Q2 F2023 - Bank of the West Contribution & Financial Results
Net Revenue, Efficiency Ratio and Operating Leverage
(Canadian $ in millions unless otherwise stated)
Q2 23
Q1 23
Q4 22
Total Bank
Total revenue
8,440
6,470
10,570
Q3 22
6,099
Q2 22
YTD 23
YTD 22
9,318
14,910
17,041
Reported
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
591
1,193
(369)
413
(808)
1,784
(727)
Revenue, net of CCPB
7,849
5,277
10,939
5,686
10,126
13,126
17,768
Non-interest expense
5,573
4,421
4,776
3,859
3,713
9,994
7,559
Efficiency ratio
66.0 %
68.3 %
45.2 %
63.3 %
39.9 %
67.0 %
44.4 %
Efficiency ratio, net of CCPB
71.0 %
83.8 %
43.7%
67.9 %
36.7 %
76.1 %
42.5 %
Revenue growth
(9.4)%
(16.2)%
60.9 %
(19.4)%
53.4 %
(12.5)%
30.6 %
Revenue growth, net of CCPB
(22.5)%
(31.0)%
68.9 %
(13.6)%
59.2 %
(26.1)%
39.5 %
Non-interest expense growth
50.0 %
15.0 %
25.6 %
4.8%
(15.8)%
32.2 %
(5.8)%
Operating leverage
(59.4)%
(31.2)%
35.3 %
(24.2)%
69.2 %
(44.7)%
36.4 %
Operating Leverage, net of CCPB
(72.5)%
(46.0)%
43.3 %
(18.4)%
75.0 %
(58.3)%
45.3 %
Total Bank
Adjusted (1)
Total revenue
8,447
8,487
6,544
7,044
5,755
16,934
12,945
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
591
1,193
(369)
413
(808)
1,784
(727)
Revenue, net of CCPB
7,856
7,294
6,913
6,631
6,563
15,150
13,672
Non-interest expense
4,731
4,172
3,954
3,761
3,650
8,903
7,479
Efficiency ratio, net of CCPB
60.2 %
57.2 %
57.2 %
56.7 %
55.6 %
58.8 %
54.7 %
Revenue growth, net of CCPB
19.7 %
2.6%
6.7 %
0.8 %
3.7 %
10.8 %
7.6%
Non-interest expense growth
29.5 %
9.0 %
6.3%
2.7%
1.9 %
19.0 %
4.3 %
Operating Leverage, net of CCPB
(9.8)%
(6.4)%
0.4 %
(1.9)%
1.8 %
(8.2)%
3.3 %
BMO Wealth Management Total revenue
Reported
1,960
2,504
930
1,705
484
4,464
1,889
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
591
1,193
(369)
413
(808)
1,784
(727)
Revenue, net of CCPB
1,369
1,311
1,299
1,292
1,292
2,680
2,616
Non-interest expense
993
946
901
881
874
1,939
1,782
Efficiency ratio
50.6 %
37.8 %
96.8 %
51.7 %
Efficiency ratio, net of CCPB
72.5 %
72.1 %
69.3 %
68.3 %
180.5%
67.6%
43.4%
94.3%
72.3 %
68.1 %
Revenue growth
305.1 %
78.2 %
(39.3)%
(29.7)%
(56.6)%
136.3 %
(38.9)%
Revenue growth, net of CCPB
5.9%
(0.9)%
(9.7)%
(10.4)%
(7.5)%
2.4 %
(5.7)%
Non-interest expense growth
13.6 %
4.2 %
(8.9)%
(6.6)%
(10.1)%
8.8 %
(6.7)%
Operating leverage
291.5 %
74.0 %
(30.4)%
(23.1)%
(46.5)%
127.5 %
(32.2)%
Operating Leverage, net of CCPB
(7.7)%
(5.1)%
(0.8)%
(3.8)%
2.6%
(6.4)%
1.0 %
BMO Wealth Management
Adjusted (1)
Total revenue
1,960
2,504
930
1,705
484
4,464
1,889
Insurance claims, commissions and changes in policy benefit liabilities (CCPB)
591
1,193
(369)
413
(808)
1,784
(727)
Revenue, net of CCPB
1,369
1,311
1,299
1,292
1,292
2,680
2,616
Non-interest expense
991
945
900
880
872
1,936
1,779
Efficiency ratio, net of CCPB
72.4 %
72.0 %
69.2 %
68.2 %
67.5 %
72.2 %
68.0 %
Revenue growth, net of CCPB
5.9 %
(0.9)%
(9.7)%
Non-interest expense growth
13.5 %
4.2 %
(8.6)%
(10.4)%
(6.2)%
(7.5)%
(9.3)%
2.4 %
8.8%
(5.7)%
(5.8)%
Operating Leverage, net of CCPB
(7.6)%
(5.1)%
(1.1)%
(4.2)%
1.8 %
(6.4)%
0.1 %
Refer to footnotes (1) to (8) in the Non-GAAP and other Financial Measures table on slide 41 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections
of the Second Quarter 2023 MD&A for further information
BMOM
Financial Results May 24, 2023
•
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