Financial Results
U.S. Personal & Commercial Banking
Results reflect muted U.S. banking environment, offset by contribution from Bank of the West
Amounts that follow are in U.S. dollars:
•
Adjusted¹ net income up $54MM or 11% Y/Y (reported
down $2MM or 1%)
Adjusted¹ PPPT² up $120MM or 18% Y/Y (reported up
$45MM or 6%), mainly due to the inclusion of BOTW,
up 4% Q/Q
Revenue³ up $574MM or 44% Y/Y, up $7MM Q/Q
NII³ up 45% Y/Y, up 1% Q/Q
NIM³ down 1 bp Y/Y, up 7 bps Q/Q, primarily due to higher
net interest income in the current quarter that was offset
in Corporate Services, and changes in balance sheet mix
NIR up 40% Y/Y mainly due to the inclusion of BOTW,
down 4% Q/Q, due to lower operating lease revenue and
deposit fees
Adjusted¹ expenses up 74% Y/Y (reported up 86%),
down 3% Q/Q (reported down 2%), primarily due to lower
technology and employee-related costs, including
severance in the prior quarter
Total provision for credit losses $129MM (impaired
(US$MM)³
Q4 23
Net interest income (teb)³
Non-interest revenue
Revenue (teb) ³
3
Reported
Q3 23 Q4 22
Q4 23
1,570 1,550 1,082 1,570
301 314 215
1,871 1,864 1,297
Adjusted¹
Q3 23
Q4 22
1,550
1,082
301
1,871
314
1,864 1,297
215
Expenses
1,146
1,175 617 1,070 1,097
616
PPPT²
725
689
680
801
767
681
Total PCL (recovery)
129
153
46
129
153
46
Income before Taxes
596
536
634
672
614
635
Net Income
486
431
488
543
489
489
Net Income (CDE$)
661
576
660
740
653
662
Efficiency Ratio (%)
61.3
63.0
47.6
57.1
58.8
47.5
ROE (%)
7.9
6.9
17.9
8.8
7.9
18.0
3.88
3.92
Net Income² and NIM³ Trends
3.96
3.87
3.80
provision of $109MM and performing provision of $20MM)
638
581
•
Average loans & acceptances up 48% Y/Y, mainly due to
Bank of the West and flat Q/Q
488 489
520 521
543
489
486
431
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Average deposits up 43% Y/Y and flat Q/Q
-NIM (%)
Reported Net Income ($MM) Adjusted Net Income ($MM)
1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results
2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT
3 Operating group revenue, NII, income taxes, income before taxes and net interest margin are stated on a taxable equivalent basis (teb). The teb adjustment (Q4'23 $7MM, Q3'23 $6MM, Q4'22 $6MM) is offset in
Corporate Services. Efficiency ratio is calculated based on revenue (teb)
BMOM
Financial Results ⚫ December 1, 2023
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