BMO(BMO)2025-02-25 20:06Financial Performance - Net income for the three months ended January 31, 2025, was 2,304 million in the previous quarter[1]. - Total revenue increased to 8,957 million in the previous quarter[1]. - Total comprehensive income for the period was 2,992 million in the previous quarter[3]. - Earnings per common share (basic) was 2.95 in the previous quarter[1]. - Net income for the three months ended January 31, 2025, was 1,292 million for the same period in 2024, representing a year-over-year increase of 65.7%[10]. - Net income attributable to bank shareholders for the three months ended January 31, 2025, was 1,290 million for the same period in 2024, representing a 65.6% increase[106]. - Basic earnings per common share increased to 1.73 in the same period of 2024, reflecting a 64.4% growth[106]. - Total revenue for the three months ended January 31, 2025, was 7,672 million in the same period of 2024, marking a 20.8% growth[113]. Revenue Breakdown - Net interest income was 5,438 million in the previous quarter[1]. - Non-interest revenue rose to 3,519 million in the previous quarter[1]. - The Canadian Personal and Commercial Banking segment reported net interest income of 2,141 million in the same period of 2024, a 11.4% increase[113]. - Non-interest revenue for the BMO Capital Markets segment was 1,084 million in the same period of 2024, reflecting a 27% increase[113]. Expenses and Provisions - Provision for credit losses decreased to 1,523 million in the previous quarter, indicating improved credit quality[1]. - Employee compensation expenses increased to 2,694 million in the previous quarter[1]. - The provision for credit losses was 627 million in the same quarter last year, indicating increased risk management measures[10]. - The total provision for credit losses (PCL) for the quarter was 39 million in the same quarter last year[36]. Assets and Liabilities - Total assets increased to 1,409,647 million on October 31, 2024, representing a growth of approximately 4.2%[7]. - Total liabilities rose to 1,325,361 million in the previous quarter, indicating an increase of about 4.2%[7]. - Total shareholders' equity reached 84,286 million, reflecting a growth of approximately 2.8%[7]. - Cash and cash equivalents stood at 65,098 million, marking an increase of approximately 17.5%[7]. - Total carrying amount of the bank's securities increased to 396,880 million as of October 31, 2024, representing a growth of approximately 3.0%[24]. Loans and Credit Quality - Loans, including residential mortgages, increased to 682,372 million, representing a growth of approximately 1.7%[7]. - The allowance for credit losses increased to 4,356 million, indicating a rise of about 10%[7]. - Deposits grew to 982,440 million, reflecting an increase of approximately 1.8%[7]. - The total net loans and acceptances amounted to CAD 689,235 million as of January 31, 2025, compared to CAD 678,375 million as of October 31, 2024, indicating a growth of about 1.6%[39]. Economic Outlook - The economic forecast for Canada indicates a real GDP growth rate of 2.0% for the first 12 months under the base case scenario as of January 31, 2025[52]. - The unemployment rate in Canada is projected to be 6.9% under the base case scenario for the first 12 months as of January 31, 2025[52]. - The severe downside scenario predicts a contraction in the Canadian economy with a GDP growth rate of -3.7% for the first 12 months as of January 31, 2025[49]. - The company expects a moderate economic recovery over the medium term as inflation is anticipated to ease further, leading to lower interest rates[47]. Shareholder Actions - Dividends per common share increased to 1.55 in the previous quarter[1]. - The bank redeemed 7,787 million at the end of the period[9]. - The company announced a normal course issuer bid (NCIB) to purchase up to 20 million common shares for cancellation, with 1.2 million shares purchased at an average price of CAD 144.43 per share, totaling CAD 176 million during the three months ended January 31, 2025[74]. - The company redeemed all outstanding 12 million Non-Cumulative 5-year Rate Reset Class B Preferred Shares, Series 31 for a total of CAD 300 million on November 25, 2024[73].