BMO Financial Group Reports First Quarter 2021 Results
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BMO's First Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January 31, 2021, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
First Quarter 2021 Compared With First Quarter 2020:
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Net income of $2,017 million, an increase of 27%; adjusted net income1 of $2,038 million, an increase of 26%
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Reported EPS2 of $3.03, an increase of 28%; adjusted EPS1,2 of $3.06, an increase of 27%
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Provision for credit losses (PCL) of $156 million, compared with $349 million
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Reported net efficiency ratio3 of 56.7%, compared with 60.8%; adjusted net efficiency ratio1,3 of 56.3%, compared with 60.3%
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ROE of 15.7%, compared with 13.3%; adjusted ROE1 of 15.8%, compared with 13.5%
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Common Equity Tier 1 Ratio of 12.4%, an increase from 11.4% in the prior year
TORONTO, Feb. 23, 2021 /CNW/ - For the first quarter ended January 31, 2021, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $2,017 million or $3.03 per share on a reported basis, and net income of $2,038 million or $3.06 per share on an adjusted basis.
"We had a very strong start to the year, continuing to build on clear and consistent operating momentum to deliver first quarter adjusted net income of over $2 billion, earnings per share of $3.06, and pre-provision, pre-tax earnings growth of 16% from last year and 13% from last quarter. We achieved solid revenue growth of 6%, compared with the prior year and the prior quarter, and continued to effectively manage expenses and strategically invest for future growth, with operating leverage above 7% and an efficiency ratio of 56.3%. Credit performance was very strong, reflecting both the credit quality of our loan portfolio and our commitment to superior risk management. All businesses performed well, particularly in our U.S. segment, which remains a key driver of diversified earnings growth now and in the future," said Darryl White, Chief Executive Officer, BMO Financial Group.
BMO's First Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January 31, 2021, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
First Quarter 2021 Compared With First Quarter 2020:
-
Net income of $2,017 million, an increase of 27%; adjusted net income1 of $2,038 million, an increase of 26%
-
Reported EPS2 of $3.03, an increase of 28%; adjusted EPS1,2 of $3.06, an increase of 27%
-
Provision for credit losses (PCL) of $156 million, compared with $349 million
-
Reported net efficiency ratio3 of 56.7%, compared with 60.8%; adjusted net efficiency ratio1,3 of 56.3%, compared with 60.3%
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ROE of 15.7%, compared with 13.3%; adjusted ROE1 of 15.8%, compared with 13.5%
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Common Equity Tier 1 Ratio of 12.4%, an increase from 11.4% in the prior year
TORONTO, Feb. 23, 2021 /CNW/ - For the first quarter ended January 31, 2021, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $2,017 million or $3.03 per share on a reported basis, and net income of $2,038 million or $3.06 per share on an adjusted basis.
"We had a very strong start to the year, continuing to build on clear and consistent operating momentum to deliver first quarter adjusted net income of over $2 billion, earnings per share of $3.06, and pre-provision, pre-tax earnings growth of 16% from last year and 13% from last quarter. We achieved solid revenue growth of 6%, compared with the prior year and the prior quarter, and continued to effectively manage expenses and strategically invest for future growth, with operating leverage above 7% and an efficiency ratio of 56.3%. Credit performance was very strong, reflecting both the credit quality of our loan portfolio and our commitment to superior risk management. All businesses performed well, particularly in our U.S. segment, which remains a key driver of diversified earnings growth now and in the future," said Darryl White, Chief Executive Officer, BMO Financial Group.
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