Canadian Personal & Commercial Banking - Financial Results
BMO Capital Markets
Solid revenue performance reflecting diversified businesses
.
•
•
Adjusted¹ and reported net income up 18% Y/Y
Adjusted¹ PPPT³ up 17% Y/Y (reported up 16%)
Revenue² up 17% Y/Y:
Global Markets revenue up 7% due to higher
trading activity
Investment and Corporate Banking revenue up
35% reflecting prior-year markdowns on loan
underwriting commitments, as well as higher
corporate banking-related revenue
Adjusted¹ and reported expenses up 17% Y/Y due
to higher performance-based compensation, legal
provisions and technology costs
Total provision for credit losses of $10MM ($1MM
provision on impaired loans and $9MM provision on
performing loans)
Reported
Adjusted¹
($MM)²
Q3 23
Q2 23
Q3 22
Q3 23
Q2 23
Q3 22
Global Markets
870
935
813
870
935
813
I&CB
Revenue (teb)
Expenses
PPPT³
608
651
451
608
651
451
1,478 1,586 1,264
1,478 1,586
1,264
1,076
1,060 920
1,067
1,050 913
402
526
344
411
536
351
Total PCL (recovery)
10
17
(7)
10
17
(7)
Income before Taxes
392
509
351
401
519
358
Net Income
310
380
262
316
388
266
U.S. Net Income ($US)
71
9
24
74
12
28
Efficiency Ratio (%)
ROE (%)
72.8
66.8
72.7
72.2
66.1
72.2
10.2
13.3
8.5
10.4
13.6
8.7
Net Income¹ Trends
503 510
357
363
380
388
310
316
262
266
Q3'22
Q4'22
Reported Net Income ($MM)
Q1'23
Q2'23
■Adjusted Net Income ($MM)
Q3'23
1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results
2 Operating group revenue and income taxes are stated on a taxable equivalent basis (teb). This teb adjustment (Q3'23 $81MM, Q2'23 $84MM, Q3'22 $61MM) is offset in Corporate Services. Efficiency ratio is calculated
based on revenue (teb).
3 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT
4 Q3'23 severance costs $37MM pre-tax, $27MM after-tax; Q3'22 severance costs $49MM pre-tax, $37MM after-tax
BMOM
Financial Results ⚫ August 29, 2023
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