Bank of Montreal raised its dividend Tuesday as it reported a fourth-quarter profit of $1.35 billion, up a 11% from a year ago. The bank increased its quarterly payment to shareholders by two cents to 88 cents per share.

Bank of Montreal’s profit of the quarter ended Oct. 31 amounted to $2.02 per share, up from $1.21 billion or $1.83 per share a year ago.

The lender had $5.28 billion in quarterly revenue, compared with $4.98 billion during the fourth quarter of last year.

For its full financial year, BMO earned $4.63 billion or $6.92 per share, up from $4.41 billion of $6.57 per share last year.

Revenue totalled $21.09 billion compared with $19.39 billion in the previous year.

“These results reflect, in addition to a strong and diversified business model, the role our technology capabilities are playing in differentiating our offering and the customer experience we are able to deliver,” CEO Bill Downe said in a statement.

Laurentian Bank

Laurentian Bank of Canada reported net income of $50.5 million on an adjusted basis, or$1.47 diluted per share, for the fourth quarter of 2016. That’s up 15% and 2% respectively, compared with $44.1 million, or $1.44 diluted per share, for the same period in 2015.

Adjusted return on common shareholders’ equity was maintained at 12.1% for the fourth quarter of 2016, compared with the fourth quarter of 2015. On a reported basis, net income totalled $18.4 million, or $0.45 diluted per share, for the fourth quarter of 2016, compared with a net loss of $18.7 million or a loss of $0.73 diluted per share for the same period last year.

On a reported basis, return on common shareholders’ equity was 3.7% for the fourth quarter of 2016, compared with negative 6.1% for the fourth quarter of 2015. Reported results for the fourth quarter of 2016 and for the fourth quarter of 2015 included adjusting items, including impairment and restructuring charges, as detailed in the Adjusted Financial Measures section.

For the year ended October 31, 2016, adjusted net income totalled $187.0 million, or $5.70 diluted per share, respectively up 9% and 1%, compared with adjusted net income of $172.2 million or $5.62 diluted per share for the year ended October 31, 2015. Adjusted return on common shareholders’ equity was maintained at 12.0% for the year ended October 31, 2016, compared with 2015.

On a reported basis, net income was $151.9 million, or$4.55 diluted per share, for the year ended October 31, 2016, compared with $102.5 million, or $3.21 diluted per share, in 2015. On the same basis, return on common shareholders’ equity was 9.6% for the year ended October 31, 2016, compared with 6.8% in 2015.

Reported results for 2016 and 2015 took into account adjusting items, including impairment and restructuring charges in 2016 and 2015 related to the retail activities.

François Desjardins, President and CEO, commented on the bank’s results and financial condition: “[…] Our growth, expense reductions and low loan losses in 2016 allowed us to maintain our adjusted return on equity at 12.0%. […] We did this as we strengthened our capital position but also during a period when the average ROE of Canadian banks is in decline. As stated last year, closing the gap on ROE is how we will measure our performance objective.

“Furthermore, […] the board has approved an increase in our quarterly common share dividend of $0.01 to $0.61 per share.”