Financial Results
Net Revenue, Efficiency Ratio and Operating Leverage
Canadian $ in millions unless otherwise stated)
Q4 23
Total Bank
Total revenue
8,360
Q3 23
7,929
Q2 23
Q1 23
Q4 22
F2023
F2022
8,440
6,470
10,570
31,199
33,710
Reported
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
151
4
591
1,193
(369)
1,939
(683)
Revenue, net of CCPB
8,209
7,925
7,849
5,277
10,939
29,260
34,393
Non-interest expense
5,700
5,594
5,522
4,403
4,776
21,219
16,194
Efficiency ratio
68.2 %
70.6 %
65.4 %
68.1 %
45.2 %
68.0 %
48.0 %
Efficiency ratio, net of CCPB
69.4 %
70.6 %
70.4 %
83.4 %
43.7 %
72.5 %
47.1 %
Revenue growth
(20.9)%
30.0 %
(9.4)%
(16.2)%
60.9 %
(7.5)%
24.0 %
Revenue growth, net of CCPB
(25.0)%
39.3 %
(22.5)%
(31.0)%
68.9 %
(14.9)%
33.4 %
Non-interest expense growth
19.3 %
44.9 %
48.7 %
14.5%
25.6 %
31.0 %
4.4 %
Operating leverage
(40.2)%
(14.9)%
(58.1)%
(30.7)%
35.3 %
(38.5)%
19.6 %
Operating Leverage, net of CCPB
(44.3)%
(5.6)%
(71.2)%
(45.5)%
43.3 %
(45.9)%
29.0 %
Total Bank
Total revenue
8,374
8,070
8,447
8,487
6,544
33,378
26,533
Adjusted (1)
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
151
4
591
1,193
(369)
1,939
(683)
Revenue, net of CCPB
8,223
8,066
7,856
7,294
6,913
31,439
27,216
Non-interest expense
4,997
4,967
4,680
4,154
3,954
18,798
15,194
Efficiency ratio, net of CCPB
60.8 %
61.6 %
59.6 %
56.9%
57.2 %
59.8%
55.8 %
Revenue growth, net of CCPB
19.0 %
21.6 %
19.7 %
2.6%
6.7 %
15.5%
5.7%
Non-interest expense growth
26.3 %
32.0 %
28.1%
8.5 %
6.3 %
23.7 %
4.4 %
Operating Leverage, net of CCPB
(7.3)%
(10.4)%
(8.4)%
(5.9)%
0.4 %
(8.2)%
1.3 %
BMO Wealth Management Total revenue
Reported
1,508
1,422
1,960
2,504
930
7,394
4,524
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
151
4
591
1,193
(369)
1,939
(683)
Revenue, net of CCPB
1,357
1,418
1,369
1,311
1,299
5,455
5,207
Non-interest expense
1,012
1,011
993
946
901
3,962
3,564
Efficiency ratio
67.1 %
71.1 %
50.6 %
37.8 %
96.8 %
53.6 %
78.8 %
Efficiency ratio, net of CCPB
74.6 %
71.4 %
72.5 %
72.1 %
69.3 %
72.6 %
68.4 %
Revenue growth
61.9 %
(16.6)%
305.1 %
78.2%
(39.3)%
63.4%
(35.8)%
Revenue growth, net of CCPB
4.4 %
9.8 %
5.9%
(0.9)%
(9.7)%
4.8 %
(7.9)%
Non-interest expense growth
12.3 %
14.8 %
13.6 %
4.2 %
(8.9)%
11.2 %
(7.2)%
Operating leverage
49.6%
(31.4)%
291.5 %
74.0 %
(30.4)%
52.2%
(28.6)%
Operating Leverage, net of CCPB
(7.9)%
(5.0)%
(7.7)%
(5.1)%
(0.8)%
(6.4)%
(0.7)%
BMO Wealth Management
Adjusted (1)
Total revenue
1,508
1,422
1,960
2,504
930
7,394
4,524
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
151
4
591
1,193
(369)
1,939
(683)
Revenue, net of CCPB
1,357
1,418
1,369
1,311
1,299
5,455
5,207
Non-interest expense
1,010
1,009
991
945
900
3,955
3,559
Efficiency ratio, net of CCPB
74.4 %
71.2 %
72.4 %
72.0 %
69.2 %
72.5%
68.4 %
Revenue growth, net of CCPB
4.4 %
9.8 %
5.9 %
(0.9)%
(9.7)%
4.8%
(7.9)%
Non-interest expense growth
12.3 %
Operating Leverage, net of CCPB
(7.9)%
14.7 %
(4.9)%
13.5 %
(7.6)%
4.2 %
(8.6)%
11.1 %
(6.6)%
(5.1)%
(1.1)%
(6.3)%
(1.3)%
Refer to footnotes (1) to (7) in the Non-GAAP and other Financial Measures table on slide 40 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections
of the 2023 Annual MD&A for further information
BMOM
Financial Results ⚫ December 1, 2023
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