Financial Results
Canadian Personal & Commercial Banking
Strong PPPT² performance with continuing loan and deposit growth and higher margins
•
Adjusted¹ and reported net income down 3% Y/Y
Reported
Adjusted¹
•
Adjusted¹ PPPT² and reported PPPT² up 8% Y/Y
Revenue up 9% Y/Y
($MM)
Q1 24
Y/Y
Q/Q
Q1 24
Y/Y
Q/Q
Net interest income
2,141
9%
2%
2,141
9%
2%
•
NII up 9% Y/Y with solid balance growth and higher
margins
NIM up 9 bps Y/Y and up 3 bps Q/Q
NIR up 6% Y/Y primarily due to the inclusion of AIR
MILES
Adjusted¹ expenses up 9% Y/Y (reported up 10%),
reflecting the inclusion of AIR MILES and higher
technology costs; down 4% Q/Q
• Adjusted¹ operating leverage (0.5)% (reported (1.0)%)
Total provision for credit losses $295MM (impaired
provision of $238MM and performing provision of
$57MM)
Average loans & acceptances up 5% Y/Y and 1% Q/Q
Average deposits up 11% Y/Y and 2% Q/Q
Non-interest revenue
637
6%
(9)%
637
6%
(9)%
Revenue
2,778
9%
(1)%
2,778
9%
(1)%
Expenses
1,210
10%
(4)%
1,205
9%
(4)%
PPPT²
1,568
8%
2%
1,573
8%
2%
Total PCL (recovery)
295
$151
$30
295
$151
$30
Net Income
921
(3)%
(0)%
925
(3)%
(0)%
Efficiency Ratio (%)
ROE (%)
43.6
22.8
40 bps (140) bps
(810) bps (330) bps
43.4
20 bps (140) bps
23.0
(790) bps (330) bps
Net Income¹ and NIM Trends
2.69
2.68
2.74
2.77
2.74
951
926
951
925
819 822
881 889
922
921
Q1'23
Q2'23
Reported Net Income ($MM)
Q3'23
Q4'23
Q1'24
Adjusted Net Income ($MM) --NIM (%)
Prior period amounts have been reclassified to conform with the current period presentation
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
.
Financial Results ⚫ February 27, 2024
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