BMO Financial Group Reports First Quarter 2022 Results
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BMO's First Quarter 2022 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January 31, 2022, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
First Quarter 2022 Compared With First Quarter 2021:
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Net income of $2,933 million, an increase of 45%; adjusted net income1,3 of $2,584 million, an increase of 27%
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Reported earnings per share (EPS)2 of $4.43, an increase of 46%; adjusted EPS1,2,3 of $3.89, an increase of 27%
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Recovery of the provision for credit losses of $99 million, compared with a provision for credit losses of $156 million
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Return on equity (ROE) of 21.4%, an increase from 15.7%; adjusted ROE1,3 of 18.8%, an increase from 15.8%
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Common Equity Tier 1 Ratio4 of 14.1%, an increase from 12.4%
TORONTO, Mar. 1, 2022 /CNW/ - For the first quarter ended January 31, 2022, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $2,933 million or $4.43 per share on a reported basis, and net income of $2,584 million or $3.89 per share on an adjusted basis.
"We continue to build on our operating momentum and delivered another quarter of very strong earnings, driven by our Canadian and U.S. Personal and Commercial businesses, including accelerating commercial loan growth, and ongoing strength in BMO Capital Markets. Our performance is underpinned by strong risk management and excellent credit quality. The targeted investments we are making in talent, technology and marketing are delivering stronger revenue growth, improved efficiency and return on equity," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We are responding to the most urgent economic, environmental and social challenges of our day, including our ambition to be our clients' lead partner in the transition to a net-zero world. This quarter, we were proud to celebrate our third consecutive year as the most sustainable bank in North America on the Corporate Knights' Global 100 Most Sustainable Corporations list, an outcome of our commitments to a thriving economy, a sustainable future and an inclusive society.
"Our proven, diversified business model is consistently delivering strong returns for our shareholders. We are investing in our businesses and executing on our Purpose-driven, Digital-First strategies aimed at helping our customers make real financial progress, and positioning us for continued growth while strengthening our capital position in advance of closing our acquisition of Bank of the West," concluded Mr. White.
Concurrent with the release of results, BMO announced a second quarter 2022 dividend of $1.33 per common share, unchanged from the prior quarter and an increase of $0.27 or 25% from the prior year. The quarterly dividend of $1.33 per common share is equivalent to an annual dividend of $5.32 per common share.
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BMO's First Quarter 2022 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January 31, 2022, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
First Quarter 2022 Compared With First Quarter 2021:
-
Net income of $2,933 million, an increase of 45%; adjusted net income1,3 of $2,584 million, an increase of 27%
-
Reported earnings per share (EPS)2 of $4.43, an increase of 46%; adjusted EPS1,2,3 of $3.89, an increase of 27%
-
Recovery of the provision for credit losses of $99 million, compared with a provision for credit losses of $156 million
-
Return on equity (ROE) of 21.4%, an increase from 15.7%; adjusted ROE1,3 of 18.8%, an increase from 15.8%
-
Common Equity Tier 1 Ratio4 of 14.1%, an increase from 12.4%
TORONTO, Mar. 1, 2022 /CNW/ - For the first quarter ended January 31, 2022, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $2,933 million or $4.43 per share on a reported basis, and net income of $2,584 million or $3.89 per share on an adjusted basis.
"We continue to build on our operating momentum and delivered another quarter of very strong earnings, driven by our Canadian and U.S. Personal and Commercial businesses, including accelerating commercial loan growth, and ongoing strength in BMO Capital Markets. Our performance is underpinned by strong risk management and excellent credit quality. The targeted investments we are making in talent, technology and marketing are delivering stronger revenue growth, improved efficiency and return on equity," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We are responding to the most urgent economic, environmental and social challenges of our day, including our ambition to be our clients' lead partner in the transition to a net-zero world. This quarter, we were proud to celebrate our third consecutive year as the most sustainable bank in North America on the Corporate Knights' Global 100 Most Sustainable Corporations list, an outcome of our commitments to a thriving economy, a sustainable future and an inclusive society.
"Our proven, diversified business model is consistently delivering strong returns for our shareholders. We are investing in our businesses and executing on our Purpose-driven, Digital-First strategies aimed at helping our customers make real financial progress, and positioning us for continued growth while strengthening our capital position in advance of closing our acquisition of Bank of the West," concluded Mr. White.
Concurrent with the release of results, BMO announced a second quarter 2022 dividend of $1.33 per common share, unchanged from the prior quarter and an increase of $0.27 or 25% from the prior year. The quarterly dividend of $1.33 per common share is equivalent to an annual dividend of $5.32 per common share.
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