BMO's First Quarter 2024 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended
Financial Results Highlights
First Quarter 2024 Compared with First Quarter 2023:
- Net income of
$1,292 million , compared with$133 million ; adjusted net income1, 2 of$1,893 million , compared with$2,158 million - Reported earnings per share (EPS)3 of
$1.73 , compared with$0.14 ; adjusted EPS1, 2, 3 of$2.56 , compared with$3.06 - Provision for credit losses (PCL) of
$627 million , compared with$217 million - Return on equity (ROE) of 7.2%, compared with 0.6%; adjusted ROE1, 2 of 10.6%, compared with 12.9%
- Common Equity Tier 1 (CET1) Ratio4 of 12.8%, compared with 18.2%
Adjusted1, 2 results in the current quarter and the prior year excluded the following items:
- Impact of a
U.S. Federal Deposit Insurance Corporation (FDIC) special assessment of$313 million ($417 million pre-tax) in the current quarter. - A net accounting loss of
$136 million ($164 million pre-tax) on the sale of a$9.6 billion (US$7.2 billion ) portfolio of recreational vehicle loans related to balance sheet optimization in the current quarter. - Acquisition and integration costs of
$57 million ($76 million pre-tax) in the current quarter, and$181 million ($239 million pre-tax) in the prior year. - Amortization of acquisition-related intangible assets of
$84 million ($112 million pre-tax) in the current quarter, and$6 million ($8 million pre-tax) in the prior year. - Impact of a lawsuit associated with a predecessor bank,
M&I Marshall and Ilsley Bank , of$11 million ($15 million pre-tax) in the current quarter, and$6 million ($8 million pre-tax) in the prior year. - Loss of
$1,461 million ($2,011 million pre-tax) in the prior year related to the management of the impact of interest rate changes between the announcement and closing of theBank of the West acquisition on its fair value and goodwill. - A one-time tax expense of
$371 million in the prior year related to certain tax measures enacted by the Canadian government.
"Against an uncertain economic outlook, we continued to demonstrate the strength and resilience of our diversified businesses and the benefit of strategic acquisitions. Although the environment has constrained revenue growth in market sensitive businesses in the near term, with the strength of our personal and commercial businesses and our sharp focus on positioning the bank effectively for long-term success by reducing expenses, optimizing our balance sheet, and growing customer relationships, we are poised to create significant value for our shareholders," said
"With the integration of
"BMO's leadership in supporting a sustainable and inclusive future continued to be acknowledged, including ranking among the most sustainable companies on the Dow Jones Sustainability Indices. We are moving forward with a relentless focus on execution to drive continued client and revenue growth, bolstered by the full size and scale of our North American bank. Guided by our purpose and anchored by the strong foundation of our
Caution
The foregoing section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.
(1) | Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. They are also presented on an adjusted basis that excludes the impact of certain specified items from reported results. Adjusted results and ratios are non-GAAP and are detailed for all reported periods in the Non-GAAP and Other Financial Measures section. For details on the composition of non-GAAP amounts, measures and ratios, as well as supplementary financial measures, refer to the Glossary of Financial Terms in our First Quarter 2024 Report to Shareholders. |
(2) | Effective the first quarter of 2024, the bank adopted IFRS 17, Insurance Contracts (IFRS 17), and retrospectively applied it to fiscal 2023 results and opening retained earnings as at |
(3) | All EPS measures in this document refer to diluted EPS, unless specified otherwise. |
(4) | The CET1 Ratio is disclosed in accordance with the Office of the Superintendent |
Note: All ratios and percentage changes in this document are based on unrounded numbers. |
Concurrent with the release of results, BMO announced a first quarter 2024 dividend of $1.51 per common share, unchanged from the prior quarter and an increase of
Recent Acquisitions
On
On
For more information on the acquisition of
First Quarter 2024 Performance Review
Adjusted results and ratios in this section are on a non-GAAP basis. Refer to the Non-GAAP and Other Financial Measures section for further information on adjusting items. The order in which the impact on net income is discussed in this section follows the order of revenue, expenses and provision for credit losses, regardless of their relative impact.
Canadian P&C
Reported net income was $921 million, a decrease of $30 million from the prior year, and adjusted net income was $925 million, a decrease of $26 million, both decreasing 3% from the prior year. Results reflected a 9% increase in revenue due to higher net interest income, driven by balance growth and higher margins, and higher non-interest revenue, more than offset by higher expenses and a higher provision for credit losses.
