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Benzinga
Benzinga
Business
Akanksha Bakshi

Read How Bank Of Montreal Fared In Q2

Bank of Montreal (TSX:BMO) (NYSE:BMOreported a second-quarter revenue increase of 53.4% year-over-year to C$9.32 billion. Adjusted EPS was C$3.23 vs. C$3.13 in 2Q21.

Adjusted revenue declined 4.8% Y/Y to C$5.76 billion.

Provision for credit losses for Q2 was C$50 million, compared to C$60 million a year ago. Return on equity (ROE) was 34.5% for the quarter, compared with 10.2% a year ago, and adjusted ROE was 15.7%, compared with 16.7%.

Common Equity Tier 1 ratio increased to 16%, from 13% in 2Q21.

Canadian P&C reported net income was C$940 million and adjusted net income was C$941 million, both increased 21% Y/Y.

US P&C's net income was C$588 million (+9% Y/Y), and its adjusted net income was C$589 million (+8% Y/Y).

BMO Wealth Management's net income was C$314 million, compared with C$322 million in the prior year, and adjusted net income was C$315 million (-4% Y/Y).

BMO Capital Market's net income was C$448 million (-19.7% Y/Y), and its adjusted net income was C$453 million (-19.8% Y/Y), reflecting higher revenue in Global Markets and Investment and Corporate Banking.

Corporate Services' net income was C$2.47 billion, compared with a reported net loss of C$892 million in the prior year, and adjusted net loss was C$111 million, vs. a net loss of C$120 million a year ago.

Dividend: BMO declared a dividend of C$1.39, a 6 cent, or 5%, increase from the prior quarter and up 31% from the prior year. The dividend is payable on August 26, 2022, to common shareholders of record on August 2, 2022.

Price Action: BMO shares are trading higher by 0.33% at C$133.49 on TSX and higher by 0.65% at $104.85 on NYSE on the last check Wednesday.

Photo Via Company

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