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CIBC hikes dividend as profit beats expectations

  • BMO Financial Group reported a fourth-quarter profit of $2.30 billion, helped by the reversal of a 2022 jury verdict against the bank in a Ponzi scheme lawsuit in the U.S.
  • The bank raised its quarterly dividend to $1.59 per share, up from $1.55 per share.
  • BMO's annual profit totaled $5.38 billion, or $6.99 per share, but results fell short of Wall Street expectations.
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