Reported net income was $560 million, a decrease of $105 million or 16% from the prior year, and adjusted net income was $635 million, a decrease of $31 million or 5% from the prior year.
On a
BMO Wealth Management
Reported net income was $240 million and adjusted net income was $241 million, both increasing $81 million or 52% from the prior year. Wealth and Asset Management reported net income was $187 million, and adjusted net income was $188 million, both decreasing $15 million or 7%, as higher revenue, driven by the inclusion of
Reported net income was $393 million, a decrease of $95 million or 19% from the prior year, and adjusted net income was $408 million, a decrease of $87 million or 17%. Results primarily reflected lower Global Markets revenue, with lower trading revenue partially offset by higher underwriting and advisory fee revenue, and higher expenses, partially offset by a higher recovery of the provision for credit losses.
Corporate Services
Reported net loss was
Capital
BMO's Common Equity Tier 1 (CET1) Ratio was 12.8% as at
Credit Quality
Total provision for credit losses was $627 million, compared with a provision of $217 million in the prior year. The provision for credit losses on impaired loans was $473 million, an increase of $277 million from the prior year due to higher provisions in all of our lines of business. The provision for credit losses on performing loans was $154 million, compared with a provision of $21 million in the prior year. The $154 million provision for credit losses on performing loans in the current quarter was primarily driven by portfolio credit migration and model updates.
Refer to the Critical Accounting Estimates and Judgments section of BMO's 2023 Annual Report and Note 4 of our audited annual consolidated financial statements for further information on the allowance for credit losses as at
The foregoing sections contain forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.
Regulatory Filings
BMO's continuous disclosure materials, including interim filings, annual Management's Discussion and Analysis and audited annual consolidated financial statements, Annual Information Form and Notice of Annual Meeting of Shareholders and Proxy Circular, are available on our website at www.bmo.com/investorrelations, on the Canadian Securities Administrators' website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov. Information contained in or otherwise accessible through our website (www.bmo.com), or any third-party websites mentioned herein, does not form part of this document.
Non-GAAP and Other Financial Measures
Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and our unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the
Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.
Certain information contained in BMO's Management's Discussion and Analysis dated
Our non‑GAAP measures broadly fall into the following categories:
Adjusted measures and ratios
Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non‑interest expense, provision for credit losses and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non‑GAAP. Presenting results on both a reported basis and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not be reflective of ongoing business performance. As such, the presentation may facilitate readers' analysis of trends. Except as otherwise noted, management's discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results.
Tangible common equity and return on tangible common equity
Tangible common equity is calculated as common shareholders' equity, less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities. Return on tangible common equity is commonly used in the North American banking industry and is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed organically.
Measures net of insurance claims, commissions and changes in policy benefit liabilities
For periods prior to
Caution
This Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.
Non-GAAP and Other Financial Measures
(Canadian $ in millions, except as noted) | Q1-2024 | Q4-2023 | Q1-2023 |
Reported Results | |||
Net interest income | 4,721 | 4,941 | 4,021 |
Non-interest revenue | 2,951 | 3,378 | 1,078 |
Revenue | 7,672 | 8,319 | 5,099 |
Provision for credit losses | (627) | (446) | (217) |
Non-interest expense | (5,389) | (5,679) | (4,382) |
Income before income taxes | 1,656 | 2,194 | 500 |
