BMO Financial Group Reports Third Quarter 2024 Results
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BMO's Third Quarter 2024 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2024 are available online at www.bmo.com/investorrelations and at www.sedarplus.ca.
Third Quarter 2024 compared with Third Quarter 2023:
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Net income of $1,865 million, compared with $1,565 million; adjusted net income1, 2 of $1,981 million, compared with $2,148 million
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Reported earnings per share (EPS)3 of $2.48, compared with $2.12; adjusted EPS1, 2, 3 of $2.64, compared with $2.94
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Provision for credit losses (PCL) of $906 million, compared with $492 million
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Return on equity (ROE) of 10.0%, compared with 9.0%; adjusted ROE1, 2 of 10.6%, compared with 12.5%
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Common Equity Tier 1 (CET1) Ratio4 of 13.0%, compared with 12.3%
Year-to-Date 2024 compared with Year-to-Date 2023:
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Net income of $5,023 million, compared with $2,727 million; adjusted net income1, 2 of $5,907 million, compared with $6,492 million
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Reported EPS3 of $6.57, compared with $3.56; adjusted EPS1, 2, 3 of $7.78, compared with $8.88
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PCL of $2,238 million, compared with $1,732 million on a reported basis and $1,027 million on an adjusted basis1
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ROE of 9.0%, compared with 5.1%; adjusted ROE1, 2 of 10.7%, compared with 12.7%
Adjusted1, 2 results in the current quarter and the prior year excluded the following items:
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Acquisition and integration costs of $19 million ($25 million pre-tax) in the current quarter; $370 million ($497 million pre-tax) in the prior year.
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Amortization of acquisition-related intangible assets of $79 million ($107 million pre-tax) in the current quarter; $85 million ($115 million pre-tax) in the prior year.
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Impact of the U.S. Federal Deposit Insurance Corporation (FDIC) special assessment of $5 million ($6 million pre-tax) in the current quarter.
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Impact of a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, of $13 million ($18 million pre-tax) in the current quarter; a net recovery of $3 million ($4 million pre-tax) in the prior year.
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A charge of $131 million ($160 million pre-tax) related to tax measures enacted by the Canadian government that amended the GST/HST definition for financial services in the prior year.
TORONTO, Aug. 27, 2024 /CNW/ - For the third quarter ended July 31, 2024, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,865 million or $2.48 per share on a reported basis, and net income of $1,981 million or $2.64 per share on an adjusted basis.
"This quarter, BMO delivered strong pre-provision, pre-tax earnings and met our commitment to positive operating leverage for the quarter and year-to-date, reflecting good cost discipline and the sustained strength of our operating performance. While the cyclical increase in credit costs has resulted in loan loss provisions above our historical range, performance has been supported by operating momentum across our diversified businesses, including continued revenue growth in Canadian Personal and Commercial Banking and stronger client activity in our market-sensitive businesses. Across our U.S. markets, we're adding new customers and expanding capabilities, contributing to consistent pre-provision-pre-tax earnings in our U.S. Segment," said Darryl White, Chief Executive Officer, BMO Financial Group.
"With our strategic goals firmly in place, a strong balance sheet, robust capital and liquidity, we are well positioned to deliver sustainable returns to our shareholders. How we live our Purpose, to Boldly Grow the Good in business and life, continues to be recognized, including being named to Corporate Knights' ranking of Canada's Best 50 Corporate Citizens for the 23rd consecutive year," concluded Mr. White.
Concurrent with the release of results, BMO announced a fourth quarter 2024 dividend of $1.55 per common share, unchanged from the prior quarter and an increase of $0.08 or 5% from the prior year. The quarterly dividend of $1.55 per common share is equivalent to an annual dividend of $6.20 per common share.
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BMO's Third Quarter 2024 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2024 are available online at www.bmo.com/investorrelations and at www.sedarplus.ca.
Third Quarter 2024 compared with Third Quarter 2023:
-
Net income of $1,865 million, compared with $1,565 million; adjusted net income1, 2 of $1,981 million, compared with $2,148 million
-
Reported earnings per share (EPS)3 of $2.48, compared with $2.12; adjusted EPS1, 2, 3 of $2.64, compared with $2.94
-
Provision for credit losses (PCL) of $906 million, compared with $492 million
-
Return on equity (ROE) of 10.0%, compared with 9.0%; adjusted ROE1, 2 of 10.6%, compared with 12.5%
-
Common Equity Tier 1 (CET1) Ratio4 of 13.0%, compared with 12.3%
Year-to-Date 2024 compared with Year-to-Date 2023:
-
Net income of $5,023 million, compared with $2,727 million; adjusted net income1, 2 of $5,907 million, compared with $6,492 million
-
Reported EPS3 of $6.57, compared with $3.56; adjusted EPS1, 2, 3 of $7.78, compared with $8.88
-
PCL of $2,238 million, compared with $1,732 million on a reported basis and $1,027 million on an adjusted basis1
-
ROE of 9.0%, compared with 5.1%; adjusted ROE1, 2 of 10.7%, compared with 12.7%
Adjusted1, 2 results in the current quarter and the prior year excluded the following items:
-
Acquisition and integration costs of $19 million ($25 million pre-tax) in the current quarter; $370 million ($497 million pre-tax) in the prior year.
-
Amortization of acquisition-related intangible assets of $79 million ($107 million pre-tax) in the current quarter; $85 million ($115 million pre-tax) in the prior year.
-
Impact of the U.S. Federal Deposit Insurance Corporation (FDIC) special assessment of $5 million ($6 million pre-tax) in the current quarter.
-
Impact of a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, of $13 million ($18 million pre-tax) in the current quarter; a net recovery of $3 million ($4 million pre-tax) in the prior year.
-
A charge of $131 million ($160 million pre-tax) related to tax measures enacted by the Canadian government that amended the GST/HST definition for financial services in the prior year.
TORONTO, Aug. 27, 2024 /CNW/ - For the third quarter ended July 31, 2024, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,865 million or $2.48 per share on a reported basis, and net income of $1,981 million or $2.64 per share on an adjusted basis.
"This quarter, BMO delivered strong pre-provision, pre-tax earnings and met our commitment to positive operating leverage for the quarter and year-to-date, reflecting good cost discipline and the sustained strength of our operating performance. While the cyclical increase in credit costs has resulted in loan loss provisions above our historical range, performance has been supported by operating momentum across our diversified businesses, including continued revenue growth in Canadian Personal and Commercial Banking and stronger client activity in our market-sensitive businesses. Across our U.S. markets, we're adding new customers and expanding capabilities, contributing to consistent pre-provision-pre-tax earnings in our U.S. Segment," said Darryl White, Chief Executive Officer, BMO Financial Group.
"With our strategic goals firmly in place, a strong balance sheet, robust capital and liquidity, we are well positioned to deliver sustainable returns to our shareholders. How we live our Purpose, to Boldly Grow the Good in business and life, continues to be recognized, including being named to Corporate Knights' ranking of Canada's Best 50 Corporate Citizens for the 23rd consecutive year," concluded Mr. White.
Concurrent with the release of results, BMO announced a fourth quarter 2024 dividend of $1.55 per common share, unchanged from the prior quarter and an increase of $0.08 or 5% from the prior year. The quarterly dividend of $1.55 per common share is equivalent to an annual dividend of $6.20 per common share.
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