The Canadian personal and commercial banking (P&C) arm of BMO Financial Group has posted net income of CAD624m ($492.1m) for the fourth quarter of 2017, an increase of 6% compared to CAD588m ($463.9m) reported a year ago.

The division’s revenue for the quarter ended 31 October 2017 stood at CAD1.88bn, up 5% from CAD1.80bn in the same quarter of last fiscal. Provision for credit losses at the division during the period was CAD134m, as against CAD123m last year.

The bank’s US P&C arm reported net income of CAD280m for the fourth quarter of 2017, down 3% from CAD288m in the corresponding quarter of fiscal 2016. The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, also dropped 3% year-on-year to CAD291m.

Overall, the banking group registered a net income of CAD1.23bn in the fourth quarter of 2017, a fall of 9% compared with CAD1.34bn in the fourth quarter of fiscal 2016.

BMO Financial Group CEO Darryl White said: “BMO finished the year with strong performance, delivering record annual adjusted earnings of $5.5 billion, up 10% from last year, and earnings per share of $8.16. Earnings growth reflects the benefit of our diversified business mix, including continued momentum in the U.S. segment, which has achieved 13% compound growth over the last two years on a U.S dollar basis, contributing 25% or $1.4 billion to bank earnings.”

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