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BMO Financial Group Reports First Quarter 2023 Results

News Releases February 28, 2023
News Releases February 28, 2023
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BMO's First Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January 31, 2023, is available online at and at

Financial Results Highlights

First Quarter 2023 Compared with First Quarter 2022:

  • Net income of $247 million, compared with $2,933 million; adjusted net income1,3 of $2,272 million, compared with $2,584 million

  • Reported earnings per share (EPS)2 of $0.30, compared with $4.43; adjusted EPS1,2,3 of $3.22, compared with $3.89

  • Provision for credit losses (PCL) of $217 million, compared with a recovery of the provision for credit losses of $99 million

  • Return on equity (ROE) of 1.3%, compared with 21.4%; adjusted ROE1,3 of 13.4%, compared with 18.8%

  • Common Equity Tier 1 Ratio4 of 18.2%, compared with 14.1%

TORONTO, Feb. 28, 2023 /CNW/ - For the first quarter ended January 31, 2023, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $247 million or $0.30 per share on a reported basis, and net income of $2,272 million or $3.22 per share on an adjusted basis.

"We had a very good start to the year, with continued strong operating performance in our Canadian and U.S. Personal and Commercial businesses and improving momentum in BMO Capital Markets, benefitting from our strategic investments in talent and technology. Our results continue to reflect our diversified business mix and our superior risk management approach and credit quality," said Darryl White, Chief Executive Officer, BMO Financial Group.

"The completion of our acquisition of Bank of the West on February 1st is a historic moment for BMO and the natural next step in our North American growth strategy, as we warmly welcome thousands of employees and 1.8 million customers in key U.S. markets to the BMO family. Our shared commitment to customer loyalty, community reinvestment and sustainability further strengthens our position as a leading North American bank and enhances our long-term growth opportunities.

"This quarter, we were again recognized as the most sustainable bank in North America for the fourth year in a row in Corporate Knights' 2023 Global 100 Most Sustainable Corporations in the World. Our continued recognition as a global leader in this area reinforces our commitment to sustainable business practices and financing activities, as we deliver on our ambition to be our client's lead partner in the transition to a net-zero world," concluded Mr. White.


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