Financial Results Highlights:

 

 

• Net income of $1,387 million, up 11%; adjusted net income1 of $1,374 million, up 6%
• EPS2 of $2.05, up 10%; adjusted EPS1,2 of $2.03, up 4%
• ROE of 13.4%, compared with 13.0%; adjusted ROE1 of 13.3%, compared with 13.5%
• Provisions for credit losses of $134 million (including the benefit of a $76 million decrease in the collective allowance), compared with $257 million; specific provisions for credit losses of $210 million, compared with $257 million
• Common Equity Tier 1 Ratio of 11.2%

 

 

• Net income of $4,123 million, up 25%; adjusted net income1 of $4,199 million, up 16%
• EPS2 of $6.11, up 25%; adjusted EPS1,2 of $6.22, up 15%
• ROE of 13.7%, compared with 11.4%; adjusted ROE1 of 13.9%, compared with 12.6%
• Provisions for credit losses of $566 million, compared with $641 million; specific provisions for credit losses of $642 million, compared with $641 million

 

 

For the third quarter ended July 31, 2017, BMO Financial Group recorded net income of $1,387 million or $2.05 per share on a reported basis, and net income of $1,374 million or $2.03 per share on an adjusted basis.

 

"BMO's performance this quarter continues to demonstrate the strength of our differentiated operating model, delivering resilient earnings growth in an evolving environment, with adjusted earnings of $1.4 billion, up 6% from last year, and adjusted earnings per share of $2.03. Year-to-date, we delivered double-digit earnings growth with adjusted net income of $4.2 billion, driven by good underlying revenue growth, strong credit performance, and a focus on improving efficiency while making investments that strengthen customer relationships across all channels," said Bill Downe, Chief Executive Officer, BMO Financial Group.

 

"We are confident in the ongoing execution against our strategic priorities, grounded in a commitment to sustainability and the dedication of our over 45,000 employees to growing customer loyalty. All of our businesses are well-positioned for continued success in the current environment and over the long term," concluded Mr. Downe.

 

Return on tangible common equity (ROTCE) was 16.5% compared with 16.3% in the prior year, and adjusted ROTCE was 16.0% compared with 16.6%.

 

Concurrent with the release of results, BMO announced a fourth quarter 2017 dividend of $0.90 per common share, unchanged from the preceding quarter and up $0.04 per share and 5% from a year ago. The quarterly dividend of $0.90 per common share is equivalent to an annual dividend of $3.60 per common share.