Canadian Personal & Commercial Banking - Financial Results
Q3 F2023 - Bank of the West Contribution
.
Bank of the West4 (BOTW) contributed $1,051MM to
revenue, $749MM to adjusted¹ expenses (reported
$1,338MM) and $167MM to adjusted¹ net income
(reported net loss of $272MM)
Revenue includes $76MM accretion of the fair value
mark on loans, deposits and securities, net of the
negative carry on the rate mark hedge, all recorded
in Corporate Services
Remain on track to complete system conversion and
•
BMO brand unification on Labour Day weekend
Executing our plan to achieve run rate expense
synergies of US$670MM pre-tax by the start of Q2'24
PPPT²
Total PCL
Reported
Adjusted¹
($MM)
BMO ex.
BOTW
BMO ex.
BOTW
BMO
BOTW
BMO
BOTW
Gross Revenue
6,878
1,051 7,929
7,019
1,051 8,070
Less: CCPB³
4
4
4
4
Net Revenue³
6,874
1,051 7,925
7,015
1,051
8,066
Expenses
4,300
1,338
2,574 (287) 2,287
5,638
4,262
749
5,011
2,753
302
3,055
394
98
492
394
98
492
Income (Loss) before Taxes
Net Income (Loss)
2,180 (385) 1,795
1,726 (272) 1,454
2,359
204
2,563
1,870
167
2,037
Net Income (Loss) U.S.
Segment US$
Efficiency Ratio³ (%)
571
(207) 364
573
124
697
62.6
127.3
71.1
60.8
71.2
62.1
This slide contains forward-looking statements, please refer to the caution on slide 2
1 Adjusted results and measures are non-GAAP, see slide 37 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 41 for calculation of PPPT
3 Reported and Adjusted Net Revenue and measures calculated based on Net Revenue are non-GAAP measures. Net Revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB).
Efficiency Ratio is calculated based on Net Revenue and is also a non-GAAP measure. See slide 37 for more information and slide 40 for calculation of Net Revenue
4 See the Recent Acquisitions section of BMO's Third Quarter 2023 MD&A and slide 36 for results in U.S. dollars
BMOM
Financial Results ⚫ August 29, 2023
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