BMO Financial Group Reports Second Quarter 2018 Results

30 May 2018 11:20 | Anonymous member (Administrator)

Financial Results Highlights

Second Quarter 2018 Compared with Second Quarter 2017:

  • Net income of $1,246 million, unchanged reflecting the restructuring charge in the current quarter; adjusted net income1 of $1,463 million, up 13%
  • EPS2 of $1.86, up 1%; adjusted EPS1,2 of $2.20, up 15%
  • ROE of 12.6%, unchanged; adjusted ROE1 of 14.9%, up from 13.1%
  • Provisions for credit losses (PCL) of $160 million, including a $12 million recovery of credit losses on performing loans3, compared with $251 million in the prior year
  • Common Equity Tier 1 Ratio of 11.3%
  • Dividend increased by $0.03 from the prior quarter to $0.96, up 7% from the prior year

Year-to-Date 2018 Compared with Year-to-Date 2017:

  • Net income of $2,219 million, down 19%, reflecting the revaluation of our U.S. net deferred tax asset4 and the restructuring charge in the current year and a net gain5in the prior year; adjusted net income1 of $2,885 million, up 2%
  • EPS2,4 of $3.29, down 19%; adjusted EPS1,2 of $4.31, up 3%
  • ROE of 11.0%, compared with 13.8%; adjusted ROE1 of 14.4%, up from 14.2%
  • Provisions for credit losses of $301 million, including a $45 million recovery of credit losses on performing loans3, compared with $418 million

TORONTO, May 30, 2018 /CNW/ - For the second quarter ended April 30, 2018, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,246 million or $1.86per share on a reported basis, and net income of $1,463 million or $2.20 per share on an adjusted basis.

"BMO's results this quarter demonstrate strong performance and momentum in our U.S. and Canadian P&C banking and wealth businesses, which drove adjusted earnings per share of $2.20, up 15% from a year ago, and very strong adjusted operating leverage of 3.5%," said Darryl White, Chief Executive Officer, BMO Financial Group.

"Across the company we're positioning BMO for accelerated growth. Our commercial business is a core strength and is delivering results. Our U.S. segment, which contributed 27% to year-to-date adjusted earnings, is a key differentiator and we'll continue to grow it faster than the rest of the bank. We're transforming how we work and how we compete – unlocking efficiency and creating value for our customers.

"I am confident that with our team of dedicated employees, and through ongoing investment in our technology and innovation agenda, we will continue to enhance loyalty, increase efficiency and deliver sustainable shareholder value," concluded Mr. White. READ MORE.


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