BMO is the fifth major Canadian bank to report earnings that topped profit estimates for the fiscal fourth quarter.

Bank of Montreal’s fiscal fourth-quarter profit beat analysts’ estimates and the bank raised its quarterly dividend as strong earnings from capital markets, rebounding U.S. profit and lower loan-loss reserves helped its results.

Toronto-based BMO BMO-T reported profit of $2.3-billion, which was roughly unchanged from the prior year, when the bank benefitted from the reversal of a legal provision.

BMO earned $2.97 per share, up 1 per cent from $2.94 per share a year ago.

After adjusting to exclude one-time items, including the impact of the legal provision and the sale of some BMO branches in the U.S., the bank said profit increased 63 per cent year-over-year to $2.51-bi

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