Bank of Montreal has reported a higher Q2 2014 net income of $1.1 billion, up 12% from a year ago.

As a result, it’s raising its shareholder dividend by two cents to 78 cents per common share.

Earnings per share in the quarter were $1.60, up from $1.40 year-over-year. Adjusted earnings per share were $1.63, up 13% from the same quarter last year, and beating analysts’ expectations of $1.53.

Overall net income was helped by a boost in the bank’s Canadian personal and commercial banking segments. BMO is the fifth of the big banks to report earnings, and all have beaten expectations on adjusted earnings per share.

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