BMO Financial Group Reports Second Quarter 2020 Results
-
bookmark
-
print
Financial Results Highlights
Second Quarter 2020 Compared With Second Quarter 2019:
-
Net income of $689 million, compared with $1,497 million; adjusted net income1 of $715 million, compared with $1,522 million
-
Reported EPS2 of $1.00, compared with $2.26; adjusted EPS1,2 of $1.04, compared with $2.30
-
Revenue, net of CCPB3, of $5,461 million, compared with $5,652 million
-
Provision for credit losses (PCL) of $1,118 million, compared with $176 million; current quarter includes PCL on performing loans of $705 million
-
ROE of 5.3%, compared with 13.6%; adjusted ROE1 of 5.5%, compared with 13.9%
-
Common Equity Tier 1 Ratio of 11.0%
-
Dividend of $1.06, unchanged from the prior quarter
Year-to-Date 2020 Compared With Year-to-Date 2019:
-
Net income of $2,281 million, compared with $3,007 million; adjusted net income1 of $2,332 million, compared with $3,060 million
-
Reported EPS2 of $3.37, compared with $4.54; adjusted EPS1,2 of $3.45, compared with $4.62
-
Revenue, net of CCPB3, of $11,492 million, compared with $11,243 million
-
Provision for credit losses of $1,467 million, compared with $313 million
-
ROE of 9.2%, compared with 13.6%; adjusted ROE1 of 9.4%, compared with 13.9%
TORONTO, May 27, 2020 /CNW/ - For the second quarter ended April 30, 2020, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $689 million or $1.00 per share on a reported basis, and net income of $715 million or $1.04 per share on an adjusted basis.
"The economic and social consequences of the COVID-19 pandemic have been immediate and disruptive and at the same time, the response by policy makers has been swift and unprecedented in scale. At BMO, our top priority has been, and continues to be, the health and safety of all our employees and customers and the delivery of critical banking services," said Darryl White, CEO BMO Financial Group.
"We acted quickly to mobilize our workforce and adapt the ways we serve our customers while maintaining operational stability in every business. We have helped customers experiencing financial stress by providing relief options, personalized advice and access to experts. We've announced community support initiatives focused on helping those with the greatest need.
"While the full scope and scale of the economic and social impact of the pandemic remains uncertain, we have never been better positioned to face these challenges. We entered this crisis from a position of strength, with good operating momentum across our diverse businesses, strong capital and liquidity, a strong record of performance in risk management, disciplined expense management and long history of overcoming challenges together with our customers.
"For the second quarter, we demonstrated the resilience of our earnings power as we earned through the impact of market volatility and prudent loan loss provisioning. As we transition to the re-opening of our economies, we will sustain and adapt operations to support our customers, employees, communities and the broader economic recovery, and together emerge from this crisis even stronger," concluded Mr. White.
Financial Results Highlights
Second Quarter 2020 Compared With Second Quarter 2019:
-
Net income of $689 million, compared with $1,497 million; adjusted net income1 of $715 million, compared with $1,522 million
-
Reported EPS2 of $1.00, compared with $2.26; adjusted EPS1,2 of $1.04, compared with $2.30
-
Revenue, net of CCPB3, of $5,461 million, compared with $5,652 million
-
Provision for credit losses (PCL) of $1,118 million, compared with $176 million; current quarter includes PCL on performing loans of $705 million
-
ROE of 5.3%, compared with 13.6%; adjusted ROE1 of 5.5%, compared with 13.9%
-
Common Equity Tier 1 Ratio of 11.0%
-
Dividend of $1.06, unchanged from the prior quarter
Year-to-Date 2020 Compared With Year-to-Date 2019:
-
Net income of $2,281 million, compared with $3,007 million; adjusted net income1 of $2,332 million, compared with $3,060 million
-
Reported EPS2 of $3.37, compared with $4.54; adjusted EPS1,2 of $3.45, compared with $4.62
-
Revenue, net of CCPB3, of $11,492 million, compared with $11,243 million
-
Provision for credit losses of $1,467 million, compared with $313 million
-
ROE of 9.2%, compared with 13.6%; adjusted ROE1 of 9.4%, compared with 13.9%
TORONTO, May 27, 2020 /CNW/ - For the second quarter ended April 30, 2020, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $689 million or $1.00 per share on a reported basis, and net income of $715 million or $1.04 per share on an adjusted basis.
