Canadian Personal & Commercial Banking - Financial Results
Net Revenue, Efficiency Ratio and Operating Leverage
Q4 22
Q3 22
Canadian $ in millions unless otherwise stated)
Q3 23
Q2 23
Q1 23
YTD 23
YTD 22
Total Bank
Total revenue
7,929
8,440
6,470
10,570
6,099
22,839
23,140
Reported
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
4
591
1,193
(369)
413
1,788
(314)
Revenue, net of CCPB
7,925
7,849
5,277
10,939
5,686
21,051
23,454
Non-interest expense
5,638
5,573
4,421
4,776
3,859
15,632
11,418
Efficiency ratio
71.1 %
66.0 %
68.3 %
45.2 %
63.3 %
68.4 %
49.3 %
Efficiency ratio, net of CCPB
71.1 %
71.0 %
83.8 %
43.7 %
67.9 %
74.3 %
48.7 %
Revenue growth
30.0 %
(9.4)%
(16.2)%
60.9 %
(19.4)%
(1.3)%
12.3 %
Revenue growth, net of CCPB
39.3 %
(22.5)%
(31.0)%
68.9 %
(13.6)%
(10.3)%
21.5 %
Non-interest expense growth
46.1 %
50.0 %
15.0 %
25.6 %
4.8 %
36.9 %
(2.5)%
Operating leverage
(16.1)%
(59.4)%
(31.2)%
35.3 %
(24.2)%
(38.2)%
14.8 %
Operating Leverage, net of CCPB
(6.8)%
(72.5)%
(46.0)%
43.3%
(18.4)%
(47.2)%
24.0 %
Total Bank
Total revenue
8,070
8,447
8,487
6,544
7,044
25,004
19,989
Adjusted (1)
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
4
591
1,193
(369)
413
1,788
(314)
Revenue, net of CCPB
8,066
7,856
7,294
6,913
6,631
23,216
20,303
Non-interest expense
5,011
4,731
4,172
3,954
3,761
13,914
11,240
Efficiency ratio, net of CCPB
62.1 %
60.2%
57.2 %
57.2 %
56.7 %
59.9%
55.4 %
Revenue growth, net of CCPB
21.6 %
19.7 %
2.6 %
6.7 %
0.8 %
14.3 %
5.3 %
Non-interest expense growth
33.2 %
29.5 %
9.0 %
6.3%
2.7 %
23.8 %
3.8%
Operating Leverage, net of CCPB
(11.6)%
(9.8)%
(6.4)%
0.4 %
(1.9)%
(9.5)%
1.5 %
BMO Wealth Management Total revenue
Reported
1,422
1,960
2,504
930
1,705
5,886
3,594
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
4
591
1,193
(369)
413
1,788
(314)
Revenue, net of CCPB
1,418
1,369
1,311
1,299
1,292
4,098
3,908
Non-interest expense
1,011
993
946
901
881
2,950
2,663
Efficiency ratio
71.1 %
50.6 %
37.8 %
96.8 %
51.7 %
50.1 %
74.1 %
Efficiency ratio, net of CCPB
71.4 %
72.5 %
72.1 %
69.3 %
68.3 %
72.0 %
68.2 %
Revenue growth
Revenue growth, net of CCPB
(16.6)%
9.8 %
305.1 %
78.2 %
(39.3)%
(29.7)%
63.8 %
(34.9)%
5.9 %
(0.9)%
(9.7)%
(10.4)%
4.9 %
(7.3)%
Non-interest expense growth
14.8 %
13.6 %
4.2 %
(8.9)%
(6.6)%
10.8 %
(6.7)%
Operating leverage
(31.4)%
291.5 %
74.0 %
(30.4)%
(23.1)%
53.0%
(28.2)%
Operating Leverage, net of CCPB
(5.0)%
(7.7)%
(5.1)%
(0.8)%
(3.8)%
(5.9)%
(0.6)%
BMO Wealth Management
Adjusted (1)
Total revenue
1,422
1,960
2,504
930
1,705
5,886
3,594
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
Revenue, net of CCPB
4
591
1,193
(369)
413
1,788
(314)
1,418
1,369
1,311
1,299
1,292
4,098
3,908
Non-interest expense
1,009
991
945
900
880
2,945
2,659
Efficiency ratio, net of CCPB
71.2 %
72.4 %
72.0 %
69.2 %
68.2 %
71.9 %
68.1 %
Revenue growth, net of CCPB
9.8 %
5.9 %
(0.9)%
(9.7)%
(10.4)%
4.9 %
(7.3)%
Non-interest expense growth
Operating Leverage, net of CCPB
14.7 %
(4.9)%
13.5 %
(7.6)%
4.2 %
(8.6)%
(6.2)%
10.7 %
(6.0)%
(5.1)%
(1.1)%
(4.2)%
(5.8)%
(1.3)%
Refer to footnotes (1) to (8) in the Non-GAAP and other Financial Measures table on slide 38 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections
of the Third Quarter 2023 MD&A for further information
BMOM
Financial Results ⚫ August 29, 2023
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