BMO profit jumps to $657 million

Bank of Montrealearned $657 million profit in its fiscal first quarter, up more than $432 million from the same period a year ago.

Total revenue increased by 24 per cent or $583 million from a year earlier to$3.02 billion.

On a per-share basis, the bank earned $1.12 during the quarter, compared with 39 cents a year earlier.

The bank's core Canadian retail banking division turned in a strong performance, posting $403 million in profit up $88 million or 28 per cent from a year ago.

"Our goal is to be the bank that defines great customer experience, and our customers are telling us we are on the right track," the bank said in a release.

The bank also shaved its loan-loss provisions the amount that banks hold in reserve against loans that have gone bad by $95 million, to $333 million during the quarter.

The bank's quarterly dividend will remain unchanged at 70 cents per common share.