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
/PRNewswire/ - 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.
Concurrent with the release of results, BMO announced a third
quarter 2023 dividend of $1.47
per common share, an increase of $0.04 from the prior quarter, and an increase of
$0.08 or 6% from the prior year.
The quarterly dividend of $1.47 per
common share is equivalent to an annual dividend of $5.88 per common share.
Caution
The foregoing section contains forward-looking statements.
Please refer to the Caution Regarding Forward-Looking
Statements.
(1)
|
Results and measures in
this document are presented on a generally accepted accounting
principles (GAAP) basis. They are also presented on an adjusted
basis that excluded the impact of certain specified items from
reported results. Adjusted results and ratios are non-GAAP and are
detailed for all reported periods in the Non-GAAP and Other
Financial Measures section. For details on the composition of
non-GAAP amounts, measures and ratios, as well as supplementary
financial measures, refer to the Glossary of Financial Terms
section in our Second Quarter 2023 Report to
Shareholders.
|
(2)
|
All EPS measures in
this document refer to diluted EPS, unless specified
otherwise.
|
(3)
|
Q2-2023 reported net
income included an initial provision for credit losses of $517
million ($705 million pre-tax) on the purchased Bank of the West
performing loan portfolio, acquisition and integration costs of
$549 million ($727 million pre-tax) and amortization of intangible
assets of $85 million ($115 million pre-tax). On a year-to-date
basis, reported net income in the current year included a loss of
$1,461 million ($2,011 million pre-tax) resulting from the impact
of fair value management actions related to the acquisition of Bank
of the West, acquisition and integration costs of $730 million
($966 million pre-tax), $371 million of tax expense related to
certain tax measures enacted by the Canadian government, $12
million ($15 million pre-tax) of interest expense and legal fees
related to a lawsuit associated with a predecessor bank, M&I
Marshall and Ilsley Bank, and amortization of acquisition-related
intangibles assets of $91 million ($123 million pre-tax).
Refer to the Non-GAAP and Other Financial Measures section for
further information on adjusting items.
|
(4)
|
The CET1 Ratio is
disclosed in accordance with the Office of the Superintendent of
Financial Institutions' (OSFI's) Capital Adequacy Requirements
(CAR) Guideline.
|
Note: All ratios and
percentage changes in this document are based on unrounded
numbers.
|
Significant Events
On February 1, 2023, we completed
the acquisition of Bank of the West and its subsidiaries from BNP
Paribas for a cash purchase price of US$13.8 billion. Bank of the West provides a
broad range of banking products and services, primarily in the
Western and Midwestern parts of the
United States. The acquisition strengthens our position in
North America with increased scale
and greater access to growth opportunities in strategic new
markets. We expect to complete the conversion of the Bank of the
West customer accounts and systems to our respective BMO platforms
by early September 2023. The impact of the acquisition is
reflected in our current quarter and year-to-date results as a
business combination, with operating results primarily allocated to
our U.S. P&C and BMO Wealth Management businesses based on
Bank of the West's client segmentation and allocation
methodologies, which may change after conversion.
On closing, we recognized purchase accounting fair value marks
on Bank of the West's loans and deposits of $3.0 billion and discounts on securities of
$3.5 billion on our balance
sheet in accordance with International Financial Reporting
Standards (IFRS). As previously disclosed, to manage the exposure
to capital from changes in the fair value of the assets and
liabilities of Bank of the West due to changes in interest rates
between the announcement and closing of the acquisition, we entered
into interest rate swaps that resulted in cumulative mark-to-market
gains of $5.7 billion. These
swaps were largely offset from an interest rate risk perspective
through the purchase of a portfolio of matched duration U.S.
treasuries and other balance sheet instruments. On closing, the
swaps were unwound and replaced with hedges, which in effect
crystallized the unrealized loss position on our balance sheet.
Accretion of the fair value marks and securities discounts will
increase net interest income, and the amortization of the fair
value hedge will decrease net interest income, both recorded in
Corporate Services.
As part of the acquisition, we acquired a 51% interest in
CLAAS Financial Services, LLC, a subsidiary of Bank of the West
that provides lease and loan financing to commercial entities
acquiring agricultural equipment. The fair value of ownership
interests of other partners in CLAAS Financial Services, LLC was
$16 million, and recorded in non-controlling interest on our
balance sheet.
For more information on the acquisition of Bank of the West,
refer to Note 12 of the unaudited interim consolidated
financial statements.
Second Quarter 2023 Performance Review
Adjusted results in the current quarter and the prior year
excluded the following items:
- Initial provision for credit losses of $517 million ($705
million pre-tax) on the purchased Bank of the West
performing loan portfolio in the current quarter.
- Acquisition and integration costs of $549 million ($727
million pre-tax) in the current quarter and $28 million ($37
million pre-tax) in the prior year, recorded in non-interest
expense. The current quarter included $545
million ($722 million pre-tax)
related to Bank of the West.
- Amortization of acquisition-related intangibles assets of
$85 million ($115 million pre-tax) in the current quarter and
$6 million ($8
million pre-tax) in the prior year, recorded in non-interest
expense. The current quarter included $77
million ($104 million pre-tax)
related to Bank of the West.
- A legal provision of $6 million
($7 million pre-tax) related to a
lawsuit associated with a predecessor bank, M&I Marshall and
Ilsley Bank, recorded in interest expense in the current
quarter.
- Revenue of $2,612 million
($3,555 million pre-tax) in the prior
year related to the management of the impact of interest rate
changes between the announcement and closing of the Bank of the
West acquisition on its fair value and goodwill.
- A gain of $6 million
($8 million pre-tax) and expenses of
$15 million ($18 million pre-tax) in the prior year related to
the sale of our EMEA and U.S. Asset Management business.
Adjusted results and ratios in this Second Quarter 2023
Performance Review section are on a non-GAAP basis. Refer to the
Non-GAAP and Other Financial Measures section for further
information on adjusting items. The order in which the impact on
net income is discussed in this section follows the order of
revenue, expenses and provision for credit losses, regardless of
their relative impact.
