Bank of Montreal announced an increase of 24 per cent of its profits

The Bank of Montreal (TSX: BMO) has reported increased by 24 per cent of its net profit in the fourth quarter, $ 560 million, a result that the institution was described as "good overall, in Given the economic and market conditions. " The bank has announced no surprises due to financial markets, said it maintain its quarterly dividend to 70 cents, despite the unrest prevailing in the global financial sector. The net profit of $ 560 million realized during the three months ended Oct. 31 was $ 1.06 per share. During the same period a year earlier, the bank recorded a net profit of 452 million, or 87 cents per share. Revenue from the bank amounted to $ 2.81 billion in the fourth quarter, up 28 percent compared with $ 2.20 billion achieved a year earlier, while expenses increased 10 percent. Over the full year, net income of the bank was $ 1.98 billion, or $ 3.76 per share, down from the $ 2.13 billion ($ 4.11 per action) achieved a year earlier. The annual revenue grew nine percent, to $ 10.21 billion, the net interest income was $ 5.1 billion, up five percent, and other non-interest income was amounted to $ 5.11 billion, up 14 percent. Return on equity was 13 percent, while it stood at 14.4 per cent in 2007. The annual net income was affected by credit losses. The provision for credit losses was $ 465 million in the fourth quarter, a sharp increase compared to $ 151 million recorded books a year earlier. "It is obvious that our performance has suffered the impact of current market conditions. However, we continue to seek growth opportunities and we bring special attention to fundamentals," said President and CEO of the bank, Bill Downe, in a conference call with analysts. At the Toronto Stock Exchange, Tuesday, the share price of Bank of Montreal finished the day at $ 34.95, up 83 cents compared to its closing rate the previous day.