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BMO Financial Group Reports Second Quarter 2021 Results

News Releases May 26, 2021
News Releases May 26, 2021

 

BMO's Second Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2021, is available online at www.bmo.com/investorrelations and at www.sedar.com.

Financial Results Highlights

Second Quarter 2021 Compared With Second Quarter 2020:

  • Net income of $1,303 million, an increase from $689 million; adjusted net income1,4 of $2,095 million, an increase from $715 million

  • Reported EPS2 of $1.91, an increase from $1.00; adjusted EPS1,2,4 of $3.13, an increase from $1.04

  • Provision for credit losses (PCL) of $60 million, compared with $1,118 million

  • Reported net efficiency ratio3 of 69.3%, compared with 64.4%; adjusted net efficiency ratio1,3,4 of 56.6%, compared with 63.8%

  • Return on equity (ROE) of 10.2%, an increase from 5.3%; adjusted ROE1,4 of 16.7%, an increase from 5.5%

  • Common Equity Tier 1 Ratio of 13.0%, an increase from 11.0% in the prior year

Year-to-Date 2021 Compared With Year-to-Date 2020:

  • Net income of $3,320 million, an increase from $2,281 million; adjusted net income1,4 of $4,133 million, an increase from $2,332 million

  • Reported EPS2 of $4.93, an increase from $3.37; adjusted EPS1,2,4 of $6.19, an increase from $3.45

  • PCL of $216 million, compared with $1,467 million

  • Reported net efficiency ratio3 of 63.0%, compared with 62.5%; adjusted net efficiency ratio1,3,4 of 56.4%, compared with 62.0%

  • ROE of 13.0%, an increase from 9.2%; adjusted ROE1,4 of 16.3%, an increase from 9.4%

  • Common Equity Tier 1 Ratio of 13.0%, an increase from 11.0% in the prior year

TORONTO, May 26, 2021 /CNW/ - For the second quarter ended April 30, 2021, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,303 million or $1.91 per share on a reported basis, and net income of $2,095 million or $3.13 per share on an adjusted basis.

"This quarter, we continued to deliver very strong results with all of our businesses performing well. For the first half of the year, adjusted pre-provision pre-tax earnings of $5.5 billion increased 27% from a year ago, driven by revenue growth of 11% reflecting the benefits of our diversified business model, and very strong operating leverage. We enter the second half of the year with strong momentum," said Darryl White, Chief Executive Officer, BMO Financial Group.

FULL REPORT

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