TORONTO, ONTARIO: BMO Financial Group, for the first quarter ended January 31, 2015, reported net income of $1.0 billion or $1.46 per share on a reported basis and net income of $1,041 million or $1.53 per share on an adjusted basis.
Bill Downe, Chief Executive Officer, BMO Financial Group, said, “BMO’s first quarter results reflect the impact of an unsettled environment in which we saw significant movements in oil prices, long-term interest rates and the Canadian dollar. Against this backdrop, underlying business performance was solid, with combined Personal and Commercial Banking adjusted earnings of $708 million, up 6% year over year, reflecting the benefits of our diversified and growing customer base. We also had good results in our Traditional Wealth businesses, with adjusted earnings up 28% from last year.”
He said, “Credit performance continued to be good with higher provisions for credit losses reflecting lower recoveries compared to last year. Our capital position remains strong with a Common Equity Tier 1 Ratio of 10.1%. In addition, book value per share increased by 10% from the prior quarter. Looking ahead, each of our operating businesses is well positioned to realize on the investments we have made over the past few years.”
