The Canadian personal and commercial banking (P&C) arm of BMO Financial Group has posted net income of C$592m for the fourth quarter of fiscal 2016, up 5% compared to C$561m in the corresponding quarter of 2015.

Revenues for the quarter ended 31 October 2016 were C$1.80bn, a rise of 5% from C$1.71bn in the prior year. The company said that the rise was due to higher balances across most products and increased non-interest revenue.

The division’s year-over-year loan growth stood at 6%, while deposit growth was 8%.

Provision for credit losses increased to C$123m from C$112m the year ago, driven by higher provisions in the consumer and commercial portfolios.

The bank's US P&C unit reported net income of C$286m for the fourth quarter of fiscal 2016, a surge of 38% from C$208m the year ago.  

BMO Financial Group CEO Bill Downe said: "The actions we have taken over the last several years to advance our strategic priorities are reflected in strong performance for the fourth quarter and the year. Adjusted earnings for 2016 surpassed $5 billion for the first time and we delivered adjusted earnings per share of $7.52, both up 7% from 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. They are allowing us to be faster and more efficient while delivering ever-increasing value.”