Financial Results
BMO Wealth Management
Good growth in client assets offset by lower net interest income
•
Adjusted¹ net income up 51% Y/Y (reported
up 52%)
Wealth and Asset Management adjusted¹ and
reported net income down 7% Y/Y
Revenue up 6% due to Bank of the West and
growth in client assets, partially offset by
lower deposit balances and margins
AUM up Y/Y driven by growth in client assets
and Bank of the West
AUA down Y/Y driven by impact of exit of
U.S. Institutional Trust Services business,
partlially offset by growth in client assets and
Bank of the West
Insurance net income up Y/Y due to market-
related impacts of IFRS 17
Adjusted¹ and reported expenses up 8% Y/Y;
up 1% Q/Q reflecting good expense
management
Revenue
Expenses
PPPT²
Total PCL
Reported
Adjusted¹
($MM)
Q1 24
Y/Y
Q/Q
Q1 24
Y/Y Q/Q
Wealth & Asset Management
1,247
6%
(0)%
1,247 6%
(0)%
Insurance
81
$133 $(137)
1,328
18%
(9)%
81
1,328 18%
$133
$(137)
(9)%
997
8%
1%
996
8%
1%
331
63%
(30)%
332
63% (30)%
13
$7
$12
13
$7
$12
240
52%
(31)%
241
51% (31)%
Wealth & Asset Management NI
187
(7)%
(7)%
188 (7)% (7)%
Insurance NI
53
$96
$(96)
53
$96
$(96)
AUM ($B)
360
12%
8%
360
12%
8%
AUA ($B)
332
(20)% (20)%
Efficiency Ratio (%)
75.0
ROE (%)
20.3
(700)bps 730bps
480bps (850)bps
332 (20)% (20)%
74.9 (700)bps 740bps
20.4
480bps (850)bps
Net Income
Net Income¹ Trends
396 397
159 160
240 241
29-29
187 187
351
149 149
352
240 241
53
211 212
Q1'23
202 203
(43) (43)
Reported Adjusted Reported Adjusted
Q2'23
Q3'23
Wealth and Asset Management ($MM)
209 210
202 203
187 188
Reported Adjusted Reported Adjusted Reported Adjusted
Q1'24
Q4'23
Insurance ($MM)
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 and 42 for more information and slide 38 for adjustments to reported results
2 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
BMOM
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Financial Results ⚫ February 27, 2024
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