BMO Financial Group Q4 net income $1,194 millionChristian Fernsby ▼ | December 3, 2019
For the fourth quarter ended October 31, 2019, BMO Financial Group recorded net income of $1,194 million or $1.78 per share on a reported basis, and net income of $1,607 million or $2.43 per share on an adjusted basis.
BMO Financial Group Reported net income in the current quarter included a restructuring charge
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Reported net income also included a $25 million pre-tax and after-tax reinsurance adjustment for the net impact of major reinsurance claims from Japanese typhoons that were incurred after our announced decision to wind down our reinsurance business.
Return on equity (ROE) was 9.9%, compared with 16.1% in the prior year and adjusted ROE was 13.5%, compared with 14.5% in the prior year.
Return on tangible common equity (ROTCE) was 11.9%, compared with 19.5% in the prior year and adjusted ROTCE was 15.7%, compared with 17.3% in the prior year.
Concurrent with the release of results, BMO announced a first quarter 2020 dividend of $1.06 per common share, up $0.03 per share or 3% from the prior quarter and up $0.06 per share or 6% from the prior year.
The quarterly dividend of $1.06 per common share is equivalent to an annual dividend of $4.24 per common share. ■