"The economic and social consequences of the COVID-19 pandemic have been immediate and disruptive and at the same time, the response by policy makers has been swift and unprecedented in scale. At BMO, our top priority has been, and continues to be, the health and safety of all our employees and customers and the delivery of critical banking services," said Darryl White, CEO BMO Financial Group.
"We acted quickly to mobilize our workforce and adapt the ways we serve our customers while maintaining operational stability in every business. We have helped customers experiencing financial stress by providing relief options, personalized advice and access to experts. We've announced community support initiatives focused on helping those with the greatest need.
"While the full scope and scale of the economic and social impact of the pandemic remains uncertain, we have never been better positioned to face these challenges. We entered this crisis from a position of strength, with good operating momentum across our diverse businesses, strong capital and liquidity, a strong record of performance in risk management, disciplined expense management and long history of overcoming challenges together with our customers.
"For the second quarter, we demonstrated the resilience of our earnings power as we earned through the impact of market volatility and prudent loan loss provisioning. As we transition to the re-opening of our economies, we will sustain and adapt operations to support our customers, employees, communities and the broader economic recovery, and together emerge from this crisis even stronger," concluded Mr. White.
You might also be interested in
A Canadian First: BMO and Concordia University Partner for a Sustainable Future with Innovative Sustainability-Linked Loan
BMO's 18th Global Equity Through Education Trading Day Raises C$1.65 Million for Education and Development of Students in Need
BMO Capital Markets Trading Floors in Toronto, New York and London Promote Equity Through Education for 18th Year to Provide Financial Aid to Students
BMO to Acquire Calgary-based Radicle Group Inc., a Leader in Environmental Services
BMO Financial Group Increases Common Share Dividend by 6 cents from the prior quarter, up 31 per cent from the prior year
BMO Expands Electronic Trading Operations for Institutions and Broker Dealers to EMEA Markets
BMO and EDC Announce Collaboration to Introduce Sustainable Finance Solutions for Canadian Businesses
BMO joins leading US banks in support of Ownership Works, to help create wealth for working families through employee ownership programs
BMO proud to support first Government of Canada Green Bond transaction as joint-lead manager
BMO Supports Women Entrepreneurs in Canada with $5 Billion in Capital to Mark International Women’s Day 2022
BMO Launches Business Within Reach: BMO for Black Entrepreneurs and Commits $100 million in loans to Help Black-led Businesses Start up, Scale up, and Grow
BMO Announces Plan to Partner with Breakthrough Energy Catalyst to Accelerate Climate Innovation
BMO Financial Group Named North America's Most Sustainable Bank for Third Consecutive Year
BMO Financial Group accelerates North American growth with strategic acquisition of Bank of the West
BMO Capital Markets Named Best Canadian Bank for USD/CAD for 11th Consecutive Year
BMO Financial Group Announces Intention to Repurchase Up to 22.5 Million of its Common Shares
BMO Financial Group Increases Common Share Dividend by 27 cents from the prior quarter, up 25 per cent from the prior quarter and prior year
BMO Helps Boralex Go Beyond Renewable Energy, with the Transition of its Credit Facility to a Sustainability-Linked Loan
BMO Capital Markets' Fixed Income Strategy Group Earns Top Rankings in Institutional Investor Survey
BMO First Bank to Pre-Purchase Direct Air Capture Carbon Removals using Carbon Engineering technology
A Global First: BMO Supports Bruce Power with World's First Nuclear Green Financing Framework
