particularly strong results in 2012. Adjusted credit loss reserves of $140M is up from $113M a year ago.
Not unexpected, the bank boosts its quarterly dividend by 2.7% to C$0.76 per share - an annualized yield of about 4.2%.
Canadian retail banking net income of $469M gained 6% Y/Y, while U.S. retail banking net income of $102M fell 28% from a year ago due to "above-trend commercial provisions for credit losses ... and reduced revenue and expenses."
Wealth Management adjusted net income of $319M up 89% Y/Y. It was boosted by a $121M security gain from a change in accounting treatment on an investment.
BMO Capital Markets net income of $229M fell 27% from last year's strong quarter.
BMO no trades premarket