BMO Financial Group Reports Second Quarter 2022 Results
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BMO's Second Quarter 2022 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2022, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Second Quarter 2022 Compared With Second Quarter 2021:
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Net income of $4,756 million, an increase from $1,303 million; adjusted net income1,3 of $2,187 million, an increase of 4% from $2,095 million
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Reported earnings per share (EPS)2 of $7.13, an increase from $1.91; adjusted EPS1,2,3 of $3.23, an increase of 3% from $3.13
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Provision for credit losses (PCL) of $50 million, compared with $60 million
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Return on equity (ROE) of 34.5%, compared with 10.2%; adjusted ROE1,3 of 15.7%, compared with 16.7%
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Common Equity Tier 1 Ratio4 of 16.0%, an increase from 13.0%
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Dividend increased $0.06 from the prior quarter to $1.39, an increase of $0.33 or 31% from the prior year
Year-to-Date 2022 Compared With Year-to-Date 2021:
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Net income of $7,689 million, an increase from $3,320 million; adjusted net income1,3 of $4,771 million, an increase of 15% from $4,133 million
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Reported EPS2 of $11.57, an increase from $4.93; adjusted EPS1,2,3 of $7.12, an increase of 15% from $6.19
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Recovery of the provision for credit losses of $49 million, compared with a provision of $216 million
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ROE of 28.0%, an increase from 13.0%; adjusted ROE1,3 of 17.2%, an increase from 16.3%
TORONTO, May 25, 2022 /CNW/ - For the second quarter ended April 30, 2022, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $4,756 million or $7.13 per share on a reported basis, and net income of $2,187 million or $3.23 per share on an adjusted basis.
"We continued to deliver good financial performance this quarter, driven by broad-based customer loan growth and strong credit quality in our North American P&C businesses, and solid results in our market sensitive businesses even amid more challenging conditions. With consistent and disciplined execution of our strategy, we continue to deliver on our commitment to positive operating leverage, while investing to grow our revenue and drive our Digital-First agenda," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We are well-positioned to support our customers in navigating the changing environment and to deliver sustained performance, benefitting from our well-diversified business mix, ongoing investments in talent and technology and the wide scope of products and services that we offer. During the quarter, we made significant progress preparing for the closing and integration of our acquisition of Bank of the West, including the execution of the planned equity issuance.
"We are steadfast in our Purpose-driven commitments to a thriving economy, sustainable future and inclusive society, exemplified through our recently announced agreement with Export Development Canada (EDC). This collaboration brings innovative sustainable finance solutions to Canadian businesses, to help them transition from carbon-intensive operations to those that can eliminate or significantly reduce emissions, supporting our collective ambition for a net zero world," concluded Mr. White.
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BMO's Second Quarter 2022 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2022, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Second Quarter 2022 Compared With Second Quarter 2021:
-
Net income of $4,756 million, an increase from $1,303 million; adjusted net income1,3 of $2,187 million, an increase of 4% from $2,095 million
-
Reported earnings per share (EPS)2 of $7.13, an increase from $1.91; adjusted EPS1,2,3 of $3.23, an increase of 3% from $3.13
-
Provision for credit losses (PCL) of $50 million, compared with $60 million
-
Return on equity (ROE) of 34.5%, compared with 10.2%; adjusted ROE1,3 of 15.7%, compared with 16.7%
-
Common Equity Tier 1 Ratio4 of 16.0%, an increase from 13.0%
-
Dividend increased $0.06 from the prior quarter to $1.39, an increase of $0.33 or 31% from the prior year
Year-to-Date 2022 Compared With Year-to-Date 2021:
-
Net income of $7,689 million, an increase from $3,320 million; adjusted net income1,3 of $4,771 million, an increase of 15% from $4,133 million
-
Reported EPS2 of $11.57, an increase from $4.93; adjusted EPS1,2,3 of $7.12, an increase of 15% from $6.19
-
Recovery of the provision for credit losses of $49 million, compared with a provision of $216 million
-
ROE of 28.0%, an increase from 13.0%; adjusted ROE1,3 of 17.2%, an increase from 16.3%
TORONTO, May 25, 2022 /CNW/ - For the second quarter ended April 30, 2022, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $4,756 million or $7.13 per share on a reported basis, and net income of $2,187 million or $3.23 per share on an adjusted basis.
"We continued to deliver good financial performance this quarter, driven by broad-based customer loan growth and strong credit quality in our North American P&C businesses, and solid results in our market sensitive businesses even amid more challenging conditions. With consistent and disciplined execution of our strategy, we continue to deliver on our commitment to positive operating leverage, while investing to grow our revenue and drive our Digital-First agenda," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We are well-positioned to support our customers in navigating the changing environment and to deliver sustained performance, benefitting from our well-diversified business mix, ongoing investments in talent and technology and the wide scope of products and services that we offer. During the quarter, we made significant progress preparing for the closing and integration of our acquisition of Bank of the West, including the execution of the planned equity issuance.
"We are steadfast in our Purpose-driven commitments to a thriving economy, sustainable future and inclusive society, exemplified through our recently announced agreement with Export Development Canada (EDC). This collaboration brings innovative sustainable finance solutions to Canadian businesses, to help them transition from carbon-intensive operations to those that can eliminate or significantly reduce emissions, supporting our collective ambition for a net zero world," concluded Mr. White.
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