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June 1, 2018

BMO Financial Canadian P&C unit reports 10 % rise in Q2 profit

The Canadian personal and commercial banking (P&C) arm of BMO Financial Group has registered adjusted net income C$591m for the second quarter of 2018, a nearly 10.3% rise compared to C$530m in the corresponding year ago period.

The total revenue from the unit increased to C$1.86bn from C$1.72bn a year ago. Non-interest expenses rose by 5% from C$888m to C$936m on a year-on-year basis.

The bank’s US P&C arm reported adjusted net income of C$280m, a surge of 32% over C$188m in the second quarter of last year.

Overall, the group reported total revenue of C$5.62bn, down 2.2% from C$5.74bn in the parallel quarter of last fiscal year.

BMO Financial Group CEO Darryl White said: “BMO’s results this quarter demonstrate strong performance and momentum in our U.S. and Canadian P&C banking and wealth businesses, which drove adjusted earnings per share of $2.20, up 15% from a year ago, and very strong adjusted operating leverage of 3.5%.

“Across the company we’re positioning BMO for accelerated growth. Our commercial business is a core strength and is delivering results.”

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