Key TakeawaysThe Bank of Montreal's third-quarter earnings fell short of analysts' estimates as profits declined across several segments, including personal and commercial banking in the U.S. and Canada.Overall, profits increased year-over-year despite lower revenue, as CEO Darryl White said the bank practiced "good cost discipline."The bank's shares moved lower in early trading Tuesday after the earnings report was released. Canada's Bank of Montreal (BMO) missed estimates for its third-quarter results Tue ...

BMO's Third Quarter 2024 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2024 are available online at www.bmo.com/investorrelations and at www.sedarplus.ca.Financial Results HighlightsThird Quarter 2024 compared with Third Quarter 2023:Net income of $1,865 million, compared with $1,565 million; adjusted net income1, 2 of $1,981 million, compared with $2,148 millionReported earnings per share (EPS)3 of $2.48, compared with $2.12; adjuste ...

Iryna Tolmachova/iStock Editorial via Getty Images Summary As Bank of Montreal (NYSE:BMO) gears up to release its fiscal Q3 earnings on August 27th, 2024, there's a lot of anticipation-and a bit of anxiety-among investors. BMO is expected to report $6bn in revenue for the quarter, and a lot of attention will also be on the bottom line. With Canada's economy teetering on the edge of a recession, everyone's eager to see how BMO is handling the pressures of rising interest rates and potential loan defaults. Th ...

Customers now earn new bonuses on everyday spend, including gas, electric vehicle charging, groceries, and higher earn on dining purchases. In addition to points on everyday spend, customers will continue to earn on hotel and airfare purchases at a new 2x points per dollar rate. CHICAGO, Aug. 6, 2024 /PRNewswire/ - BMO has launched its enhanced BMO Premium Rewards Credit Card with Mastercard designed to meet the everyday spending needs of its customers and help them make real financial progress. In addition ...

Core Viewpoint - Bank of Montreal (BMO) plans to redeem all outstanding securities in specific series, referred to as the "Affected Securities," and will notify holders on July 11, 2024 [1][2]. Group 1: Redemption Details - The Call Settlement Amount for each series will be calculated based on the arithmetic mean of the closing Indicative Note Values during the Call Measurement Period, which spans five trading days from July 12 to July 18, 2024 [2]. - Holders of the Affected Securities can choose to hold until the Call Settlement Date or redeem them before July 11, 2024, with a waiver of the minimum early redemption size requirement [3]. Group 2: Market Impact - The Affected Securities will be delisted from the NYSE Arca exchange before trading opens on the Call Settlement Date [3]. - BMO will suspend further sales of the Affected Securities on July 11, 2024, which may affect their market value and liquidity, potentially leading to trading at a premium [4]. Group 3: Investor Considerations - Investors purchasing Affected Securities before the Call Settlement Date at a price above the Call Settlement Amount may incur losses, as will those selling before delisting for less than the Call Settlement Amount [5]. - BMO does not intend to issue or register additional Affected Securities following this announcement [4]. Group 4: Company Overview - BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2024, providing a wide range of financial services to 13 million customers [8].

CINCINNATI, June 03, 2024 (GLOBE NEWSWIRE) -- Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced that the company will participate in the BMO Virtual Software Conference. The presentation is scheduled for Monday, June 10, 2024 at 11:30 am Eastern Time. The presentation will be webcast live and accessible for replay for a limited time under the "Events & Presentations" section of Paycor’s investor relations website at https://investors.p ...

Shares of Bank of Montreal (BMO) plunged 9.5% in response to its second-quarter fiscal 2024 (ended Apr 30) results. Adjusted earnings per share of C$2.59 declined 10.4% year over year.A significant jump in provision for credit losses and lower net interest income (NII) primarily hurt the results. However, increases in non-interest income, higher loans and deposit balance and slightly lower expenses acted as tailwinds.After considering non-recurring items, net income was C$1.87 billion ($1.38 billion), which ...

Key TakeawaysBank of Montreal missed profit and sales estimates Wednesday as it increased its provision for credit losses and reported a decline for its U.S. unit.The Canadian bank set aside C$705 million ($517 million) to cover bad loans, more than in the previous quarter and above analysts' forecasts.Bank of Montreal's U.S. personal and commercial banking income dropped as net interest income fell. Shares of Bank of Montreal or BMO Financial Group (BMO) plunged over 8% in intraday trading Wednesday after ...

Interim Consolidated Financial Statements | (Unaudited) (Canadian $ in millions) | | | | 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 | | Net Income | $ | 1,866 | $ | 1,292 | $ | 1,029 | $ | 3,158 | $ | 1,162 | | Other Comprehensive Income, net of taxes | | | | | | | | | | | | Items that may subsequ ...

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]