TORONTO - The Bank of Montreal (TSX:BMO) has reported a big increase in quarterly and annual profit, beating analyst estimates.
For the fourth quarter ended Oct. 31, BMO had a $1.08-billion profit in the fourth quarter, a 41 per cent increase over the same time last year.
That amounted to $1.59 per share of net earnings before adjustments.
The bank's adjusted earnings amounted to $1.65 per share — 22 cents a share above the consensus analyst estimate.
The quarter brought Bank of Montreal's total net income for the 2012 financial year to $4.19 billion, up 35 per cent from last year.