Provision for income taxes | (364) | (484) | (367) |
Net income | 1,292 | 1,710 | 133 |
Diluted EPS ($) | 1.73 | 2.19 | 0.14 |
Adjusting Items Impacting Revenue (Pre-tax) | |||
Management of fair value changes on the purchase of | - | - | (2,011) |
Legal provision (recorded in revenue) (2) | (14) | (14) | (6) |
Impact of loan portfolio sale (6) | (164) | - | - |
Impact of adjusting items on revenue (pre-tax) | (178) | (14) | (2,017) |
Adjusting Items Impacting Non-Interest Expense (Pre-tax) | |||
Acquisition and integration costs (4) | (76) | (582) | (239) |
Amortization of acquisition-related intangible assets (5) | (112) | (119) | (8) |
Legal provision (including legal fees) (2) | (1) | (2) | (2) |
(417) | - | - | |
Impact of adjusting items on non-interest expense (pre-tax) | (606) | (703) | (249) |
Impact of adjusting items on reported net income (pre-tax) | (784) | (717) | (2,266) |
Adjusting Items Impacting Revenue (After-tax) | |||
Management of fair value changes on the purchase of | - | - | (1,461) |
Legal provision (including related interest expense and legal fees) (2) | (10) | (10) | (5) |
Impact of loan portfolio sale (6) | (136) | - | - |
Impact of adjusting items on revenue (after-tax) | (146) | (10) | (1,466) |
Adjusting Items Impacting Non-Interest Expense (After-tax) | |||
Acquisition and integration costs (4) | (57) | (433) | (181) |
Amortization of acquisition-related intangible assets (5) | (84) | (88) | (6) |
Legal provision (including related interest expense and legal fees) (2) | (1) | (2) | (1) |
(313) | - | - | |
Impact of adjusting items on non-interest expense (after-tax) | (455) | (523) | (188) |
Adjusting Items Impacting Provision for Income Taxes (After-tax) | |||
Impact of Canadian tax measures (3) | - | - | (371) |
Impact of adjusting items on reported net income (after-tax) | (601) | (533) | (2,025) |
Impact on diluted EPS ($) | (0.83) | (0.75) | (2.92) |
Adjusted Results | |||
Net interest income | 4,735 | 4,955 | 4,410 |
Non-interest revenue | 3,115 | 3,378 | 2,706 |
Revenue | 7,850 | 8,333 | 7,116 |
Provision for credit losses | (627) | (446) | (217) |
Non-interest expense | (4,783) | (4,976) | (4,133) |
Income before income taxes | 2,440 | 2,911 | 2,766 |
Provision for income taxes | (547) | (668) | (608) |
Net income | 1,893 | 2,243 | 2,158 |
Diluted EPS ($) | 2.56 | 2.93 | 3.06 |
(1) | Reported net income in Q1-2023 included losses of |
(2) | Reported net income included the impact of a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank: Q1-2024 included $11 million ($15 million pre-tax), comprising $14 million interest expense and non-interest expense of $1 million; Q4-2023 included $12 million ($16 million pre-tax), comprising interest expense of $14 million and non-interest expense of $2 million; and Q1-2023 included $6 million ($8 million pre-tax), comprising interest expense of $6 million and a non-interest expense of $2 million. These amounts were recorded in Corporate Services. For further information, refer to the Provisions and Contingent Liabilities section in Note 24 of the audited annual consolidated financial statements of BMO's 2023 Annual Report. |
(3) | Reported net income in Q1-2023 included a one-time tax expense of |
(4) | Reported net income included acquisition and integration costs, recorded in non-interest expense. Costs related to the acquisition of |
(5) | Reported net income included amortization of acquisition-related intangible assets recorded in non-interest expense in the related operating group: Q1-2024 included |
(6) | Reported net income in Q1-2024 included a net accounting loss on the sale of a portfolio of recreational vehicle loans related to balance sheet optimization of |
(7) | Reported net income in Q1-2024 included the impact of a |
Certain comparative figures have been reclassified to conform with the current period's presentation. |
Summary of Reported and Adjusted Results by Operating Segment
BMO Wealth | Corporate | |||||||
(Canadian $ in millions, except as noted) | Canadian P&C | Total P&C | Management | Markets | Services | (US$ in millions) | ||
Q1-2024 | ||||||||
Reported net income (loss) | 921 | 560 | 1,481 | 240 | 393 | (822) | 1,292 | 184 |
Acquisition and integration costs | 1 | - | 1 | - | 10 | 46 | 57 | 39 |
Amortization of acquisition-related intangible assets | 3 | 75 | 78 | 1 | 5 | - | 84 | 59 |
