Financial Results
Canadian Personal & Commercial Banking
Record PPPT² performance and strong volume growth
Adjusted¹ and reported net income up 5% Y/Y
•
Adjusted¹ and reported PPPT² up 13% Y/Y
Reported
Adjusted¹
($MM)
Q4 23
Q3 23
Q4 22
Q4 23
Q3 23
Q4 22
Net interest income
Non-interest revenue
2,166 2,129 1,961
701 656 586
2,867 2,785 2,547
1,271 1,256 1,131
1,596 1,529 1,416
269 269
174
2,166 2,129
701 656
2,867 2,785 2,547
1,265 1,245 1,131
1,602 1,540 1,416
1,961
586
269
269
174
Income before Taxes
Net Income
1,327
1,260 1,242
1,333
1,271
1,242
962
915
917
966
923
917
Efficiency Ratio (%)
ROE (%)
44.3 45.1
44.4
44.1
44.7
44.4
26.6 25.6
29.4
26.7
25.8
29.4
.
•
•
Revenue up 13% Y/Y
NII up 10% Y/Y with strong balance growth and higher
margins
NIM flat Q/Q and up 11 bps Y/Y
NIR up 20% Y/Y due to the inclusion of AIR MILES and
higher card-related revenue
Adjusted¹ and reported expenses up 12% Y/Y reflecting
the inclusion of AIR MILES and higher employee-related
costs
Adjusted¹ operating leverage 0.8% (reported 0.2%)
Total provision for credit losses $269MM (impaired
provision of $248MM and performing provision of $21MM)
Revenue
Expenses
PPPT²
Total PCL
•
Average loans up 6% Y/Y and 2% Q/Q
2.70
-
Personal & Business Banking up 5% Y/Y and 2% Q/Q
2.66
-
Cards up 20% Y/Y and 5% Q/Q
Commercial³ up 5% Y/Y and 1% Q/Q
Average deposits up 12% Y/Y and 3% Q/Q
Net Income¹ and NIM Trends
2.70
2.77
2.77
980
917 917
980
923
966
861 864
915
962
Q4'22
Q1'23
Reported Net Income ($MM)
1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results
2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT
3 Commercial loan growth excludes corporate cards and small business cards
BMOM
Q2'23
Q3'23
Q4'23
■ Adjusted Net Income ($MM) --NIM (%)
Financial Results ⚫ December 1, 2023
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