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(RTTNews) - Bank of Montreal (BMO, BMO.TO) reported Tuesday that its first-quarter net income was C$1.29 billion or C$1.73 per share, sharply higher than C$133 million or C$0.14 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was C$1.89 billion or C$2.56 per share, compared to C$2.16 billion or C$3.06 per share in the year-ago quarter.

On average, 12 analysts polled by Thomson Reuters expect the company to report earnings of C$3.02 per share for the quarter. Analysts' estimates typically exclude special items.

Provision for credit losses were C$627 million, compared to C$217 million last year.

Revenue for the quarter decreased to C$7.67 billion from C$5.10 billion in the same quarter last year. Analysts expected revenues of C$8.38 billion for the quarter.

Separately, Bank of Montreal announced that its Board of Directors declared a quarterly dividend of C$1.51 per share on paid-up common shares for the second quarter of fiscal year 2024, payable on May 28, 2024, to shareholders of record on April 29, 2024.

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