Legal provision (including related interest expense | ||||||||
and legal fees) | - | - | - | - | - | 11 | 11 | 8 |
Impact of loan portfolio sale | - | - | - | - | - | 136 | 136 | 102 |
Impact of | - | - | - | - | - | 313 | 313 | 231 |
Adjusted net income (loss) (2) | 925 | 635 | 1,560 | 241 | 408 | (316) | 1,893 | 623 |
Q4-2023 | ||||||||
Reported net income (loss) | 922 | 591 | 1,513 | 351 | 472 | (626) | 1,710 | 364 |
Acquisition and integration costs | 1 | - | 1 | - | (2) | 434 | 433 | 317 |
Amortization of acquisition-related intangible assets | 3 | 79 | 82 | 1 | 5 | - | 88 | 61 |
Legal provision (including related interest expense | ||||||||
and legal fees) | - | - | - | - | - | 12 | 12 | 8 |
Adjusted net income (loss) (2) | 926 | 670 | 1,596 | 352 | 475 | (180) | 2,243 | 750 |
Q1-2023 | ||||||||
Reported net income (loss) | 951 | 665 | 1,616 | 159 | 488 | (2,130) | 133 | (573) |
Acquisition and integration costs | - | - | - | - | 3 | 178 | 181 | 132 |
Amortization of acquisition-related intangible assets | - | 1 | 1 | 1 | 4 | - | 6 | 4 |
Management of fair value changes on the purchase | ||||||||
of | - | - | - | - | - | 1,461 | 1,461 | 1,093 |
Legal provision (including related interest expense | ||||||||
and legal fees) | - | - | - | - | - | 6 | 6 | 5 |
Impact of Canadian tax measures | - | - | - | - | - | 371 | 371 | - |
Adjusted net income (loss) (2) | 951 | 666 | 1,617 | 160 | 495 | (114) | 2,158 | 661 |
(1) | |
(2) | Refer to footnotes (1) to (7) in the Non-GAAP and Other Financial Measures table for details on adjusting items. |
Certain comparative figures have been reclassified to conform with the current period's presentation. |
Return on Equity and Return on Tangible Common Equity
(Canadian $ in millions, except as noted) | Q1-2024 | Q4-2023 | Q1-2023 |
Reported net income | 1,292 | 1,710 | 133 |
Net income attributable to non-controlling interest in subsidiaries | 2 | 7 | - |
Net income attributable to bank shareholders | 1,290 | 1,703 | 133 |
Dividends on preferred shares and distributions on other equity instruments | (40) | (125) | (38) |
Net income available to common shareholders (A) | 1,250 | 1,578 | 95 |
After-tax amortization of acquisition-related intangible assets | 84 | 88 | 6 |
Net income available to common shareholders after adjusting for amortization of | |||
acquisition-related intangible assets (B) | 1,334 | 1,666 | 101 |
After-tax impact of other adjusting items (1) | 517 | 445 | 2,019 |
Adjusted net income available to common shareholders (C) | 1,851 | 2,111 | 2,120 |
Average common shareholders' equity (D) | 69,391 | 67,359 | 64,982 |
(16,158) | (16,462) | (5,283) | |
Acquisition-related intangible assets | (2,745) | (2,904) | (115) |
Net of related deferred tax liabilities | 1,007 | 1,050 | 266 |
Average tangible common equity (E) | 51,494 | 49,044 | 59,850 |
Return on equity (%) (= A/D) (2) | 7.2 | 9.3 | 0.6 |
Adjusted return on equity (%) (= C/D) (2) | 10.6 | 12.4 | 12.9 |
Return on tangible common equity (%) (= B/E) (2) | 10.3 | 13.5 | 0.7 |
Adjusted return on tangible common equity (%) (= C/E) (2) | 14.3 | 17.1 | 14.0 |
(1) | Refer to footnotes (1) to (7) in the Non-GAAP and Other Financial Measures table for details on adjusting items. |
(2) | Quarterly calculations are on an annualized basis. |
Return on Equity by Operating Segment (1)
Q1-2024 | ||||||||
BMO Wealth | Corporate | |||||||
(Canadian $ in millions, except as noted) | Canadian P&C | Total P&C | Management | Markets | Services | (US$ in millions) | ||
Reported | ||||||||
Net income available to common shareholders | 911 | 547 | 1,458 | 238 | 384 | (830) | 1,250 | 179 |
Total average common equity | 15,847 | 33,246 | 49,093 | 4,679 | 13,202 | 2,417 | 69,391 | 32,059 |
Return on equity (%) | 22.8 | 6.5 | 11.8 | 20.3 | 11.6 | na | 7.2 | 2.2 |
Adjusted (3) | ||||||||
Net income available to common shareholders | 915 | 622 | 1,537 | 239 | 399 | (324) | 1,851 | 618 |
Total average common equity | 15,847 | 33,246 | 49,093 | 4,679 | 13,202 | 2,417 | 69,391 | 32,059 |
Return on equity (%) | 23.0 | 7.4 | 12.4 | 20.4 | 12.0 | na | 10.6 | 7.6 |
Q4-2023 | ||||||||
BMO Wealth | Corporate | |||||||
(Canadian $ in millions, except as noted) | Canadian P&C | Total P&C | Management | Markets | Services | (US$ in millions) | ||
Reported | ||||||||
Net income available to common shareholders | 912 | 575 | 1,487 | 349 | 464 | (722) | 1,578 | 355 |
