BMO Financial Group Reports Third Quarter 2023 Results
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BMO's Third Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2023 is available online at www.bmo.com/investorrelations and at www.sedarplus.ca.
Financial Results Highlights
Third Quarter 2023 Compared with Third Quarter 2022:
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Net income of $1,454 million, compared with $1,365 million; adjusted net income1,3 of $2,037 million, compared with $2,132 million
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Reported earnings per share (EPS)2 of $1.97, compared with $1.95; adjusted EPS1,2,3 of $2.78, compared with $3.09
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Provision for credit losses (PCL) of $492 million, compared with $136 million
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Return on equity (ROE) of 8.3%, compared with 8.8%; adjusted ROE1,3 of 11.7%, compared with 13.8%
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Common Equity Tier 1 (CET1) Ratio4 of 12.3%, compared with 15.8%
Year-to-Date 2023 Compared with Year-to-Date 2022:
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Net income of $2,760 million, compared with $9,054 million; adjusted net income1,3 of $6,525 million, compared with $6,903 million
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Reported EPS2 of $3.60, compared with $13.45; adjusted EPS1,2,3 of $8.93, compared with $10.20
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PCL of $1,732 million, compared with $87 million; adjusted PCL1,3 of $1,027 million, compared with $87 million
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ROE of 5.1%, compared with 21.1%; adjusted ROE1,3 of 12.6%, compared with 16.0%
TORONTO, Aug. 29, 2023 /CNW/ - For the third quarter ended July 31, 2023, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,454 million or $1.97 per share on a reported basis, and net income of $2,037 million or $2.78 per share on an adjusted basis.
"We continue to deliver solid financial results reflecting the strength, diversity and active management of our businesses in an evolving environment. Record revenue in Canadian Personal and Commercial Banking and contribution from Bank of the West drove good pre-provision, pre-tax growth this quarter, and our capital and liquidity position remains strong," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We're accelerating efficiency initiatives and remain focused on dynamically positioning the bank for long-term growth and sustained profitability through disciplined expense and risk management.
"We're confident in the power of our integrated North American franchise and our strategy to help our clients make real financial progress. We were recently ranked first in customer satisfaction with online banking in the J.D. Power (5) 2023 Canada Online Banking Satisfaction Study, as well as being named by World Finance Magazine as the Best Private Bank, Commercial Bank, and Retail Bank in Canada and, for the first time, Best Private Bank and Commercial Bank in the United States. These recognitions are a testament to how BMO's Digital First strategy and industry-leading experiences are exceeding customers' evolving expectations and providing greater access to comprehensive one-client banking and investment products and services," concluded Mr. White.
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BMO's Third Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2023 is available online at www.bmo.com/investorrelations and at www.sedarplus.ca.
Financial Results Highlights
Third Quarter 2023 Compared with Third Quarter 2022:
-
Net income of $1,454 million, compared with $1,365 million; adjusted net income1,3 of $2,037 million, compared with $2,132 million
-
Reported earnings per share (EPS)2 of $1.97, compared with $1.95; adjusted EPS1,2,3 of $2.78, compared with $3.09
-
Provision for credit losses (PCL) of $492 million, compared with $136 million
-
Return on equity (ROE) of 8.3%, compared with 8.8%; adjusted ROE1,3 of 11.7%, compared with 13.8%
-
Common Equity Tier 1 (CET1) Ratio4 of 12.3%, compared with 15.8%
Year-to-Date 2023 Compared with Year-to-Date 2022:
-
Net income of $2,760 million, compared with $9,054 million; adjusted net income1,3 of $6,525 million, compared with $6,903 million
-
Reported EPS2 of $3.60, compared with $13.45; adjusted EPS1,2,3 of $8.93, compared with $10.20
-
PCL of $1,732 million, compared with $87 million; adjusted PCL1,3 of $1,027 million, compared with $87 million
-
ROE of 5.1%, compared with 21.1%; adjusted ROE1,3 of 12.6%, compared with 16.0%
TORONTO, Aug. 29, 2023 /CNW/ - For the third quarter ended July 31, 2023, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,454 million or $1.97 per share on a reported basis, and net income of $2,037 million or $2.78 per share on an adjusted basis.
"We continue to deliver solid financial results reflecting the strength, diversity and active management of our businesses in an evolving environment. Record revenue in Canadian Personal and Commercial Banking and contribution from Bank of the West drove good pre-provision, pre-tax growth this quarter, and our capital and liquidity position remains strong," said Darryl White, Chief Executive Officer, BMO Financial Group.
"We're accelerating efficiency initiatives and remain focused on dynamically positioning the bank for long-term growth and sustained profitability through disciplined expense and risk management.
"We're confident in the power of our integrated North American franchise and our strategy to help our clients make real financial progress. We were recently ranked first in customer satisfaction with online banking in the J.D. Power (5) 2023 Canada Online Banking Satisfaction Study, as well as being named by World Finance Magazine as the Best Private Bank, Commercial Bank, and Retail Bank in Canada and, for the first time, Best Private Bank and Commercial Bank in the United States. These recognitions are a testament to how BMO's Digital First strategy and industry-leading experiences are exceeding customers' evolving expectations and providing greater access to comprehensive one-client banking and investment products and services," concluded Mr. White.
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