Q2 F2023 - Bank of the West Contribution & Financial Results
Q2 F2023 - Bank of the West Contribution
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Bank of the West (BOTW)
contributed $1,072MM revenue,
$755MM to adjusted¹ expenses
(reported $1,581MM) and
$230MM to adjusted¹ net income
(reported net loss of $909MM)
Revenue includes $103MM
accretion of the fair value mark
on loans, deposits and securities,
net of the negative carry on the
rate mark hedge, all recorded in
Corporate Services
Remain on track to complete
system conversion and BMO
Net Revenue³
Expenses
PPPT²
Total PCL
Income (Loss) before Taxes
Reported
Adjusted¹
($MM)
BMO ex.
BOTW
BMO ex.
BOTW
BMO
BOTW
BMO
BOTW
Gross Revenue
7,368
1,072
8,440
7,375
1,072
8,447
Less: CCPB³
591
591
591
591
6,777
1,072
7,849
6,784
1,072
7,856
3,992
1,581
5,573
3,976
755
4,731
2,785
(509)
2,276
2,808
317
3,125
293
730
1,023
293
25
318
2,492
(1,239)
1,253
2,515
292
2,807
Net Income (Loss)
1,968
(909)
1,059
1,986
230
2,216
Net Income (Loss) U.S. Segment US$
563
(667)
(104)
571
169
740
brand unification on Labour Day
weekend
Average Gross Loans and Acceptances
567,361
78,715
646,076
567,361
78,715
646,076
Executing our plan to achieve run
rate expense synergies of
US$670MM pre-tax by the start of
Q2'24
Efficiency Ratio³ (%)
NIM ex. Trading
Average Deposits
792,947
90,279
883,226
792,947
90,279
883,226
58.9
1.68
147.5
71.0
58.6
70.4
60.2
3.48
1.88
1.69
3.48
1.88
This slide contains forward-looking statements, please refer to the caution on slide 2
1 Adjusted results and measures are non-GAAP, see slide 40 for more information and slide 41 for adjustments to reported results
2 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 40 for more information and slide 44 for calculation of PPPT
3 Reported and adjusted net revenue and measures calculated based on net revenue are non-GAAP measures. Net revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB).
Efficiency ratio is calculated based on net revenue and is also a non-GAAP measure. See slide 40 for more information and slide 43 for calculation of net revenue
4 See the Significant Events section of BMO's Second Quarter 2023 MD&A and slide 23 for more information, and slide 39 for results in USD
BMOM
Financial Results May 24, 2023
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