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Bank of Montreal Message Board

  • goldinvestmentmanagement goldinvestmentmanagement Aug 25, 2009 7:53 AM Flag

    BMO Financial Group Reports Good Third Quarter Results with Record Revenues

    BMO Financial Group Reports Good Third Quarter Results with Record Revenues
    • Press Release
    • Source: BMO Financial Group; BMO Bank of Montreal
    • On Tuesday August 25, 2009, 7:23 am EDT
    << Third Quarter 2009 Report to Shareholders
    -------------------------------------------------------------------------

    BMO Financial Group Reports Good Third Quarter Results with Record Revenues
    Momentum Continues in Personal and Commercial Banking Canada with Strong Growth in Revenue and Net Income
    Good Performance in BMO Capital Markets Businesses, Benefiting from Diversified Business Mix and Market Opportunities
    Tier 1 Capital Ratio Remains Strong, increasing to 11.71%

    -------------------------------------------------------------------------

    Financial Results Highlights:
    Third Quarter 2009 Compared with Third Quarter 2008:
    - Net income of $557 million, up $36 million or 6.9% from a year ago
    - EPS(1) of $0.97 and cash EPS(2) of $0.98, down $0.01 and $0.02, respectively, from a year ago
    - Adjusted cash EPS(2)of $1.05 after excluding an increase in the general allowance of $39 million after tax ($0.07 per share)
    - Provisions for credit losses of $417 million, comprised of $357 million of specific provisions and a $60 million increase in the general allowance, compared with provisions of $484 million, comprised of $434 million of specific provisions and a $50 million increase in the general allowance
    - BMO's Tier 1 Capital Ratio remains strong, increasing to 11.71%

    Year-to-Date 2009 Compared with a Year Ago:
    - Net income of $1,140 million, compared with $1,418 million in 2008
    - EPS of $1.97 compared with $2.70 and cash EPS of $2.01 compared with $2.75
    - Adjusted cash EPS of $3.07 after excluding capital markets environment charges of $439 million after tax ($0.84 per share)from the first and second quarters, severance costs of $80 million after tax ($0.15 per share) from the second quarter and an increase in the general allowance of $39 million after tax ($0.07 per share)from the third quarter >>
    TORONTO, Aug. 25 /CNW/ - For the third quarter ended July 31, 2009, BMO Financial Group reported net income of $557 million or $0.97 per common share. Canadian personal and commercial banking reported strong results with net income of $356 million, up $41 million or 13% from a year ago, and BMO Capital Markets net income grew by $80 million or 30% to $343 million.
    Today, we announced a third-quarter dividend of $0.70 per common share, unchanged from the preceding quarter and reflective of an annual dividend of $2.80 per common share.
    "The elements we have put in place over the past three years to strengthen our core businesses - and our focus on building a strong, distinct, and clear presence in the marketplace - are yielding dividends and showing up in the bottom line," said Bill Downe, President and Chief Executive Officer, BMO Financial Group. "We're successfully executing on our strategy of providing customers with a value proposition that helps them make sense of their banking and investing.

 
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