BMO Financial Group Reports Third Quarter 2021 Results
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BMO's Third Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2021, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Third Quarter 2021 Compared With Third Quarter 2020:
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Net income of $2,275 million, an increase of 85%; adjusted net income1,4 of $2,292 million, an increase of 82%
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Reported EPS2 of $3.41, an increase of 89%; adjusted EPS1,2,4 of $3.44, an increase of 86%
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Recovery of credit losses of $70 million, compared with a provision for credit losses (PCL) of $1,054 million
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Reported net efficiency ratio3 of 56.0%, compared with 57.4%; adjusted net efficiency ratio1,3,4 of 55.7%, compared with 56.8%
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Return on equity (ROE) of 17.5%, an increase from 9.4%; adjusted ROE1,4 of 17.6%, an increase from 9.6%
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Common Equity Tier 1 Ratio of 13.4%, an increase from 11.6% in the prior year
Year-to-Date 2021 Compared With Year-to-Date 2020:
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Net income of $5,595 million, an increase of 59%; adjusted net income1,4,5 of $6,425 million, an increase of 79%
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Reported EPS2 of $8.35, an increase of 61%; adjusted EPS1,2,4,5 of $9.63, an increase of 82%
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PCL of $146 million, compared with $2,521 million
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Reported net efficiency ratio3 of 60.6%, compared with 60.8%; adjusted net efficiency ratio1,3,4,5 of 56.2%, compared with 60.2%
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ROE of 14.5%, an increase from 9.3%; adjusted ROE1,4,5 of 16.7%, an increase from 9.5%
TORONTO, Aug. 24, 2021 /CNW/ - For the third quarter ended July 31, 2021, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $2,275 million or $3.41 per share on a reported basis, and net income of $2,292 million or $3.44 per share on an adjusted basis.
"Operating momentum across our diversified businesses continues to drive strong financial performance. We recorded third quarter adjusted earnings per share of $3.44, with strong pre-provision pre-tax earnings of $2.9 billion, up 12% year-over-year, driven by revenue growth of 10%," said Darryl White, Chief Executive Officer, BMO Financial Group.
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BMO's Third Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2021, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Third Quarter 2021 Compared With Third Quarter 2020:
-
Net income of $2,275 million, an increase of 85%; adjusted net income1,4 of $2,292 million, an increase of 82%
-
Reported EPS2 of $3.41, an increase of 89%; adjusted EPS1,2,4 of $3.44, an increase of 86%
-
Recovery of credit losses of $70 million, compared with a provision for credit losses (PCL) of $1,054 million
-
Reported net efficiency ratio3 of 56.0%, compared with 57.4%; adjusted net efficiency ratio1,3,4 of 55.7%, compared with 56.8%
-
Return on equity (ROE) of 17.5%, an increase from 9.4%; adjusted ROE1,4 of 17.6%, an increase from 9.6%
-
Common Equity Tier 1 Ratio of 13.4%, an increase from 11.6% in the prior year
Year-to-Date 2021 Compared With Year-to-Date 2020:
-
Net income of $5,595 million, an increase of 59%; adjusted net income1,4,5 of $6,425 million, an increase of 79%
-
Reported EPS2 of $8.35, an increase of 61%; adjusted EPS1,2,4,5 of $9.63, an increase of 82%
-
PCL of $146 million, compared with $2,521 million
-
Reported net efficiency ratio3 of 60.6%, compared with 60.8%; adjusted net efficiency ratio1,3,4,5 of 56.2%, compared with 60.2%
-
ROE of 14.5%, an increase from 9.3%; adjusted ROE1,4,5 of 16.7%, an increase from 9.5%
TORONTO, Aug. 24, 2021 /CNW/ - For the third quarter ended July 31, 2021, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $2,275 million or $3.41 per share on a reported basis, and net income of $2,292 million or $3.44 per share on an adjusted basis.
"Operating momentum across our diversified businesses continues to drive strong financial performance. We recorded third quarter adjusted earnings per share of $3.44, with strong pre-provision pre-tax earnings of $2.9 billion, up 12% year-over-year, driven by revenue growth of 10%," said Darryl White, Chief Executive Officer, BMO Financial Group.
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