TORONTO -- The Bank of Montreal (BMO.TO) had net income of $1.49 billion during its first quarter, up 39 per cent from a year ago on the back of strong results from its Canadian banking division.

During the same period last year, BMO had $1.07 billion of quarterly profit.

The first-quarter for the three months ended Jan. 31 figures include a $168 million after-tax gain on the sale of Moneris U.S.

The earnings amounted to $2.22 per share, up from $1.58 per share during the first quarter of 2016.

The bank also reported $5.41 billion of revenue, compared with $5.08 billion a year ago.

On an adjusted basis, BMO earned $1.53 billion, or $2.28 per share, up from $1.18 billion, or $1.75 per share, a year ago.

"The good momentum in the business is the consequence of a clear strategy and consistent execution, doing what we said we would do," BMO CEO Bill Downe said in a statement.

"Our roadmap is focused on providing customers with intuitive products and services that meet their evolving preferences, while improving efficiency in all of our channels."

Steve DiGregorio, portfolio manager at Canoe Financial called the performance of Canadian banks "remarkable." 

“The stability of earnings in the Canadian banks, you have to say this is pretty remarkable,” DiGregorio told BNN Tuesday. “Right across the board, all four parts of these banks are looking very good. All the Canadian banks, they look expensive at today’s multiples; they don’t look so expensive if you extrapolate this out.”

-- With files from BNN