Reported net income decreased from the prior year, primarily due
to the impact of the adjusting items noted above, and adjusted net
income increased 1%, with higher revenue partially offset by
higher expenses and provisions for credit losses. Net income
increased in U.S. P&C due to the inclusion of Bank of the
West and the impact of the stronger U.S. dollar, and
decreased across all other operating groups. On a reported basis,
Corporate Services recorded a net loss compared with net
income in the prior year, and on an adjusted basis, Corporate
Services recorded a higher net loss.
The impact of the acquisition of Bank of the West (BOTW) on
our second quarter 2023 net income is reflected in the table
below.
|
Reported
|
|
Adjusted (1)
|
(Canadian $ in
millions)
|
BMO ex. BOTW
|
BOTW
|
BMO
|
|
BMO ex. BOTW
|
BOTW
|
BMO
|
Q2-2023 Summary Income
Statement
|
|
|
|
|
|
|
|
Net interest
income
|
3,905
|
909
|
4,814
|
|
3,912
|
909
|
4,821
|
Non-interest
revenue
|
3,463
|
163
|
3,626
|
|
3,463
|
163
|
3,626
|
Revenue
|
7,368
|
1,072
|
8,440
|
|
7,375
|
1,072
|
8,447
|
Insurance claims,
commissions and changes in policy benefit liabilities
(CCPB)
|
591
|
-
|
591
|
|
591
|
-
|
591
|
Revenue, net of
CCPB
|
6,777
|
1,072
|
7,849
|
|
6,784
|
1,072
|
7,856
|
Provision for credit
losses on impaired loans
|
228
|
15
|
243
|
|
228
|
15
|
243
|
Provision for credit
losses on performing loans
|
65
|
715
|
780
|
|
65
|
10
|
75
|
Total provision for
credit losses
|
293
|
730
|
1,023
|
|
293
|
25
|
318
|
Non-interest
expense
|
3,992
|
1,581
|
5,573
|
|
3,976
|
755
|
4,731
|
Provision for (recovery
of) income taxes
|
524
|
(330)
|
194
|
|
529
|
62
|
591
|
Net income
(loss)
|
1,968
|
(909)
|
1,059
|
|
1,986
|
230
|
2,216
|
(1)
|
Adjusted results
exclude certain items from reported results and are used to
calculate our adjusted measures as presented in the above table.
Management assesses performance on a reported basis and an adjusted
basis, and considers both to be useful. Revenue, net of CCPB, and
adjusted results in this table are non-GAAP. For further
information, refer to the Non-GAAP and Other Financial Measures
section, and for details on the composition of non-GAAP amounts, as
well as supplementary financial measures, refer to the Glossary of
Financial Terms section in our Second Quarter 2023 Report to
Shareholders.
|
Canadian P&C
Reported net income was $861 million, a decrease of
$79 million or 8% from the prior year, and adjusted net
income was $864 million, a decrease of $77 million
or 8%. Results reflected a 7% increase in
revenue due to higher net interest income, driven by balance
growth and higher margins, and lower non-interest
revenue, more than offset by higher expenses and a higher
provision for credit losses compared with the prior year.
U.S. P&C
Reported net income was $789 million, an increase of
$201 million or 34% from the prior year, and adjusted net
income was $866 million, an increase of $277 million
or 47% from the prior year. The impact of the stronger U.S.
dollar increased net income by 9%, revenue by 12%, and expenses
by 14%.
On a U.S. dollar basis, reported net income was
$581 million, an increase of $117 million or 25%
from the prior year, and adjusted net income was $638 million,
an increase of $173 million or 37%. Bank of the West
contributed $107 million to reported net income and
$163 million to adjusted net income. Underlying results
reflected a 9% increase in revenue, primarily due to higher
net interest income driven by higher net interest margins and loan
balances, partially offset by higher expenses and a higher
provision for credit losses.
BMO Wealth Management
Reported net income was $284 million and adjusted net
income was $285 million, both decreasing $30 million
or 10% from the prior year. Bank of the West contributed
$25 million to reported net income and $26 million to
adjusted net income. Wealth and Asset Management reported net
income was $221 million, a decrease of $26 million
or 11%, and adjusted net income was $222 million, a
decrease of $26 million or 11%. Underlying results
reflected a decrease in revenue, primarily due to the impact
of weaker global markets and lower online brokerage volumes, and
higher expenses. Insurance net income was $63 million, a
decrease of $4 million or 5% from the prior
year.
BMO Capital Markets
Reported net income was $380 million, a decrease of
$68 million or 15% from the prior year, and adjusted net
income was $388 million, a decrease of $65 million
or 14%. Results reflected revenue growth of 1%, with higher
revenue in both Global Markets and Investment and Corporate
Banking, higher expenses and a lower provision for credit
losses.
Corporate Services
Reported net loss was $1,255 million, compared with reported net
income of $2,466 million in the
prior year, and adjusted net loss was $187 million, compared
with $111 million. Reported results decreased, primarily due
to the adjusting items noted above. Adjusted results decreased,
primarily due to lower revenue and higher expenses, partially
offset by the impact of a more favourable tax rate in the current
quarter.
Capital
BMO's Common Equity Tier 1 (CET1) Ratio was 12.2% as at
April 30, 2023, a decrease
from 18.2% at the end of the first quarter of 2023,
primarily due to the acquisition of Bank of the West.
Credit Quality
Total reported provision for credit losses was $1,023 million and total adjusted provision
for credit losses was $318 million, compared with a reported
and adjusted provision of $50 million in the prior year. The
total provision for credit losses as a percentage of average net
loans and acceptances ratio was 65 basis points on a
reported basis and 20 basis points on an adjusted basis,
compared with 4 basis points on both a reported and
adjusted basis in the prior year. Adjusted provision for credit
losses excluded the initial provision on the purchased Bank of the
West performing loan portfolio of $705 million.
