Financial Results
Corporate Services
•
Adjusted² net loss of $316MM and reported net
loss of $822MM for the quarter, compared with an
adjusted² net loss of $114MM and reported net
loss of $2,130MM in the prior year
Adjusted results in the current quarter exclude the
impact of:
$313MM ($417MM pre-tax) related to the FDIC
special assessment³
($MM)¹
Revenue
Reported
Adjusted²
Q1 24
Y/Y
Q/Q
Q1 24
Y/Y
Q/Q
(449) 1,492
(463)
(271)
(347) (299)
-
$136MM ($164MM pre-tax) net accounting loss
on the sale of a portfolio of RV loans
Group teb offset4
Total Revenue (teb)4
Expenses
Total PCL (recovery)
Net Income (Loss)
(28)
50
67
(28)
50
67
(477)
1,542 (396)
(299)
(297)
(232)
600
153
(224)
121
(89)
(118)
51
29
48
51
29
48
(822)
1,308
(196)
(316)
(202)
(136)
$46MM ($61MM pre-tax) acquisition and
integration costs related to the acquisition of
Bank of the West
Prior period amounts have been reclassified to conform with the current period presentation
1 Effective the first quarter of 2024, balances and the associated revenue, expenses and provisions for credit losses related to our Canadian and U.S. indirect retail auto financing business, previously reported in Personal
and Commercial Banking, are reported in Corporate Services, reflecting the exit and wind-down of this business unit
2 Adjusted results and measures are non-GAAP. See slide 37 and 42 for more information and slide 38 for adjustments to reported results
3 On November 16, 2023, the U.S. Federal Deposit Insurance Corporation (FDIC) approved the final rule to implement the special assessment on depository institutions to recover the losses incurred in the deposit
insurance fund that were attributable to the protection of uninsured depositors of Silicon Valley Bank and Signature Bank. For further information, refer to the Other Regulatory Developments section in BMO's First
Quarter 2024 Report to Shareholders
4 Operating group revenue and income taxes are stated on a taxable equivalent basis (teb). This teb adjustment is offset in Corporate Services, and total BMO revenue and income taxes are stated on a GAAP basis
BMOM
.
Financial Results ⚫ February 27, 2024
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