Second Quarter 2010 Report to Shareholders
BMO Financial Group Delivers Strong Second Quarter Results, Earning $745 Million of Net Income
Fifth Consecutive Quarter of Higher Revenues and Net Income
P&C Canada Continues to Perform Well
Provisions for Credit Losses Continue Improving Trend
Tier 1 Capital Ratio Remains Strong, at 13.27%
Financial Results Highlights:
Second Quarter 2010 Compared with Second Quarter 2009:
Year-to-Date 2010 Compared with a Year Ago:
Toronto, May 26, 2010 – For the second quarter ended April 30, 2010, BMO Financial Group reported net income of $745 million or $1.26
per share. Strong results were broadly based. Canadian personal and commercial banking had a good quarter, with net income of
$396 million, up $56 million or 16% from a year ago. Private Client Group net income increased 64% to $118 million and BMO Capital Markets
net income rose 38% to $259 million.
Today, BMO announced a third quarter dividend of $0.70 per common share, unchanged from the preceding quarter and equivalent to an
annual dividend of $2.80 per common share.
“With a clear strategy and a focus on helping our customers succeed, BMO has achieved its fifth consecutive quarter of higher revenue and
net income,” said Bill Downe, President and Chief Executive Officer, BMO Financial Group. “Strong earnings, a continuation of the favourable
trend in our revenue growth, and lower credit provisions, as credit conditions continue to improve, are reflected in these results.
• Net income of $745 million, up $387 million from a year ago
• EPS 1 of $1.26 and cash EPS 2 of $1.28, both up $0.65 from a year ago
• Return on Equity of 16.4 %, compared with 8.1% a year ago
• Provisions for credit losses of $249 million, down $123 million from a year ago
• Net income of $1,402 million, compared with $583 million in 2009
• EPS of $2.38 compared with $1.00 and cash EPS of $2.41 compared with $1.03
1 All Earnings per Share (EPS) measures in this document refer to diluted EP