The provision for credit losses on impaired loans was
$243 million, an increase of $123 million from the prior
year, primarily due to higher provisions in Personal and Business
Banking in our P&C businesses. The provision for credit losses
on impaired loans as a percentage of average net loans and
acceptances ratio was 16 basis points, compared
with 10 basis points in the prior year.
The provision for credit losses on performing loans was
$780 million on a reported basis and $75 million on an
adjusted basis, compared with a reported and adjusted recovery of
$70 million in the prior year. The $780 million provision
for credit losses on performing loans in the current quarter
included the initial provision on the purchased Bank of the West
performing loan portfolio noted above. On an adjusted basis, the
$75 million provision for credit losses on performing loans in
the current quarter reflected portfolio credit migration,
model changes and economic uncertainty, partially offset by a
modest improvement in macro-economic variables, including the
continued benefit from risk transfer transactions. The
$70 million recovery of credit losses in the prior year
largely reflected reduced uncertainty as a result of the improving
pandemic environment, portfolio credit improvement and model
changes, partially offset by a deteriorating economic outlook,
increased adverse scenario weight and portfolio growth.
Refer to the Critical Accounting Estimates and Judgments section
of BMO's 2022 Annual Report and Note 4 of our audited
annual consolidated financial statements for further information on
the allowance for credit losses as at
October 31, 2022.
Supporting a Sustainable and Inclusive Future
BMO has a deep sense of purpose – to be a champion for progress
and a catalyst for change. We are leveraging our position as a
leading financial services provider in order to create
opportunities for our stakeholders and communities to make
positive, sustainable change, because we believe that success can
and must be mutual. In support of our customers, communities and
employees, we:
- Announced a $30 million
commitment to support agricultural businesses by launching Greener
Future Financing, a climate financing program to help small and
medium-sized agricultural enterprises across Canada to develop future-ready,
climate-resilient operations.
- Launched industry-leading digital pre-arrival account opening
capabilities for newcomers to Canada, as well as eligible international
students, through our expanded NewStart® program.
- Announced the 2022 award recipients of $150,000 in grants awarded to twelve Canadian
women entrepreneurs as part of the BMO Celebrating Women Grant
Program for women-owned businesses across Canada, in collaboration with Deloitte. The
program is in its third consecutive year and has supported 56
women-owned businesses to-date, with grants totalling $530,000 in both Canada and the
United States.
- Invested $15 million in Help Kids
Phone's Feel Out Loud movement to expand clinical services across
the country through its e-mental health services for youth in
Canada. As a founding partner of
Kids Help Phone, and with the help of our employees, we have raised
over $40 million to support this
program to date.
- Were named to the United Nations Principles for Responsible
Banking, Nature Target Setting Working Group, tasked with providing
guidance to global banks for setting biodiversity and nature
targets, the only Canadian bank among 34 signatories across 24
countries.
In addition, BMO's leadership continues to be acknowledged,
including:
- Recognized by Celent with two Model Bank Awards for our
financial leadership in digital transformation and our commitment
to helping customers make real financial progress. We received the
Retail Digital Banking Transformation award for our Canadian
Digital Banking modernization program and the Customer Financial
Resilience award for three of our innovative digital solutions: BMO
Savings Amplifier; BMO Same Day Grace Alert; and BMO Pre-Authorized
Payment Manager.
- Recognized by Ethisphere Institute as one of the World's Most
Ethical Companies for the sixth consecutive year and the only
Canadian bank to be recognized with this award since its inception
in 2007. The award affirms our commitment to doing what is right
and operating with transparency, good governance, and integrity in
support of a thriving economy, sustainable future, and inclusive
society.
- Included for the third consecutive year in the Globe and
Mail's 2023 Report on Business, Women Lead Here list, which
recognizes Canadian businesses for excellence in executive gender
diversity. Our commitment to the gender equality among senior
leaders remains above 40 percent since 2016, and continues to
support advancing diversity, equity, and inclusion across the
bank.
Caution
The foregoing sections contain forward-looking statements.
Please refer to the Caution Regarding Forward-Looking
Statements.
Regulatory Filings
BMO's continuous disclosure materials, including interim
filings, annual Management's Discussion and Analysis and audited
annual consolidated financial statements, Annual Information Form
and Notice of Annual Meeting of Shareholders and Proxy Circular,
are available on our website at www.bmo.com/investorrelations, on
the Canadian Securities Administrators' website at www.sedar.com,
and on the EDGAR section of the U.S. Securities and Exchange
Commission's website at www.sec.gov. Information contained in or
otherwise accessible through our website (www.bmo.com), or any
third-party websites mentioned herein, does not form part of this
document.
|
Bank of Montreal uses a unified branding approach
that links all of the organization's member companies. Bank of
Montreal, together with its subsidiaries, is known as BMO Financial
Group. In this document, the names BMO and BMO Financial Group, as
well as the words "bank", "we" and "our", mean Bank of Montreal,
together with its subsidiaries.
|
Non-GAAP and Other Financial Measures
Results and measures in this document are presented on a GAAP
basis. Unless otherwise indicated, all amounts are in Canadian
dollars and have been derived from our audited annual consolidated
financial statements prepared in accordance with International
Financial Reporting Standards (IFRS). References to GAAP mean IFRS.
We use a number of financial measures to assess our performance, as
well as the performance of our operating segments, including
amounts, measures and ratios that are presented on a non–GAAP
basis, as described below. We believe that these non–GAAP amounts,
measures and ratios, read together with our GAAP results, provide
readers with a better understanding of how management assesses
results.
Non-GAAP amounts, measures and ratios do not have standardized
meanings under GAAP. They are unlikely to be comparable to similar
measures presented by other companies and should not be viewed in
isolation from, or as a substitute for, GAAP results.
Certain information contained in BMO's Management's Discussion
and Analysis dated May 24, 2023 for
the period ended April 30, 2023
(Second Quarter 2023 Report to Shareholders) is incorporated by
reference into this document. For further details on the
composition of non-GAAP amounts, measures and ratios, including
supplementary financial measures, please refer to the Glossary of
Financial Terms section in our Second Quarter 2023 Report to
Shareholders which is available at www.sedar.com.
