Bank of Montreal 1997 Annual Report Download - page 71

Bank of Montreal 180th Annual Report 1997 65
Table 20 Quarterly Financial Measures
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
As at or for the three months ended 1997 1997 1997 1997 1996 1996 1996 1996
Information per Common Share
($)
Dividends declared 0.44 0.40 0.40 0.40 0.40 0.36 0.36 0.36
Earnings
Basic 1.05 1.34 1.13 1.17 1.06 1.09 1.00 1.06
Cash EPS (a) 1.12 1.41 1.20 1.24 1.13 1.14 1.06 1.11
Fully diluted 1.04 1.31 1.11 1.16 1.04 1.07 0.98 1.04
Book value 29.18 28.54 27.66 26.71 25.89 25.52 24.82 24.16
Market price
High 61.600 58.200 55.800 46.750 41.650 34.150 33.750 33.750
Low 51.900 50.500 45.400 39.050 32.750 31.950 30.375 29.375
Close 60.850 57.450 50.700 46.600 40.550 32.750 32.700 33.250
Common stock information
Number of common shares outstanding
(thousands) :
as at 261,436 260,439 260,361 260,162 259,937 259,020 261,189 262,373
average – basic 260,916 260,415 260,253 260,050 259,395 260,071 262,116 263,368
– fully diluted 268,801 268,809 268,765 267,621 266,180 267,247 269,382 270,782
Price-to-earnings ratio (%) 13.0 12.2 11.4 10.8 9.6 8.0 8.3 8.9
Market-to-book value ratio (%) 2.09 2.01 1.83 1.74 1.57 1.28 1.32 1.38
Number of shareholders 53,651 54,238 54,746 55,261 55,571 55,885 56,217 56,760
Primary Financial Measures (%)
Five-year return on common shareholders’ investment (%) (b) 26.1 24.3 23.7 21.0 22.2 17.8 17.7 21.4
Return on common shareholders’ equity (c) 14.5 19.1 17.2 17.7 16.3 17.3 16.8 17.7
Fully diluted earnings per share growth (d) 0.0 22.4 13.3 11.5 11.8 17.6 28.9 33.3
Revenue growth 15.7 20.9 12.9 10.8 9.8 3.2 13.1 14.2
Expense-to-revenue ratio (e) 68.2 61.5 64.4 63.3 66.9 63.3 62.7 60.6
Provision for credit losses as a % of average
loans and acceptances (f) 0.22 0.22 0.23 0.25 0.22 0.22 0.28 0.29
Gross impaired loans and acceptances as a
% of equity and allowances for credit losses (g) 7.65 8.86 11.46 13.33 15.71 17.27 18.86 16.72
Tier 1 capital ratio (h) 6.80 6.96 6.71 6.58 6.71 6.76 7.10 7.13
Cash and securities-to-total assets (i) 35.6 34.1 32.9 33.4 35.8 34.3 34.0 33.7
Credit rating (j) AA- AA- AA- AA- AA- AA- AA- AA-
Other Financial Ratios (%)
Return on average total equity (k) 13.4 17.3 16.0 16.6 15.3 16.2 15.8 16.5
Return on common shareholders’ investment (l) 55.0 46.3 29.3 19.1 42.4 15.0 14.9 16.6
Return on average assets 0.58 0.72 0.66 0.70 0.70 0.74 0.74 0.78
Return on average assets available to common shareholders 0.53 0.68 0.62 0.66 0.65 0.70 0.69 0.73
Net income growth 2.3 23.7 11.9 8.8 7.8 14.1 24.9 29.5
Cash ROE (m) 16.9 22.1 20.3 20.9 19.5 19.8 19.3 20.4
Expense growth 17.9 17.5 16.0 15.8 15.8 (0.2) 10.5 7.8
Net impaired loans as a % of net loans and acceptances (0.30) (0.22) 0.00 0.13 0.35 0.48 0.74 0.57
Total capital ratio* 9.66 9.34 9.05 9.07 9.11 9.00 9.34 9.77
Equity-to-assets ratio 4.4 4.5 4.3 4.3 4.6 4.7 4.8 4.9
*As at July 31,1997, October 31, 1996, and April 30, 1996, the capital ratios reflect the
inclusion of $450 million Series A medium-term notes issued on August 25, 1997,
$300 million Series 23 debentures issued on November 1, 1996 and $300 million Series
21 debentures issued on May 9, 1996, respectively. Excluding these issues, the total
capital ratio as at July 31, 1997, October 31, 1996, and April 30, 1996 would be 8.96%,
8.83% and 9.04%, respectively, on a Canadian basis and 9.63%, 9.53% and 10.03%,
respectively, on a U.S. basis.
(a) Cash EPS is earnings per share as reported adjusted for the after-tax impact on
earnings of non-cash goodwill and other valuation intangibles.
(b) Five-year compounded return for one bank common share invested at the beginning of
the period, including dividend reinvestment.
(c) Net income less preferred dividends divided by average common shareholders’ equity
(which includes common share capital plus retained earnings).
(d) Percentage change in fully diluted earnings per share for the quarter over the
corresponding quarter of the previous year.
(e) Non-interest expense divided by total revenue (TEB).
(f) Annual provision for credit losses divided by average net loans, acceptances and
loan substitutes.
(g) Gross impaired loans divided by total equity and allowance for credit losses.
(h) Tier 1 capital divided by risk-weighted assets as defined by the Superintendent of
Financial Institutions Canada.
(i) Cash and securities divided by total assets.
(j) Composite of Moody’s and Standard & Poor’s debt ratings.
(k) Annualized quarterly net income divided by average total equity.
(l) Annual compounded return for one bank common share invested at the beginning of
the period, including dividend reinvestment.
(m) Cash ROE is return on common shareholders’ equity as reported adjusted for the
after tax impact on earnings and common shareholders’ equity of non-cash goodwill
and other valuation intangibles.
In the opinion of Bank of Montreal management, information that is derived from unaudited financial information, including
information as at and for the interim periods, contains all adjustments necessary for a fair presentation of such information. All such
adjustments are of a normal and recurring nature. Financial ratios for interim periods are stated on an annualized basis where
appropriate, and such ratios, as well as interim operating results, are not necessarily indicative of actual results for the full fiscal year.