06:34 AM EDT, 05/29/2024 (MT Newswires) -- Bank of Montreal ( NRGD ) missed estimates for its second-quarter profit and revenue, pushing the shares lower in premarket trading in the U.S.

On Wednesday, the bank reported fiscal second-quarter net income of $1.87 billion, or $2.36 per diluted share, up from $1.03 billion, or $1.26 per diluted share, a year earlier. Analysts polled by Capital IQ estimated $2.58.

Revenue for the three months ended April 30 was $7.97 billion, up from $7.79 billion a year earlier. Analysts surveyed by Capital IQ expected $8.06 billion.

The company reported adjusted net income for the quarter Q2 of $2.03 billion, or $2.59 per diluted share, down from $2.19 billion, or $2.89 per diluted share, a year earlier. Analysts polled by Capital IQ expected $2.77.

Provision for credit losses for the quarter was $705 million, narrower than $1.02 billion a year earlier. On an adjusted basis, the company reported provision for credit losses of $318 million a year ago.

Return on equity for the quarter was 9.9% versus 5.5% a year earlier. On an adjusted basis, the return on equity was 10.9% in fiscal Q2, as compared with 12.6% a year ago.

The bank reported a common equity tier 1 Ratio of 13.1%, up from 12.2% a year earlier.

Additionally, the bank declared a quarterly dividend of $1.55 per common share, up 5% from the prior year and 3% from the previous quarter. The dividend will be paid on Aug. 27 to shareholders of record on July 30.

Bank of Montreal ( NRGD ), which was up 0.2% in Canada yesterday, slipped 1.2% in premarket US trading on Wednesday.