Our non-GAAP measures broadly fall into the following
categories:
Adjusted measures and ratios
Management considers both reported and adjusted results and
measures to be useful in assessing underlying ongoing business
performance. Adjusted results and measures remove certain specified
items from revenue, non-interest expense, provision for credit
losses and income taxes, as detailed in the following table.
Adjusted results and measures presented in this document are
non-GAAP. Presenting results on both a reported basis and an
adjusted basis permits readers to assess the impact of certain
items on results for the periods presented, and to better assess
results excluding those items that may not be reflective of ongoing
business performance. As such, the presentation may facilitate
readers' analysis of trends. Except as otherwise noted,
management's discussion of changes in reported results in this
document applies equally to changes in the corresponding adjusted
results.
Measures net of insurance claims, commissions and changes in
policy benefit liabilities (CCPB)
We also present reported and adjusted revenue on a basis that is
net of insurance claims, commissions and changes in policy benefit
liabilities (CCPB), and our efficiency ratio and operating leverage
are calculated on a similar basis. Measures and ratios presented on
a basis net of CCPB are non-GAAP. Insurance revenue can experience
variability arising from fluctuations in the fair value of
insurance assets, caused by movements in interest rates and equity
markets. The investments that support policy benefit liabilities
are predominantly fixed income assets recorded at fair value, with
changes in fair value recorded in insurance revenue in the
Consolidated Statement of Income. These fair value changes are
largely offset by changes in the fair value of policy benefit
liabilities, the impact of which is reflected in CCPB. The
presentation and discussion of revenue, efficiency ratios and
operating leverage on a net basis reduces this variability, which
allows for a better assessment of operating results. For more
information refer to the Insurance Claims, Commissions and Changes
in Policy Benefit Liabilities section in our Second Quarter 2023
Report to Shareholders.
Tangible common equity and return on tangible common
equity
Tangible common equity is calculated as common shareholders'
equity less goodwill and acquisition-related intangible assets, net
of related deferred tax liabilities. Return on tangible common
equity is commonly used in the North American banking industry and
is meaningful because it measures the performance of businesses
consistently, whether they were acquired or developed
organically.
Caution
This Non-GAAP and Other Financial Measures section contains
forward-looking statements. Please refer to the Caution Regarding
Forward-Looking Statements.
Non-GAAP and Other Financial Measures
(Canadian $ in
millions, except as noted)
|
Q2-2023
|
Q1-2023
|
Q2-2022
|
YTD-2023
|
YTD-2022
|
Reported Results
|
|
|
|
|
|
Net interest
income
|
4,814
|
4,021
|
3,902
|
8,835
|
7,921
|
Non-interest
revenue
|
3,626
|
2,449
|
5,416
|
6,075
|
9,120
|
Revenue
|
8,440
|
6,470
|
9,318
|
14,910
|
17,041
|
Insurance claims,
commissions and changes in policy benefit liabilities
(CCPB)
|
(591)
|
(1,193)
|
808
|
(1,784)
|
727
|
Revenue, net of
CCPB
|
7,849
|
5,277
|
10,126
|
13,126
|
17,768
|
Provision for credit
losses
|
(1,023)
|
(217)
|
(50)
|
(1,240)
|
49
|
Non-interest
expense
|
(5,573)
|
(4,421)
|
(3,713)
|
(9,994)
|
(7,559)
|
Income before income
taxes
|
1,253
|
639
|
6,363
|
1,892
|
10,258
|
Provision for income
taxes
|
(194)
|
(392)
|
(1,607)
|
(586)
|
(2,569)
|
Net income
|
1,059
|
247
|
4,756
|
1,306
|
7,689
|
Diluted EPS
($)
|
1.30
|
0.30
|
7.13
|
1.62
|
11.57
|
Adjusting Items Impacting Revenue
(Pre-tax)
|
|
|
|
|
|
Impact of
divestitures (1)
|
-
|
-
|
8
|
-
|
(21)
|
Management of fair
value changes on the purchase of Bank of the West
(2)
|
-
|
(2,011)
|
3,555
|
(2,011)
|
4,117
|
Legal provision
(3)
|
(7)
|
(6)
|
-
|
(13)
|
-
|
Impact of adjusting
items on revenue (pre-tax)
|
(7)
|
(2,017)
|
3,563
|
(2,024)
|
4,096
|
Adjusting Items Impacting Provision for Credit Losses
(Pre-tax)
|
|
|
|
|
|
Initial provision for
credit losses on purchased performing loans (pre-tax)
(6)
|
(705)
|
-
|
-
|
(705)
|
-
|
Adjusting Items Impacting Non-Interest Expense
(Pre-tax)
|
|
|
|
|
|
Acquisition and
integration costs (4)
|
(727)
|
(239)
|
(37)
|
(966)
|
(49)
|
Amortization of
acquisition-related intangible assets (5)
|
(115)
|
(8)
|
(8)
|
(123)
|
(16)
|
Impact of
divestitures (1)
|
-
|
-
|
(18)
|
-
|
(15)
|
Legal provision
(3)
|
-
|
(2)
|
-
|
(2)
|
-
|
Impact of adjusting
items on non-interest expense (pre-tax)
|
(842)
|
(249)
|
(63)
|
(1,091)
|
(80)
|
Impact of adjusting
items on reported net income (pre-tax)
|
(1,554)
|
(2,266)
|
3,500
|
(3,820)
|
4,016
|
Adjusting Items Impacting Revenue
(After-tax)
|
|
|
|
|
|
Impact of
divestitures (1)
|
-
|
-
|
6
|
-
|
(23)
|
Management of fair
value changes on the purchase of Bank of the West
(2)
|
-
|
(1,461)
|
2,612
