Interim Consolidated Financial Statements Consolidated Statement of Income (Unaudited) (Canadian $ in millions, except as noted) For the three months ended For the six months ended April 30, January 31, April 30, April 30, April 30, 2024 2024 2023 2024 2023 Interest, Dividend and Fee Income Loans $ 9,745 $ 9,832 $ 8,533 $ 19,577 $ 15,499 Securities (Note 2) 3,716 3,439 2,895 7,155 5,033 Securities borrowed or purchased under resale agreements 1,672 1,557 1,472 3,229 2,700 Deposits with banks 1,031 1,026 882 ...

Financial Data and Key Metrics - Adjusted net income of $2 billion and adjusted EPS of $2 59, with a $0 04 increase in dividend, up 5% YoY [7] - Strong pre-provision pre-tax earnings (PPPT) growth of 7% YoY, driven by Canadian P&C, capital markets, and wealth management [7] - CET1 ratio improved to 13 1%, up 30 basis points QoQ, driven by internal capital generation and lower RWA [22] - Total provision for credit losses (PCL) was $705 million or 44 basis points, up from 38 basis points last quarter [28] Business Line Performance Canadian P&C - Record revenue of $2 8 billion, up 13% YoY, driven by higher net interest income and non-interest revenue [23] - Loans grew 5% YoY, with strong growth in mortgages and commercial loans, while deposits increased 11% [23] - Net income up 7% YoY, driven by strong PPPT performance, partially offset by higher PCLs [23] US P&C - Net income down 25% YoY, with lower revenue and higher PCLs, partially offset by lower expenses [24] - Revenue declined 7% YoY, driven by lower net interest income due to a 23 basis point reduction in margins [24] - Loans up 1% YoY, excluding the impact of the RV loan portfolio sale, while deposits remained stable [25] Wealth Management - Net income up 33% YoY, driven by strong operating performance and client asset growth [25] - Revenue increased 4% YoY, reflecting stronger markets and client asset growth, offsetting lower net interest income [25] Capital Markets - Net income up 23% YoY, with strong PPPT performance of $642 million, consistent with guidance [26] - Revenue in Global Markets up 8% YoY, driven by improved market conditions and higher interest rate trading [26] Market Performance - US Segment contributed 45% to the bank's earnings, with strong deposit growth and stable commercial lending [11][12] - Canadian P&C saw strong momentum from newcomers to Canada, up 35% YoY, driven by BMO's New Start program [7] - US P&C achieved record new business generation in retail and commercial banking, with strong digital adoption [13] Strategy and Industry Competition - Focus on delivering positive operating leverage, with a strong 3% achieved this quarter [8] - Digital-first strategy driving growth, with 2 million AI-enabled conversations and 80 million BMO Insights delivered [15] - Competitive advantages in the US market, with a presence in 14 of the top 25 MSAs and leading market share in key sectors [11][12] Management Commentary on Operating Environment and Outlook - Elevated credit risk due to prolonged higher interest rates and a slowing economy, with delayed rate cuts expected in Canada and the US [9] - Expectation of relative full bank margin stability for the remainder of the year, despite competitive deposit pricing [20] - Continued investment in growth opportunities, with a focus on capturing profitable market share in Canada and the US [21] Other Important Information - Recognized as one of the world's most ethical companies by the Ethisphere Institute for the seventh consecutive year [16] - Ranked among Fast Company's list of the world's most innovative companies for 2024 [15] Q&A Session Summary Question: Impaired PCLs and Credit Risk - Impaired PCLs expected to remain around 41 basis points for the next few quarters, driven by higher unemployment and delayed rate cuts [36][37] - Credit risk is well-managed, with a diversified portfolio and strong risk management capabilities [33] Question: US Deposit Growth Strategy - US deposit growth driven by a combination of branch productivity, digital capabilities, and attracting mass-affluent customers [67][68] - Focus on simplifying Treasury business and targeting emerging mid-market clients with strong ROE [71] Question: Performing Loan Book and Stage 2 Classifications - Stage 2 classifications increased to 16%, reflecting credit migration due to higher rates and inflation [73][74] - Performing provisions expected to remain stable, with no significant releases anticipated in the near term [77] Question: US P&C NIM Outlook - US P&C NIM expected to stabilize, with modest compression remaining but less severe than in Q2 [80] Question: Commercial Real Estate and Maturities - Active management of commercial real estate loans, with refinancing and modifications to mitigate risks [97][98] - Expectation of partial recoveries on impaired loans in the commercial real estate sector [98] Question: US Mid-Market Private Equity Lending - No significant noise from private equity lending in impairments or revenue lines, with muted activity due to the election cycle [113][114]

Bank of Montreal (BMO) came out with quarterly earnings of $1.91 per share, missing the Zacks Consensus Estimate of $2.01 per share. This compares to earnings of $2.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.98%. A quarter ago, it was expected that this bank would post earnings of $2.24 per share when it actually produced earnings of $1.90, delivering a surprise of -15.18%.Over the last four quarters, the company ha ...

BMO Financial Group Investor Presentation For the Quarter Ended April 30, 2024 May 29, 2024 Q2 24 Caution Regarding Forward-Looking Statements Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisi ...

TORONTO, May 29, 2024 /PRNewswire/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced at its Board of Directors declared a quarterly dividend of $1.55 per share on paid-up common shares of Bank of Montreal for the third quarter of fiscal year 2024 ("Q3 2024 Dividend"), a 4 cent, or 3 per cent, increase from the prior quarter, up 5 per cent from the prior year.The Board of Directors also declared dividends of:$0.2265 per share on paid-up Class B Preferred Shares Series 29;$0.240688 per share on paid-u ...

BMO's Second Quarter 2024 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2024 are available online at www.bmo.com/investorrelations and at www.sedarplus.ca.Financial Results HighlightsSecond Quarter 2024 compared with Second Quarter 2023:Net income of $1,866 million, compared with $1,029 million; adjusted net income1, 2 of $2,033 million, compared with $2,186 millionReported earnings per share (EPS)3 of $2.36, compared with $1.26; adj ...

The market expects Bank of Montreal (BMO) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 29, 2024, might help the stock move higher if these key numbers are b ...

SUNNYVALE, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (NASDAQ:MTTR) announced that BMO (NYSE:BMO), the eighth largest bank in North America by assets, has leveraged Matterport's digital twin platform to streamline site visits across its physical footprint for multiple areas of the bank. BMO provides a broad range of personal and commercial banking, wealth management, global markets, and investment banking products and services to 13 million customers. In December 2021, BMO announced its plans ...

NEW YORK, April 19, 2024 /PRNewswire/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that it will implement a reverse split of two series of its outstanding exchange traded notes (the "ETNs" or "Notes"), as listed in the table below, expected to be effective as of April 29, 2024 (the "effective date"). The table below indicates the ETNs that will be subject to the reverse split, their trading symbols, the applicable reverse split ratio, their current CUSIP numbers, and the CUSIP numbers that they ...

TORONTO, April 16, 2024 /PRNewswire/ - Bank of Montreal (TSX:BMO) (NYSE:BMO) today held its Annual Meeting of Shareholders. At the meeting, all director nominees listed in the bank's management proxy circular dated February 7, 2024 were elected. The detailed results of the vote for the election of directors are set out below. Each of the following 13 nominees was elected as a director of Bank of Montreal: Nominee Votes For Votes Withheld Janice M. Babiak 342,157,861 97.36 % 9,271,842 2.64 % C ...