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Bank of Montreal Message Board

  • bluecheese4u bluecheese4u Feb 26, 2013 1:27 PM Flag

    BMO Financial Group Reports Strong Net Income for the First Quarter of 2013

    Financial Results Highlights:

    First Quarter 2013 Compared with First Quarter 2012:

    - Net income of $1,048 million, down 5%; adjusted net income(1) of $1,041 million, up 7%

    - EPS(2) of $1.53, down 6%; adjusted EPS(1), (2) of $1.52, up 7%

    - ROE of 14.9%, compared with 17.2%; adjusted ROE(1) of 14.8%, compared with 15.0%

    - Provisions for credit losses of $178 million, compared with $141 million; adjusted provisions for credit losses(1) of $96 million, compared with $91 million

    - Basel III Common Equity Ratio is strong at 9.4%

    - Dividend Increased by $0.02 or 3% to $0.74 per Common Share

    « Back to News Releases

    TORONTO, ONTARIO--(Marketwire - Feb. 26, 2013) - BMO Financial Group (TSX:BMO)(NYSE:BMO) and Bank of Montreal -

    For the first quarter ended January 31, 2013, BMO Financial Group reported net income of $1,048 million or $1.53 per share on a reported basis and net income of $1,041 million or $1.52 per share on an adjusted basis.

    "BMO had a strong first quarter, with momentum in each of our businesses and a strong capital position. Looking ahead, we are well-positioned to leverage our North American platform and deliver sustained earnings growth," said Bill Downe, President and Chief Executive Officer, BMO Financial Group. "Adjusted net income was over $1 billion for the third consecutive quarter.

    "With our U.S. retail platform consolidated under the BMO Harris Bank brand - supported by our largest U.S. advertising campaign to date - P&C U.S. posted good net income growth and good total loan growth.

    "In the quarter, we demonstrated continued momentum in commercial banking on both sides of the border. Commercial banking is an important contributor to the performance of the bank, positioning us well in an environment of business expansion.

    "As we look ahead to the rest of the year, we will continue our focus on delivering industry-leading customer experience, helping businesses expand and customers control their financial lives - allowing them to make better decisions with better information and have confidence in the choices they make. At the same time, we will maintain prudent risk management and improve efficiency," concluded Mr. Downe.

    Concurrent with the release of results, BMO announced a second quarter 2013 dividend of $0.74 per common share, up $0.02 per share from the preceding quarter and equivalent to an annual dividend of $2.96 per common share. The increase in our dividend reflects our strong capital position and the success of our business strategies.

    Our complete First Quarter 2013 Report to Shareholders, including our unaudited interim consolidated financial statements for the period



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