Financial Results
Summary of Reported and Adjusted Results by Operating Group
(Canadian $ in millions unless otherwise stated)
Canadian P&C
Reported Net Income
Q4 23
962
Q3 23
915
Q2 23
Q1 23
Q4 22
F2023
F2022
861
980
917
3,718
3,826
Acquisition and integration costs
1
6
2
9
Amortization of acquisition-related intangible assets
3
2
1
6
1
Adjusted Net Income
966
923
864
980
917
3,733
3,827
U.S. P&C
Reported Net Income
486
431
581
520
488
2,018
1,933
(USD)
Amortization of acquisition-related intangible assets
57
58
57
1
1
173
4
Adjusted Net Income
543
489
638
521
489
2,191
1,937
BMO Wealth Management Reported Net Income
262
303
284
277
298
1,126
1,251
Amortization of acquisition-related intangible assets
1
1
1
1
4
3
Adjusted Net Income
263
304
285
278
298
1,130
1,254
BMO Capital Markets
Reported Net Income
489
310
380
503
357
1,682
1,772
Acquisition and integration costs
(2)
1
2
3
2
4
8
Amortization of acquisition-related intangible assets
5
5
6
4
4
20
14
Adjusted Net Income
492
316
388
510
363
1,706
1,794
Corporate Services
Reported Net Income (loss)
(757)
(650)
(1,255)
(2,211)
2,251
(4,873)
4,191
Impact of divestitures
(8)
55
Management of Fair Value Changes on the Purchase of Bank of the West
1,461
(3,336)
1,461
(5,667)
Acquisition and integration costs
434
363
545
178
143
1,520
237
Legal provision (including related interest expense and legal fees)
12
(3)
6
6
846
21
846
Impact of Canadian tax measures
131
371
502
Initial provision for credit losses on purchased performing loans
517
517
Adjusted Net Income
(311)
(159)
(187)
(195)
(104)
(852)
(338)
Total Bank
Reported Net Income
1,617
1,454
1,059
247
4,483
4,377
13,537
Impact of divestitures
Management of Fair Value Changes on the Purchase of Bank of the West
Acquisition and integration costs
433
370
549
Amortization of acquisition-related intangible assets
88
85
Legal provision (including related interest expense and legal fees)
Impact of Canadian tax measures
12
(3)
131
Initial provision for credit losses on purchased performing loans
Adjusted Net Income
517
2,150
2,037
2,216
U.S. Segment
Reported Net Income (loss)
388
364
(104)
(USD)
Impact of divestitures
Management of Fair Value Changes on the Purchase of Bank of the West
Acquisition and integration costs
317
275
400
Amortization of acquisition-related intangible assets
61
60
Legal provision (including related interest expense and legal fees)
8
(2)
Initial provision for credit losses on purchased performing loans
Adjusted Net Income
379
774
697
740
ཊྛ8་ྲཛྱེ།|Sk|。8ཙི| |
(8)
55
1,461
(3,336)
1,461
(5,667)
181
145
1,533
245
6
6
264
23
6
846
21
846
371
502
517
2,272
2,136
8,675
9,039
(558)
2,306
90
6,079
(3)
(45)
1,093
(2,470)
1,093
(4,312)
132
106
1,124
185
4
4
186
17
5
621
15
621
379
676
564
2,887
2,545
Refer to footnotes (1) to (7) in the Non-GAAP and other Financial Measures table on slide 40 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections
of the 2023 Annual MD&A for further information
BMOM
Financial Results ⚫ December 1, 2023
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