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Bank of Montreal Message Board

  • bluecheese4u bluecheese4u Nov 24, 2009 7:25 PM Flag

    BMO Financial Group Reports Strong Fourth Quarter Results

    BMO Financial Group Reports Strong Fourth Quarter Results
    Strong Net Income Reflects Good Revenue Growth, as BMO’s Focus on Customers is Yielding Results, and
    Effective Expense Management
    Personal and Commercial Banking Canada Continues to Deliver Robust Revenue and Net Income Growth
    and Improvement in Competitive Position
    Tier 1 Capital Ratio Remains Strong, at 12.24%
    Financial Results Highlights:
    Fourth Quarter 2009:
    • Net income of $647 million, up $87 million or 16% from a year ago
    • EPS1 of $1.11 and cash EPS2 of $1.13, both up $0.05 from a year ago
    • Revenue increased 6.3% and expenses were reduced by 2.2% from a year ago
    • Provision for credit losses of $386 million, down $79 million from a year ago. There was a $150 million increase in the general allowance last year
    and no change in the current quarter.
    Fiscal 2009:
    • Net income of $1,787 million, compared with $1,978 million a year ago
    • EPS of $3.08 compared with $3.76 a year ago and cash EPS of $3.14 compared with $3.83 a year ago
    • Income Before Credit Provisions and Income Taxes of $3.7 billion in fiscal 2009, up from $3.3 billion a year ago
    • Provision for credit losses of $1,603 million comprised of specific provisions of $1,543 million and an increase in the general allowance of $60
    million, compared with a provision for credit losses of $1,330 million a year ago comprised of specific provisions of $1,070 million and an increase in
    the general allowance of $260 million
    • Adjusted cash EPS2 of $4.02 after excluding certain capital markets environment charges of $355 million after tax ($0.66 per share), severance costs
    of $80 million after tax ($0.15 per share) in the second quarter and an increase in the general allowance of $39 million after tax ($0.07 per share) in
    the third quarter
    Toronto, November 24, 2009 – For the fourth quarter ended October 31, 2009, BMO Financial Group reported net income of $647 million or
    $1.11 per common share. Canadian personal and commercial banking reported strong results with net income of $394 million, up $70
    million or 22% from a year ago.
    Today, we announced a first-quarter 2010 dividend of $0.70 per common share, unchanged from the preceding quarter and reflective of
    an annual dividend of $2.80 per common share.
    “Defining great customer experience means delivering in ways that are rooted in customer choice – with consistency at every interaction.
    It’s a disciplined approach that, for us, is yielding results,” said Bill Downe, President and Chief Executive Officer, BMO Financial Group.
    “Particularly during this past year, individuals and businesses needed to know that their banker would be there for them. BMO stood by
    its customers, listened, helped them make sense of the environment as it related to their individual circumstances and worked with them
    to make sure they were well-positioned for the recovery. By doing so, we also attracted new customers looking for a better banking
    experience.
    “P&C Canada had another very good quarter, with $394 million of net income, up 22% from a year ago. Commercial banking continues to
    experience strong growth, with revenue up $55 million or 16%. Our market share for loans to small and medium-size businesses
    BMO Financial Group Fourth Quarter Report 2009 • 1


    http://www2.bmo.com/bmo/files/news%20release/4/1/Q409PR_withlogoEN.pdf


    Strategic Highlights ~ Slides
    http://www2.bmo.com/bmo/files/financial%20information%20slides/3/1/Q4%2009%20Strategic%20Highlights.pdf

    Financial Review ~ Slides
    http://www2.bmo.com/bmo/files/financial%20information%20slides/3/1/Q4%2009%20Financial%20Results.pdf

 
BMO
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