Financial Results
Q1 F2024 Revenue
Idiosyncratic items impacting the quarter
Insurance Revenue ($MM)
218
81
(52)
Q1'23
Q4'23
Q1'24
BMO Capital Markets Revenue teb² ($MM)
1,699
606
1,093
1,651
706
945
1,589
637
952
Q1'23
Q4'23
Q1'24
Global Markets
Investment and Corporate Banking
Contributed 2% Y/Y and (2)% Q/Q to total bank revenue
growth
Y/Y increase and Q/Q decrease both driven by market-related
impacts reflecting the transition to IFRS 17
Fiscal 2023 quarterly results are not necessarily
representative of our future earnings profile
Contributed (2)% Y/Y and (1)% Q/Q to total bank
revenue growth
Global Markets down Y/Y and Q/Q on lower trading
revenue, including the impact of the proposed
elimination of the tax deductibility of certain Canadian
dividends²
I&CB up Y/Y and down Q/Q reflecting underwriting and
advisory activity
(2)
Q1'23
(2,019)
Corporate Services Revenue ($MM)
(67)
Q4'23
(81)
Adjusted¹
(299)
Q1'24
(477)
Reported
Contributed (4)% Y/Y and (3)% Q/Q to total bank revenue growth
Down Y/Y mainly due to higher earnings on the investment of
capital in the prior year, in advance of closing Bank of the West,
as well as the impact of treasury-related activities
Down Q/Q due to the impact of market volatility on hedge
positions, lower net accretion of purchase accounting fair value
marks and lower securities gains
Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17
1 Adjusted results and measures are non-GAAP. See slide 37 for more information and slide 38 for adjustments to reported results
2 BMO Capital Markets revenue stated on taxable equivalent basis (teb). These teb adjustments (Q1'24 $19MM, Q4'23 $86MM, Q1'23 $70MM) are offset in Corporate Services. On November 30, 2023, the Canadian
government introduced a bill in Parliament containing a number of measures, including a rule that would, in certain circumstances, deny deductions for dividends that are received after 2023. Beginning January 1,
2024, we did not take the deduction for certain Canadian dividends due to the proposed legislation, and as a result, we no longer report this revenue on a taxable equivalent basis. For further information, refer to the
Other Regulatory Developments section in BMO's First Quarter 2024 Report to Shareholders
BMOM
.
Financial Results ⚫ February 27, 2024
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