Financial Results
Summary of Reported and Adjusted Result by Operating Group
(Canadian $ in millions unless otherwise stated)
Reported
Q1 24 Q4 23
Q1 23
Adjusted
Q1 24 Q4 23
Reported
Adjusted
(Canadian $ in millions unless otherwise stated)
Q1 23
Q1 24
Q4 23
Q1 23
Q1 24
Q4 23
Total Bank
Revenue
Expenses
Pre-Provision, Pre-tax Earnings
Total PCL (recovery)
217
7,671 8,319 5,099 7,849 8,333 7,116
5,389 5,679 4,382 4,783 4,976 4,133
2,282 2,640 717
3,066 3,357 2,983
627 446
446 217
Wealth & Asset Management
1,247
1,247
1,180
BMO Wealth
Management
Insurance
81
218 (52)
81
Q1 23
1,247 1,247 1,180
218 (52)
Revenue
1,328 1,465
1,128
1,328 1,465 1,128
627
Expenses
997
990
924
996
988
923
Net Income
1,292
1,710
133
1,893
2,243
2,158
Pre-Provision, Pre-tax Earnings
331
475
204
332
477
205
U.S. Segment Net Income (US$)
184
364
(573)
623
750
661
Total PCL
13
1
6
13
1
6
Diluted EPS ($)
1.73
2.19
0.14
2.56
2.93
3.06
Net Income
240
351
159
241
352
160
Efficiency Ratio (%)
70.2
68.3
85.9
60.9
59.7
58.1
Wealth & Asset Management NI
187
202
202
188
203
203
ROE (%)
7.2
9.3
0.6
10.6
12.4
12.9
Insurance NI
53
149
(43)
53
149 (43)
ROTCE (%)
10.3
13.5
0.7
14.3
17.1
14.0
Efficiency Ratio (%)
75.0
67.7
82.0
74.9
67.5
81.9
ROE (%)
20.3
28.8
15.5
20.4
28.9
15.6
Net Interest Income
2,141
Canadian
Non-Interest Revenue
637
P&C
Revenue
Expenses
2,096 1,959
700 598
2,778 2,796 2,557
1,210 1,260 1,105
2,141
637
2,778
1,205
2,096 1,959
700 598
2,796 2,557
Global Markets
952
945 1,093
952
945 1,093
BMO Capital
Markets³
I&CB
637
706
606
637
706 606
Revenue (teb)
1,254 1,105
Expenses
1,589 1,651
1,116 1,052
1,699
1,589 1,651 1,699
1,091
1,095 1,048 1,082
Pre-Provision, Pre-tax Earnings¹
1,568 1,536 1,452
1,573 1,542 1,452
Pre-Provision, Pre-tax Earnings¹
473
599
608
494 603
617
Total PCL (recovery)
295 265
144
295
265
144
Total PCL (recovery)
(22)
1
(10)
(22)
1
(10)
Net Income
921
922
951
925
926
951
Net Income
393
472
488
408
475
495
Efficiency Ratio (%)
43.6
45.0
43.2
43.4
44.8
43.2
U.S. Net Income ($US)
131
118
97
138
118
100
ROE (%)
22.8
26.1
30.9
23.0
26.3
30.9
Efficiency Ratio (%)
ROE (%)
70.2 63.7 64.2
11.6 15.2 15.7
69.0 63.5 63.7
12.0 15.3 15.9
Net Interest Income (teb)
1,537 1,521
US P&C
Non-Interest Revenue
(US$MM)³
Revenue (teb)
Expenses
1,067
296 301 225
1,833 1,822 1,292
1,094 1,138 607
1,537 1,521 1,067
296 301 225
1,833 1,822 1,292
1,019 1,062 606
Revenue
Corporate
Services³
Group teb offset
Revenue (teb)
Expenses
824
(477) (81) (2019)
(28) (95) (78)
(505) (176) (2097)
600
(299) (67) (2)
(28) (95) (78)
(327) (162) (80)
447
Pre-Provision, Pre-tax Earnings¹
739
684
685
814
760
686
Total PCL (recovery)
51
3
22
121
51
239
3
210
22
Total PCL (recovery)
217
129
41
217
129
41
Net Income
(822) (626) (2130)
(316) (180) (114)
Net Income
419
433
495
475
490
496
Net Income (CDE$)
Efficiency Ratio (%)
ROE (%)
59.7
6.6
560.0 591.0 665.0
62.4 47.0
7.1 18.7
635.0 670.0 666.0
55.6
7.5
58.2
8.1
46.9
18.7
Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17
Adjusted results and measures are non-GAAP. See slide 38 for adjustments to reported results, and slide 37 and the Non-GAAP and Other Financial Measures sections of the First Quarter 2024 MD&A for further information
1 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 40 for calculation of PPPT
2 Reported and adjusted return on tangible common equity (ROTCE) are non-GAAP measures. See slide 37 and Non-GAAP and Other Financial Measures section of the First Quarter 2024 MD&A for more information
3 U.S P&C and BMO Capital Markets operating group results are presented on a taxable equivalent basis (teb). This teb adjustment is offset in Corporate Services
BMOM
.
Financial Results ⚫ February 27, 2024
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