BMO Financial Group Reports Fourth Quarter and Fiscal 2022 Results
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BMO's 2022 audited annual consolidated financial statements and accompanying Management Discussion and Analysis (MD&A) are available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Fourth Quarter 2022 Compared with Fourth Quarter 2021:
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Net income of $4,483 million, compared with $2,159 million; adjusted net income1,3,4 of $2,136 million, compared with $2,226 million
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Reported earnings per share (EPS)2 of $6.51, compared with $3.23; adjusted EPS1,2,3,4 of $3.04, compared with $3.33
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Provision for credit losses (PCL) of $226 million, compared with a recovery of the provision for credit losses of $126 million
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Return on equity (ROE) of 27.6%, compared with 16.0%; adjusted ROE1,3,4 of 12.9%, compared with 16.5%
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Common Equity Tier 1 Ratio5 of 16.7%, compared with 13.7%
Fiscal 2022 Compared with Fiscal 2021:
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Net income of $13,537 million, compared with $7,754 million; adjusted net income1,3,4 of $9,039 million, compared with $8,651 million
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Reported EPS2 of $19.99, compared with $11.58; adjusted EPS1,2,3,4 of $13.23, compared with $12.96
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Provision for credit losses of $313 million, compared with a provision of $20 million
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ROE of 22.9%, compared with 14.9%; adjusted ROE1,3,4 of 15.2%, compared with 16.7%
TORONTO, Dec. 1, 2022 /CNW/ - For the fourth quarter ended October 31, 2022, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $4,483 million or $6.51 per share on a reported basis, and net income of $2,136 million or $3.04 per share on an adjusted basis.
"This year, we continued to execute on our strategy to strengthen and grow each of our diversified businesses. Against the backdrop of a rapidly changing macroeconomic environment, we delivered on our commitments to positive operating leverage, improved efficiency and achieved above-target return on equity. Our strong performance was supported by targeted investments in technology and talent which delivered award winning customer and employee experiences. Very good revenue performance was driven by robust, high-quality growth in loans and deposits and expanding net interest margins, all underpinned by our leading risk management approach," said Darryl White, Chief Executive Officer, BMO Financial Group.
"Looking ahead to 2023, the economic environment remains uncertain, with inflation and higher interest rates expected to slow the economy in the near term. We have a proven track record of sustained performance and remain well positioned to deliver in any environment. We will continue to dynamically manage capital and resources to grow our businesses and support our customers while finalizing preparations for the natural next step in our North American growth strategy, the approval, closing and integration of Bank of the West.
"BMO has a long-standing, deep sense of purpose, and we are leveraging our position as a leading financial services provider to make progress for a thriving economy, sustainable future and an inclusive society, while targeting continued top-tier returns for our shareholders," concluded Mr. White.
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BMO's 2022 audited annual consolidated financial statements and accompanying Management Discussion and Analysis (MD&A) are available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Fourth Quarter 2022 Compared with Fourth Quarter 2021:
-
Net income of $4,483 million, compared with $2,159 million; adjusted net income1,3,4 of $2,136 million, compared with $2,226 million
-
Reported earnings per share (EPS)2 of $6.51, compared with $3.23; adjusted EPS1,2,3,4 of $3.04, compared with $3.33
-
Provision for credit losses (PCL) of $226 million, compared with a recovery of the provision for credit losses of $126 million
-
Return on equity (ROE) of 27.6%, compared with 16.0%; adjusted ROE1,3,4 of 12.9%, compared with 16.5%
-
Common Equity Tier 1 Ratio5 of 16.7%, compared with 13.7%
Fiscal 2022 Compared with Fiscal 2021:
-
Net income of $13,537 million, compared with $7,754 million; adjusted net income1,3,4 of $9,039 million, compared with $8,651 million
-
Reported EPS2 of $19.99, compared with $11.58; adjusted EPS1,2,3,4 of $13.23, compared with $12.96
-
Provision for credit losses of $313 million, compared with a provision of $20 million
-
ROE of 22.9%, compared with 14.9%; adjusted ROE1,3,4 of 15.2%, compared with 16.7%
TORONTO, Dec. 1, 2022 /CNW/ - For the fourth quarter ended October 31, 2022, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $4,483 million or $6.51 per share on a reported basis, and net income of $2,136 million or $3.04 per share on an adjusted basis.
"This year, we continued to execute on our strategy to strengthen and grow each of our diversified businesses. Against the backdrop of a rapidly changing macroeconomic environment, we delivered on our commitments to positive operating leverage, improved efficiency and achieved above-target return on equity. Our strong performance was supported by targeted investments in technology and talent which delivered award winning customer and employee experiences. Very good revenue performance was driven by robust, high-quality growth in loans and deposits and expanding net interest margins, all underpinned by our leading risk management approach," said Darryl White, Chief Executive Officer, BMO Financial Group.
"Looking ahead to 2023, the economic environment remains uncertain, with inflation and higher interest rates expected to slow the economy in the near term. We have a proven track record of sustained performance and remain well positioned to deliver in any environment. We will continue to dynamically manage capital and resources to grow our businesses and support our customers while finalizing preparations for the natural next step in our North American growth strategy, the approval, closing and integration of Bank of the West.
"BMO has a long-standing, deep sense of purpose, and we are leveraging our position as a leading financial services provider to make progress for a thriving economy, sustainable future and an inclusive society, while targeting continued top-tier returns for our shareholders," concluded Mr. White.
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