TORONTO (Reuters] – Bank of Montreal ended the Canadian bank results season on Friday with higher-than-expected fourth quarter earnings. Strong growth across all businesses drove adjusted earnings to rise 38% over a year ago and raised its dividend by 25%.

Canada’s fourth largest lender raised its dividend from C$1.06 to C$1.33 in the previous quarters and stated that it would purchase back as many shares outstanding at 3.5% or 22.5 million.

BMO recouped loan-loss provisions in excess of C$126million ($98.19million) over the three months ending Oct. 31. However, it experienced strong growth, even without that effect. The net interest margin of BMO, which excludes trading, fell.

The bank’s adjusted pre-tax, post-provision earnings increased 15% in Canadian banking, 17% U.S. and 29% in its wealth management division. Its revenue rose 10% across all branches.

According to the bank, adjusted noninterest expenses rose by 6% over a prior year. This was primarily due to higher employee-related cost,

In the three-months ended October 31, net income, which excludes one-off items, rose to C$2.23 trillion ($1.77billion), or C$3.33 per shares, as compared to C$1.61billion, or C$2.41 a share, a full year ago. According to Refinitiv’s IBES data, analysts had predicted C$3.21 per share.

($1 = 1.2832 Canadian dollars)