BMO Financial Group Reports Second Quarter 2023 Results
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BMO's Second Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2023, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Second Quarter 2023 Compared with Second Quarter 2022:
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Net income of $1,059 million, compared with $4,756 million; adjusted net income1,3 of $2,216 million, compared with $2,187 million
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Reported earnings per share (EPS)2 of $1.30, compared with $7.13; adjusted EPS1,2,3 of $2.93, compared with $3.23
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Provision for credit losses (PCL) of $1,023 million, compared with $50 million; adjusted PCL1,3 of $318 million, compared with $50 million
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Return on equity (ROE) of 5.6%, compared with 34.5%; adjusted ROE1,3 of 12.6%, compared with 15.7%
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Common Equity Tier 1 (CET1) Ratio4 of 12.2%, compared with 16.0%
Year-to-Date 2023 Compared with Year-to-Date 2022:
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Net income of $1,306 million, compared with $7,689 million; adjusted net income1,3 of $4,488 million, compared with $4,771 million
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Reported EPS2 of $1.62, compared with $11.57; adjusted EPS1,2,3 of $6.15, compared with $7.12
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PCL of $1,240 million, compared with a recovery of $49 million; adjusted PCL1,3 of $535 million, compared with a recovery of $49 million
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ROE of 3.4%, compared with 28.0%; adjusted ROE1,3 of 13.0%, compared with 17.2%
TORONTO, May 24, 2023 /CNW/ - For the second quarter ended April 30, 2023, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $1,059 million or $1.30 per share on a reported basis, and net income of $2,216 million or $2.93 per share on an adjusted basis.
"Our performance this quarter reflects our highly-diversified business mix and the strength, size and stability of our balance sheet, which has been further enhanced by the successful acquisition of Bank of the West. Against the backdrop of an uncertain economic environment, our Canadian and U.S. personal and commercial banking businesses continued to deliver good pre-provision, pre-tax earnings, while our wealth and capital markets businesses were impacted by lower customer activity. These results were underpinned by continued strong asset quality and capital, with a CET1 ratio of 12.2% following the closing of the largest acquisition in our history," said Darryl White, Chief Executive Officer, BMO Financial Group.
"This strong foundation and our proven track record of delivering resilient financial performance over time positions us well to support our Canadian and U.S. customers and communities with the advice, products and services they need to make real financial progress towards their goals. We are uniquely situated to offer integrated banking, wealth and capital markets products and leading digital experiences that differentiate us from our competitors and drive long-term value for our shareholders."
"In addition, we continue to be acknowledged for our ethical business practices and how we live our purpose. For the sixth consecutive year, BMO was recognized as one of the World's Most Ethical Companies by Ethisphere, the only bank in Canada to receive this award since its inception in 2007," concluded Mr. White.
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BMO's Second Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2023, is available online at www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
Second Quarter 2023 Compared with Second Quarter 2022:
-
Net income of $1,059 million, compared with $4,756 million; adjusted net income1,3 of $2,216 million, compared with $2,187 million
-
Reported earnings per share (EPS)2 of $1.30, compared with $7.13; adjusted EPS1,2,3 of $2.93, compared with $3.23
-
Provision for credit losses (PCL) of $1,023 million, compared with $50 million; adjusted PCL1,3 of $318 million, compared with $50 million
-
Return on equity (ROE) of 5.6%, compared with 34.5%; adjusted ROE1,3 of 12.6%, compared with 15.7%
-
Common Equity Tier 1 (CET1) Ratio4 of 12.2%, compared with 16.0%
Year-to-Date 2023 Compared with Year-to-Date 2022:
-
Net income of $1,306 million, compared with $7,689 million; adjusted net income1,3 of $4,488 million, compared with $4,771 million
-
Reported EPS2 of $1.62, compared with $11.57; adjusted EPS1,2,3 of $6.15, compared with $7.12
-
PCL of $1,240 million, compared with a recovery of $49 million; adjusted PCL1,3 of $535 million, compared with a recovery of $49 million
-
ROE of 3.4%, compared with 28.0%; adjusted ROE1,3 of 13.0%, compared with 17.2%
TORONTO, May 24, 2023 /CNW/ - For the second quarter ended April 30, 2023, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $1,059 million or $1.30 per share on a reported basis, and net income of $2,216 million or $2.93 per share on an adjusted basis.
"Our performance this quarter reflects our highly-diversified business mix and the strength, size and stability of our balance sheet, which has been further enhanced by the successful acquisition of Bank of the West. Against the backdrop of an uncertain economic environment, our Canadian and U.S. personal and commercial banking businesses continued to deliver good pre-provision, pre-tax earnings, while our wealth and capital markets businesses were impacted by lower customer activity. These results were underpinned by continued strong asset quality and capital, with a CET1 ratio of 12.2% following the closing of the largest acquisition in our history," said Darryl White, Chief Executive Officer, BMO Financial Group.
"This strong foundation and our proven track record of delivering resilient financial performance over time positions us well to support our Canadian and U.S. customers and communities with the advice, products and services they need to make real financial progress towards their goals. We are uniquely situated to offer integrated banking, wealth and capital markets products and leading digital experiences that differentiate us from our competitors and drive long-term value for our shareholders."
"In addition, we continue to be acknowledged for our ethical business practices and how we live our purpose. For the sixth consecutive year, BMO was recognized as one of the World's Most Ethical Companies by Ethisphere, the only bank in Canada to receive this award since its inception in 2007," concluded Mr. White.
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