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BMO Financial Group reports net income of CAD1.2bn for Q3 2016

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BMO Financial Group has reported net income of CAD1,245 million or CAD1.86 per share on a reported basis and net income of CAD1,295 million or CAD1.94 per share on an adjusted basis, for the third quarter ended 31 July.

"BMO delivered strong results in the third quarter, reflecting the benefits of our consistent execution to deliver an exceptional customer experience," says Bill Downe (pictured), chief executive officer, BMO Financial Group. "Adjusted net income was CAD1.3 billion, up 5 per cent from last year, and adjusted earnings per share were CAD1.94, up 4 per cent.
 
"We had good performance across our operating groups, particularly in Personal & Commercial Banking and BMO Capital Markets. Adjusted operating leverage was very good at 3.8 per cent and the capital position is strong with a Common Equity Tier 1 ratio of 10.5 per cent.
 
"Our performance year to date reflects our focus on the customer and strong operating discipline. We are confident that our strategy and diversification across businesses, customer segments and geographies will continue to deliver good growth and long-term value to our shareholders.”
 
BMO has announced a fourth quarter 2016 dividend of CAD0.86 per common share, unchanged from the preceding quarter and up CAD0.04 per share or 5 per cent from a year ago, equivalent to an annual dividend of CAD3.44 per common share.

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