|
(1,461)
|
3,025
|
Legal provision
(3)
|
(6)
|
(5)
|
-
|
(11)
|
-
|
Impact of adjusting
items on revenue (after-tax)
|
(6)
|
(1,466)
|
2,618
|
(1,472)
|
3,002
|
Adjusting Items Impacting Provision for Credit Losses
(After-tax)
|
|
|
|
|
|
Initial provision for
credit losses on purchased performing loans (after-tax)
(6)
|
(517)
|
-
|
-
|
(517)
|
-
|
Adjusting Items Impacting Non-Interest Expense
(After-tax)
|
|
|
|
|
|
Acquisition and
integration costs (4)
|
(549)
|
(181)
|
(28)
|
(730)
|
(38)
|
Amortization of
acquisition-related intangible assets (5)
|
(85)
|
(6)
|
(6)
|
(91)
|
(12)
|
Impact of
divestitures (1)
|
-
|
-
|
(15)
|
-
|
(34)
|
Legal provision
(3)
|
-
|
(1)
|
-
|
(1)
|
-
|
Impact of adjusting
items on non-interest expense (after-tax)
|
(634)
|
(188)
|
(49)
|
(822)
|
(84)
|
Adjusting Items Impacting Provision for Income
Taxes
|
|
|
|
|
|
Impact of Canadian tax
measures (7)
|
-
|
(371)
|
-
|
(371)
|
-
|
Impact of adjusting
items on reported net income (after-tax)
|
(1,157)
|
(2,025)
|
2,569
|
(3,182)
|
2,918
|
Impact on diluted
EPS ($)
|
(1.63)
|
(2.92)
|
3.90
|
(4.53)
|
4.45
|
Adjusted Results
|
|
|
|
|
|
Net interest
income
|
4,821
|
4,410
|
3,780
|
9,231
|
7,754
|
Non-interest
revenue
|
3,626
|
4,077
|
1,975
|
7,703
|
5,191
|
Revenue
|
8,447
|
8,487
|
5,755
|
16,934
|
12,945
|
Insurance claims,
commissions and changes in policy benefit liabilities
(CCPB)
|
(591)
|
(1,193)
|
808
|
(1,784)
|
727
|
Revenue, net of
CCPB
|
7,856
|
7,294
|
6,563
|
15,150
|
13,672
|
Provision for credit
losses
|
(318)
|
(217)
|
(50)
|
(535)
|
49
|
Non-interest
expense
|
(4,731)
|
(4,172)
|
(3,650)
|
(8,903)
|
(7,479)
|
Income before income
taxes
|
2,807
|
2,905
|
2,863
|
5,712
|
6,242
|
Provision for income
taxes
|
(591)
|
(633)
|
(676)
|
(1,224)
|
(1,471)
|
Net income
|
2,216
|
2,272
|
2,187
|
4,488
|
4,771
|
Diluted EPS
($)
|
2.93
|
3.22
|
3.23
|
6.15
|
7.12
|
(1)
|
Reported net income
included the impact of divestitures of our EMEA and U.S. Asset
Management business. Q2-2022 included a gain of $6 million
($8 million pre-tax) relating to the transfer of certain U.S.
asset management clients recorded in revenue, and expenses of
$15 million ($18 million pre-tax), both related to the
sale of our EMEA Asset Management business. Q1-2022 included a
$29 million (pre-tax and after-tax) loss relating to foreign
currency translation reclassified from accumulated other
comprehensive income to non-interest revenue, a $3 million
pre-tax net recovery of non-interest expense, including taxes of
$22 million on closing of the sale of our EMEA Asset
Management business. These amounts were recorded in Corporate
Services.
|
(2)
|
Reported net income
included revenue (losses) related to the acquisition of Bank of the
West resulting from the management of the impact of interest rate
changes between the announcement and closing on its fair value and
goodwill. Q1-2023 included a loss of $1,461 million ($2,011 million
pre-tax), comprising $1,628 million of pre-tax mark-to-market
losses on certain interest rate swaps recorded in trading revenue
and $383 million of pre-tax losses on a portfolio of primarily U.S.
treasuries and other balance sheet instruments recorded in net
interest income, and Q2-2022 included revenue of $2,612 million
($3,555 million pre-tax), comprising $3,433 million of pre-tax
mark-to-market gains and $122 million of pre-tax net interest
income. YTD-2022 included revenue of $3,025 million ($4,117 million
pre-tax), comprising $3,950 million of pre-tax mark-to-market gains
and $167 million of pre-tax interest income. These amounts were
recorded in Corporate Services. For further information on this
acquisition, refer to the Significant Events section.
|
(3)
|
Reported net income
included the impact of a lawsuit associated with a predecessor
bank, M&I Marshall and Ilsley Bank. Q2-2023 included interest
expense of $6 million ($7 million pre-tax) and Q1-2023
included $6 million ($8 million pre-tax), comprising
interest expense of $6 million pre-tax and legal fees of
$2 million pre-tax. These amounts were recorded in Corporate
Services. For further information, refer to the Provisions and
Contingent Liabilities section in Note 24 of the audited
annual consolidated financial statements of BMO's 2022 Annual
Report.
|
(4)
|
Reported net income
included acquisition and integration costs recorded in non-interest
expense. Costs related to the acquisition of Bank of the West were
recorded in Corporate Services: Q2-2023 included $545 million ($722
million pre-tax), Q1-2023 included $178 million ($235 million
pre-tax), and Q2-2022 included $26 million ($35 million pre-tax).
YTD-2023 included $723 million ($957 million pre-tax) and YTD-2022
included $33 million ($43 million pre-tax). Costs related to
Radicle and Clearpool were recorded in BMO Capital Markets: Q2-2023
included $2 million ($2 million pre-tax), Q1-2023
included $3 million ($4 million pre-tax), and Q2-2022
included $2 million ($2 million pre-tax). YTD-2023
included $5 million ($6 million pre-tax) and YTD-2022
included $5 million ($6 million pre-tax) for YTD-2022.
