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TORONTO — Bank of Montreal is reporting nearly $1.4 billion of net income for its third quarter, an increase of 11 per cent from the same time last year.

The profit amounted to $2.05 per common share, up from $1.86 per share in last year’s third quarter. Analysts had on average expected earnings of $2.00 per share, according to Thomson Reuters I/B/E/S.

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However, BMO’s dividend for the fourth quarter will remain 90 cents per share.

Three of Canada’s other big banks have recently increased their quarterly dividends as they reported strong results for the three months ended July 31.

Toronto-Dominion Bank and Montreal-based National Bank report their third-quarter results later this week.