BMO ranked one of the most sustainable companies in the world according to Dow Jones Sustainability Indices
BMO Celebrates International Day of the Girl 2021 - Participates in New Sustainability Innovation Hub to Inspire Young Women
North American Metals & Mining first: BMO helps Sandstorm Gold Royalties achieve ESG goals with Sustainability-Linked Loan
BMO marks National Day for Truth and Reconciliation with $600,000 in donations to Indigenous organizations across Canada
Education, Employment and Economic Empowerment: BMO Releases Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ- First Annual Indigenous Partnerships and Progress Report
BMO's 17th Annual Equity Through Education Trading Day Raises C$1.6 Million to Promote Diversity, Equity and Inclusion
Media Advisory - BMO Celebrates 17 Years of Promoting Diversity and Inclusion Through BMO Capital Markets' Equity Through Education Trading Day
BMO Harnesses AI Technology for Capital Markets Structured Note Pricing and Scenario Analysis
BMO Announces $12 Billion Financing Commitment towards Affordable Housing in Canada
BMO supports Canada's bid to host the headquarters of the International Sustainability Standards Board
BMO Named to Canada's Best 50 Corporate Citizens Ranking by Corporate Knights
Bringing Indigenous Perspectives to Canadians: First Nations University of Canada, Reconciliation Education and BMO launch new eLearning to mark National Indigenous History Month
The Future of Food & Agriculture: BMO Hosts World-Leading Farm to Market Conference for 16th Consecutive Year
Rush University System for Health and BMO Financial Group Announce $10 Million Donation to Create the Rush BMO Institute for Health Equity
BMO Shares Progress on IFC led Operating Principles for Impact Management in First Disclosure Statement
BMO Announces $250,000 Donation to Organizations Supporting Global Emergency COVID-19 Relief Efforts
A North American First: BMO Helps Gibson Energy Fully Transition Credit Facility to a Sustainability-Linked Loan
Forbes names BMO Harris Bank one of the Best Employers for Diversity 2021 for the third year in a row
BMO Issues C$750 million Women in Business Bond In Support of Women-Owned Businesses
BMO Commits $1.2 Million to SheEO Programs Helping Women-Led Venture Companies Access Financing
BMO Named One of the World's Most Ethical Companies by the Ethisphere Institute for the Fourth Year in a Row
BMO Financial Group among first Canadian banks to sign United Nations Principles for Responsible Banking
BMO Financial Group ranked top bank in North America on Corporate Knights' 2021 Global 100 Most Sustainable Corporations in the World
BMO Financial Group 2020 Sustainability Report and Public Accountability Statement Now Available Online
BMO Capital Markets Named Best Canadian Bank for USD/CAD for 10th Consecutive Year
BMO Ranked Among Most Sustainable Companies on Dow Jones Sustainability Index - North America
BMO Financial Group Reaches Key Milestone in Matching 100 Per Cent of Electricity Usage with Renewables
BMO Financial Group Recognized as One of the World's Most Sustainably Managed Companies in New Wall Street Journal Ranking
BMO Capital Markets to Donate C$1.6 Million Following 16th Annual Equity Through Education Trading Day
Media Advisory - BMO Capital Markets Celebrates 16 Years of the Equity Through Education Trading Day
Forbes ranks BMO Harris Bank as one of America’s Best Employers for Women in 2020
Tracking the Recovery: BMO Economics Introduces Canadian Business Activity Index
BMO Capital Markets to host 2020 Prescriptions for Success Healthcare Virtual Conference
BMO Financial Group to Source 100 Per Cent of Electricity Usage From Renewables
Media Advisory - BMO Expert Podcast on COVID-19 and the Future of the Global Economy
Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID-19
Maple Leaf Foods and BMO Capital Markets enter into First Sustainability-Linked Loan in Canada