Costs related to the announced acquisition of AIR MILES®
were recorded in P&C Canada: Q2-2023 included $2 million
($3 million pre-tax).
|
(5)
|
Reported net income
included amortization of acquisition-related intangible assets
recorded in non-interest expense in the related operating group and
was $85 million ($115 million pre-tax) in Q2-2023 and $6 million
($8 million) in both Q1-2023 and Q2-2022. YTD-2023 included $91
million ($123 million pre-tax) and YTD-2022 included $12 million
($16 million pre-tax). The current quarter included $77 million
($104 million pre-tax) related to Bank of the West.
|
(6)
|
Q2-2023 reported net
income included an initial provision for credit losses of $517
million ($705 million pre-tax) on the purchased Bank of the West
performing loan portfolio, recorded in Corporate
Services.
|
(7)
|
Q1-2023 reported net
income included a one-time tax expense of $371 million related to
certain tax measures enacted by the Canadian government, comprising
a Canada Recovery Dividend (CRD) of $312 million and
$59 million related to the pro-rated fiscal 2022 impact
of the 1.5% tax rate increase, net of a deferred tax asset
remeasurement, recorded in Corporate Services.
|
Summary of Reported and Adjusted Results by Operating
Group
|
|
|
|
BMO Wealth
|
BMO Capital
|
Corporate
|
|
U.S. Segment (1)
|
(Canadian $ in
millions, except as noted)
|
Canadian P&C
|
U.S. P&C
|
Total P&C
|
Management
|
Markets
|
Services
|
Total Bank
|
(US $ in
millions)
|
Q2-2023
|
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
861
|
789
|
1,650
|
284
|
380
|
(1,255)
|
1,059
|
(104)
|
Acquisition and
integration costs
|
2
|
-
|
2
|
-
|
2
|
545
|
549
|
400
|
Amortization of
acquisition-related intangible assets
|
1
|
77
|
78
|
1
|
6
|
-
|
85
|
61
|
Legal
provision
|
-
|
-
|
-
|
-
|
-
|
6
|
6
|
4
|
Initial provision for
credit losses on purchased
|
|
|
|
|
|
|
|
|
performing
loans
|
-
|
-
|
-
|
-
|
-
|
517
|
517
|
379
|
Adjusted net income
(loss)
|
864
|
866
|
1,730
|
285
|
388
|
(187)
|
2,216
|
740
|
Q1-2023
|
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
980
|
698
|
1,678
|
277
|
503
|
(2,211)
|
247
|
(558)
|
Acquisition and
integration costs
|
-
|
-
|
-
|
-
|
3
|
178
|
181
|
132
|
Amortization of
acquisition-related intangible assets
|
-
|
1
|
1
|
1
|
4
|
-
|
6
|
4
|
Management of fair
value changes on the purchase of
|
|
|
|
|
|
|
|
|
Bank of the
West
|
-
|
-
|
-
|
-
|
-
|
1,461
|
1,461
|
1,093
|
Legal
provision
|
-
|
-
|
-
|
-
|
-
|
6
|
6
|
5
|
Impact of Canadian tax
measures
|
-
|
-
|
-
|
-
|
-
|
371
|
371
|
-
|
Adjusted net income
(loss)
|
980
|
699
|
1,679
|
278
|
510
|
(195)
|
2,272
|
676
|
Q2-2022
|
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
940
|
588
|
1,528
|
314
|
448
|
2,466
|
4,756
|
2,656
|
Acquisition and
integration costs
|
-
|
-
|
-
|
-
|
2
|
26
|
28
|
23
|
Amortization of
acquisition-related intangible assets
|
1
|
1
|
2
|
1
|
3
|
-
|
6
|
4
|
Impact of
divestitures
|
-
|
-
|
-
|
-
|
-
|
9
|
9
|
(2)
|
Management of fair
value changes on the purchase of
|
|
|
|
|
|
|
|
|
Bank of the
West
|
-
|
-
|
-
|
-
|
-
|
(2,612)
|
(2,612)
|
(2,062)
|
Adjusted net income
(loss)
|
941
|
589
|
1,530
|
315
|
453
|
(111)
|
2,187
|
619
|
YTD-2023
|
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
1,841
|
1,487
|
3,328
|
561
|
883
|
(3,466)
|
1,306
|
(662)
|
Acquisition and
integration costs
|
2
|
-
|
2
|
-
|
5
|
723
|
730
|
532
|
Amortization of
acquisition-related intangible assets
|
1
|
78
|
79
|
2
|
10
|
-
|
91
|
65
|
Management of fair
value changes on the purchase of
|
|
|
|
|
|
|
|
|
Bank of the
West
|
-
|
-
|
-
|
-
|
-
|
1,461
|
1,461
|
1,093
|
Legal
provision
|
-
|
-
|
-
|
-
|
-
|
12
|
12
|
9
|
Impact of Canadian tax
measures
|
-
|
-
|
-
|
-
|
-
|
371
|
371
|
-
|
Initial provision for
credit losses on purchased
|
|
|
|
|
|
|
|
|
performing
loans
|
-
|
-
|
-
|
-
|
-
|
517
|
517
|
379
|
Adjusted net income
(loss)
|
1,844
|
1,565
|
3,409
|
563
|
898
|
(382)
|
4,488
|
1,416
|
YTD-2022
|
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
1,944
|
1,269
|
3,213
|
629
|
1,153
|
2,694
|
7,689
|
3,801
|
Acquisition and
integration costs
|
-
|
-
|
-
|
-
|
5
|
33
|
38
|
30
|
Amortization of
acquisition-related intangible assets
|
1
|
2
|
3
|
2
|
7
|
-
|
12
|
8
|
Impact of
divestitures
|
-
|
-
|
-
|
-
|
-
|
57
|
57
|
(42)
|
Management of fair
value changes on the purchase of
|
|
|
|
|
|
|
|
|
Bank of the
West
|
-
|
-
|
-
|
-
|
-
|
(3,025)
|
(3,025)
|
(2,387)
|
Adjusted net income
(loss)
|
1,945
|
1,271
|
3,216
|
631
|
1,165
|
(241)
|
4,771
|
1,410
|
(1)
|
U.S. segment reported
and adjusted results comprise net income recorded in U.S. P&C
and our U.S. operations in BMO Wealth Management, BMO Capital
Markets and Corporate Services.