Total average common equity | 13,840 | 32,164 | 46,004 | 4,813 | 12,041 | 4,501 | 67,359 | 30,449 |
Return on equity (%) | 26.1 | 7.1 | 12.8 | 28.8 | 15.2 | na | 9.3 | 4.6 |
Adjusted (3) | ||||||||
Net income available to common shareholders | 916 | 654 | 1,570 | 350 | 467 | (276) | 2,111 | 741 |
Total average common equity | 13,840 | 32,164 | 46,004 | 4,813 | 12,041 | 4,501 | 67,359 | 30,449 |
Return on equity (%) | 26.3 | 8.1 | 13.5 | 28.9 | 15.3 | na | 12.4 | 9.6 |
Q1-2023 | ||||||||
BMO Wealth | Corporate | |||||||
(Canadian $ in millions, except as noted) | Canadian P&C | Total P&C | Management | Markets | Services | (US$ in millions) | ||
Reported | ||||||||
Net income available to common shareholders | 942 | 657 | 1,599 | 157 | 479 | (2,140) | 95 | (581) |
Total average common equity | 12,083 | 13,932 | 26,015 | 4,005 | 12,091 | 22,871 | 64,982 | 16,916 |
Return on equity (%) | 30.9 | 18.7 | 24.4 | 15.5 | 15.7 | na | 0.6 | (13.6) |
Adjusted (3) | ||||||||
Net income available to common shareholders | 942 | 658 | 1,600 | 158 | 486 | (124) | 2,120 | 653 |
Total average common equity | 12,083 | 13,932 | 26,015 | 4,005 | 12,091 | 22,871 | 64,982 | 16,916 |
Return on equity (%) | 30.9 | 18.7 | 24.4 | 15.6 | 15.9 | na | 12.9 | 15.4 |
(1) | Return on equity is based on allocated capital. For further information, refer to the How BMO Reports Operating Group Results section. |
(2) | |
(3) | Refer to footnotes (1) to (7) in the Non-GAAP and Other Financial Measures table for details on adjusting items. |
na - not applicable |
Capital is allocated to the operating segments based on the amount of regulatory capital required to support business activities. Effective the first quarter of fiscal 2024, our capital allocation rate increased to 11.5% of risk weighted assets, compared with 11.0% in 2023, to reflect increased regulatory capital requirements. Unallocated capital is reported in Corporate Services. Capital allocation methodologies are reviewed at least annually.
Caution Regarding Forward-Looking Statements
By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: general economic and market conditions in the countries in which we operate, including labour challenges; the anticipated benefits from acquisitions, including
We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2023 Annual Report, and the Risk Management section in our First Quarter 2024 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.
Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section of BMO's 2023 Annual Report, as updated in the Economic Developments and Outlook section in our First Quarter 2024 Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO's 2023 Annual Report, as updated in the Allowance for Credit Losses section in our First Quarter 2024 Report to Shareholders. Assumptions about the performance of the Canadian and
Investor and Media Information
Investor Presentation Materials
Interested parties are invited to visit BMO's website at www.bmo.com/investorrelations to review the 2023 Annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.
Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly conference call on
A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.
Shareholder Dividend Reinvestment and Share Purchase Plan (DRIP) Common shareholders may elect to have their cash dividends reinvested in
For dividend information, change in shareholder address or to advise of duplicate mailings, please contact Telephone: 1-800-340-5021 ( Telephone: (514) 982-7800 (international) Fax: 1-888-453-0330 ( Fax: (416) 263-9394 (international) E-mail: service@computershare.com | For other shareholder information, please contact Shareholder Services Corporate Secretary's Department One Telephone: (416) 867-6785 E-mail: corp.secretary@bmo.com
For further information on this document, please contact Investor Relations Department P.O. Box 1,
To review financial results and regulatory filings and
|
BMO's 2023 Annual MD&A, audited consolidated financial statements, annual information form and annual report on Form 40-F (filed with the U.S. Securities and Exchange Commission) are available online at www.bmo.com/investorrelations and at www.sedarplus.ca. Printed copies of the bank's complete 2023 audited consolidated financial statements are available free of charge upon request at 416-867-6785 or corp.secretary@bmo.com.
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