05/27/2015 07:58 EDT | Updated 05/27/2016 05:59 EDT

BMO Profit Drops 7% In 2nd Quarter


TORONTO - Bank of Montreal says profits dropped seven per cent in its second quarter, as it logged a $106-million charge for restructuring some of its operations.

The bank says earnings were $999 million, or $1.49 per share, for the period, down from $1.08 billion or $1.60 per share a year ago.

On an adjusted basis, net income amounted to $1.71 per share, beating analyst expectations of $1.66 per share, according to data compiled by Thomson Reuters.

Revenues climbed to $4.5 billion compared from $4.4 billion a year ago.

In its personal and commercial banking division, BMO posted an adjusted earnings increase of eight per cent to $706 million.

The bank is also raising its quarterly dividend to 82 cents from 80 cents.

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