|
Refer to footnotes (1)
to (7) in the Non-GAAP and Other Financial Measures table for
details on adjusting items.
|
Return on Equity and Return on Tangible Common Equity
(Canadian $ in
millions, except as noted)
|
Q2-2023
|
Q1-2023
|
Q2-2022
|
YTD-2023
|
YTD-2022
|
Reported net
income
|
1,059
|
247
|
4,756
|
1,306
|
7,689
|
Net income attributable
to non-controlling interest in subsidiaries
|
3
|
-
|
-
|
3
|
-
|
Net income attributable
to bank shareholders
|
1,056
|
247
|
4,756
|
1,303
|
7,689
|
Dividends on preferred
shares and distributions on other equity instruments
|
(127)
|
(38)
|
(52)
|
(165)
|
(107)
|
Net income available to
common shareholders (A)
|
929
|
209
|
4,704
|
1,138
|
7,582
|
After-tax amortization
of acquisition-related intangible assets
|
85
|
6
|
6
|
91
|
12
|
Net income available to
common shareholders after adjusting for amortization of
|
|
|
|
|
|
acquisition-related intangible assets
(B)
|
1,014
|
215
|
4,710
|
1,229
|
7,594
|
After-tax impact of
other adjusting items (1)
|
1,072
|
2,019
|
(2,575)
|
3,091
|
(2,930)
|
Adjusted net income
available to common shareholders (C)
|
2,086
|
2,234
|
2,135
|
4,320
|
4,664
|
Average common
shareholders' equity (D)
|
67,792
|
66,015
|
55,843
|
66,889
|
54,574
|
Return on equity
(%) (= A/D) (2)
|
5.6
|
1.3
|
34.5
|
3.4
|
28.0
|
Adjusted return on
equity (%) (= C/D) (2)
|
12.6
|
13.4
|
15.7
|
13.0
|
17.2
|
Average tangible common
equity (E) (3)
|
49,818
|
60,882
|
51,022
|
55,442
|
49,705
|
Return on tangible
common equity (%) (= B/E)
(2)
|
8.4
|
1.4
|
37.9
|
4.5
|
30.8
|
Adjusted return on
tangible common equity (%) (= C/E)
(2)
|
17.2
|
14.6
|
17.2
|
15.7
|
18.9
|
(1)
|
Refer to footnotes (1)
to (7) in the Non-GAAP and Other Financial Measures table for
details on adjusting items.
|
(2)
|
Quarterly calculations
are on an annualized basis.
|
(3)
|
Average tangible common
equity is average common shareholders' equity (D above) adjusted
for goodwill of $16,217 million in Q2-2023, $5,283 million in
Q1-2023, and $4,943 million in Q2-2022; $10,659 million for
YTD-2023 and $4,988 million for YTD-2022; acquisition-related
intangible assets of $2,824 million in Q2-2023, $115 million in
Q1-2023, and $130 million in Q2-2022; $1,447 million for YTD-2023
and $134 million for YTD-2022; net of related deferred tax
liabilities of $1,053 million in Q2-2023, $265 million in Q1-2023,
and $252 million in Q2-2022; $653 million for YTD-2023 and $253
million for YTD-2022.
|
Caution Regarding Forward-Looking Statements
Bank of Montreal's public
communications often include written or oral forward-looking
statements. Statements of this type are included in this document
and may be included in other filings with Canadian securities
regulators or the U.S. Securities and Exchange Commission, or in
other communications. All such statements are made pursuant to the
"safe harbor" provisions of, and are intended to be forward-looking
statements under, the United
States Private Securities Litigation Reform Act of
1995 and any applicable Canadian securities legislation.
Forward-looking statements in this document may include, but are
not limited to, statements with respect to our objectives and
priorities for fiscal 2023 and beyond, our strategies or future
actions, our targets and commitments (including with respect to our
Climate Ambition and net zero emissions), expectations for our
financial condition, capital position, the regulatory environment
in which we operate, the results of, or outlook for, our operations
or the Canadian, U.S. and international economies, plans for the
combined operations of BMO and Bank of the West, the timing for
converting Bank of the West customer accounts and systems onto our
respective BMO platforms, and the financial, operational and
capital impacts of the transaction, and include statements made by
our management. Forward-looking statements are typically identified
by words such as "will", "would", "should", "believe", "expect",
"anticipate", "project", "intend", "estimate", "plan", "commit",
"target", "may", "schedule", "forecast", "outlook", "seek" and
"could" or negative or grammatical variations thereof.
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties,
both general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove
to be accurate, that our assumptions may not be correct, and that
actual results may differ materially from such predictions,
forecasts, conclusions or projections. We caution readers of this
document not to place undue reliance on our forward-looking
statements, as a number of factors – many of which are beyond our
control and the effects of which can be difficult to predict –
could cause actual future results, conditions, actions or events to
differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including, but not limited to:
general economic and market conditions in the countries in which we
operate, including labour challenges; the impact of adverse
developments affecting the U.S. and global banking industry,
including the risk of bank failures and liquidity concerns, the
heightening of economic and market volatility, and regulatory
responses to such developments; the anticipated benefits from
acquisitions, including Bank of the West, such as potential
synergies, accretion to adjusted earnings per share (EPS), and
operational efficiencies, are not realized; changes to our credit
ratings; the emergence or continuation of widespread health
emergencies or pandemics, and their impact on local, national or
international economies, as well as their heightening of certain
risks that may affect our future results; information, privacy and
cybersecurity, including the threat of data breaches, hacking,
identity theft and corporate espionage, as well as the possibility
of denial of service resulting from efforts targeted at causing
system failure and service disruption; benchmark interest rate
reforms; technological changes and technology resiliency; political
conditions, including changes relating to, or affecting, economic
or trade matters; climate change and other environmental and social
risk; the Canadian housing market and consumer leverage;
inflationary pressures; global supply-chain disruptions; changes in
monetary, fiscal, or economic policy; changes in laws, including
tax legislation and interpretation, or in supervisory expectations
or requirements, including capital, interest rate and liquidity
requirements and guidance, and the effect of such changes on
funding costs; weak, volatile or illiquid capital or credit
markets; the level of competition in the geographic and business
areas in which we operate; exposure to, and the resolution of,
significant litigation or regulatory matters, our ability to
successfully appeal adverse outcomes of such matters and the
timing, determination and recovery of amounts related to such
matters; the accuracy and completeness of the information we obtain
with respect to our customers and counterparties; failure of third
parties to comply with their obligations to us; our ability to
execute our strategic plans, complete proposed acquisitions or
dispositions and integrate acquisitions, including obtaining
regulatory approvals; critical accounting estimates and judgments,
and the effects of changes to accounting standards, rules and
interpretations on these estimates; operational and infrastructure
risks, including with respect to reliance on third parties; global
capital markets activities; the possible effects on our business of
war or terrorist activities; natural disasters and disruptions to
public infrastructure, such as transportation, communications,
power or water supply; and our ability to anticipate and
effectively manage risks arising from all of the foregoing
factors.
