06:50 AM EST, 02/25/2025 (MT Newswires) -- (Updates share price and provides detail on revenue beat and dividend in fourth and fifth paragraphs)

BMO Financial Group was at last look up 2.2% in US pre-market trading after reporting improved first-quarter earnings on broad-based revenue growth.

Net income rose to $2,138 million, or $2.83 per share, from $1,292 million, or $1.73 per share in the prior year.

Adjusted net income climbed to $2,289 million, or $3.04 per share, from $1,893 million, or $2.56 per share, in the prior year. It beat the $2.41 consensus forecast of analysts polled by FactSet.

Revenue for the quarter ended Jan. 31 was $9.27 billion, up from $7.67 billion a year earlier. Analysts surveyed by FactSet expected $8.62 billion.

Its Board of Directors declared a quarterly dividend of $1.59 per share on paid-up common shares of Bank of Montreal ( BNKD ) for the second quarter of fiscal year 2025, unchanged from the prior quarter.

Among other highlights, provision for credit losses was $1,011 million, compared with $627 million; adjusted ROE was 11.3%, an increase from 10.6%. The Common Equity Tier 1 (CET1) Ratio hit 13.6%, compared with 12.8%.

BMO also said it would pay a second-quarter 2025 dividend of $1.59 per common share, an increase of $0.08 or 5% from the prior year, and unchanged from the prior quarter.

"We delivered strong first quarter performance with broad-based revenue growth driving positive operating leverage in each of our operating groups. Provisions for credit losses declined from the prior quarter as expected, and we initiated our share buyback program," said BMO Chief Executive Darryl White.