We caution that the foregoing list is not exhaustive of all
possible factors. Other factors and risks could adversely affect
our results. For more information, please refer to the discussion
in the Risks That May Affect Future Results section, and the
sections related to credit and counterparty, market, insurance,
liquidity and funding, operational non-financial, legal and
regulatory, strategic, environmental and social, and reputation
risk, in the Enterprise-Wide Risk Management section of BMO's
2022 Annual Report, and the Risk Management section in our
Second Quarter 2023 Report to Shareholders, all of which outline
certain key factors and risks that may affect our future results.
Investors and others should carefully consider these factors and
risks, as well as other uncertainties and potential events, and the
inherent uncertainty of forward-looking statements. We do not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time by the organization or
on its behalf, except as required by law. The forward-looking
information contained in this document is presented for the purpose
of assisting shareholders and analysts in understanding our
financial position as at and for the periods ended on the dates
presented, as well as our strategic priorities and objectives, and
may not be appropriate for other purposes.
Material economic assumptions underlying the forward-looking
statements contained in this document include those set out in the
Economic Developments and Outlook section of BMO's 2022 Annual
Report, as updated in the Economic Developments and Outlook section
in our Second Quarter 2023 Report to Shareholders, as well as
in the Allowance for Credit Losses section of BMO's 2022
Annual Report, as updated in the Allowance for Credit Losses
section in our Second Quarter 2023 Report to Shareholders.
Assumptions about the performance of the Canadian and U.S.
economies, as well as overall market conditions and their combined
effect on our business, are material factors we consider when
determining our strategic priorities, objectives and expectations
for our business. Assumptions about our integration plan, the
efficiency and duration of integration and the alignment of
organizational responsibilities were material factors we considered
in estimating pre-tax cost synergies and integration costs.
Assumptions about BMO's current and expected financial performance
(including balance sheet, income statement and regulatory capital
figures), expected cost and revenue synergies (and timing to
achieve) relating to the Bank of the West acquisition, and current
and future foreign exchange rates, interest rates and shares
outstanding were material factors considered in estimating adjusted
EPS accretion.
In determining our expectations for economic growth, we
primarily consider historical economic data, past relationships
between economic and financial variables, changes in government
policies, and the risks to the domestic and global
economy.
INVESTOR AND MEDIA INFORMATION
Investor Presentation Materials
Interested parties are invited to visit BMO's website at
www.bmo.com/investorrelations to review the 2022 Annual
MD&A and audited annual consolidated financial statements,
quarterly presentation materials and supplementary financial and
regulatory information package.
Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly
conference call on Wednesday, May 24, 2023, at
8.15 a.m. (ET). The call may be
accessed by telephone at 416-340-2217 (from within Toronto) or 1-800-952-5114 (toll-free outside
Toronto), entering Passcode:
1375068#. A replay of the conference call can be accessed until
June 24, 2023, by calling 905-694-9451 (from within
Toronto) or 1-800-408-3053
(toll-free outside Toronto) and
entering Passcode: 7622562#.
A live webcast of the call can be accessed on our website at
www.bmo.com/investorrelations. A replay can also be accessed on the
website.
Shareholder Dividend Reinvestment and Share
Purchase
Plan (the
Plan)
Average market price as
defined under DRIP
February 2023:
$128.52
March 2023:
$117.77
April 2023:
$122.15
For dividend information, change in shareholder
address
or to advise of duplicate mailings, please
contact
Computershare Trust
Company of Canada
100 University Avenue,
8th Floor
Toronto, Ontario M5J
2Y1
Telephone:
1-800-340-5021 (Canada and the United States)
Telephone: (514)
982-7800 (international)
Fax: 1-888-453-0330
(Canada and the United States)
Fax: (416) 263-9394
(international)
E-mail:
service@computershare.com
|
For other shareholder information, please
contact
Bank of
Montreal
Shareholder
Services
Corporate Secretary's
Department
One First Canadian
Place, 21st Floor
Toronto, Ontario M5X
1A1
Telephone: (416)
867-6785
E-mail:
corp.secretary@bmo.com
For further information on this document, please
contact
Bank of
Montreal
Investor Relations
Department
P.O. Box 1, One First
Canadian Place, 10th Floor
Toronto, Ontario M5X
1A1
To review financial results and regulatory filings
and disclosures
online, please visit BMO's website at
www.bmo.com/investorrelations.
|
BMO's 2022 Annual
MD&A, audited consolidated financial statements, annual
information form and annual report on Form 40-F (filed with the
U.S. Securities and Exchange Commission) are available online at
www.bmo.com/investorrelations and at www.sedar.com. Printed copies
of the bank's complete 2022 audited consolidated financial
statements are available free of charge upon request at
416-867-6785 or corp.secretary@bmo.com.
|
® Registered trademark of Bank of Montreal
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SOURCE BMO Financial Group