Bank of Montreal 1998 Annual Report Download - page 62

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54
BANK OF MONTREAL GROUP OF COMPANIES
TABLE 1 SHAREHOLDER VALUE
For the year ended October 31 1998 19 97 199 6 19 9 5 19 9 4 19 9 3 19 92 1991 199 0 19 8 9
Market Price per Common Share ($) (a)
High 87.000 61.600 41.650 31.000 30.750 27.375 24.125 19.188 17.188 17.625
Low 51.750 39.050 29.375 24.125 22.000 21.313 18.563 13.250 12.250 13.313
Close 63.100 60.850 40.550 29.750 25.125 26.875 23.563 18.688 13.500 17.000
Common Dividends
Dividends declared ($) (a) 1.76 1.64 1.48 1.32 1.20 1.12 1.06 1.06 1.06 1.06
Dividends paid ($) (a) 1.76 1.60 1.41 1.29 1.18 1.11 1.06 1.06 1.06 1.05
Dividend payout ratio (%) 37.4 35.0 35.1 38.2 40.3 43.3 44.7 46.0 50.7 nm
Dividend yield (%) 2.9 3.9 4.7 5.1 4.4 4.7 5.7 7.9 6.2 7.3
Return on Investment (ROI)
ROI (%) 6.4 55.0 42.4 24.1 (2.3) 19.4 32.4 47.4 (14.4) 27.9
Five-year ROI (%) 23.3 26.1 22.2 23.1 14.3 20.6 19.8 9.1 4.4 15.1
Common Share Information (b)
Number of common shares outstanding (in thousands) (a)
As at 264,433 261,436 259,937 263,685 265,457 249,094 244,819 238,770 229,989 221,520
Average – basic 262,511 260,410 261,233 265,632 251,307 247,727 242,079 235,085 226,022 218,023
– fully diluted 269,048 268,700 268,362 273,919 256,496 252,634 245,131 235,085 226,022 218,023
Number of shareholder accounts 51,387 53,651 55,571 57,187 58,879 62,342 65,723 72,887 78,789 82,855
Total book value per
common share ($) (a) 32.71 29.18 25.89 23.41 21.39 19.40 17.69 16.05 15.00 13.98
Total market value of
common shares ($ billions) 16.7 15.9 10.5 7.8 6.7 6.7 5.8 4.5 3.1 3.8
Price-to-earnings ratio (times) 13.4 13.0 9.6 8.6 8.3 10.4 9.9 8.1 6.4 nm
Market-to-book value (times) 1.93 2.09 1.57 1.27 1.17 1.39 1.33 1.16 0.90 1.22
TABLE 2 EARNINGS GROWTH ($ millions except as noted)
For the year ended October 31 1998 19 97 199 6 19 95 19 9 4 19 9 3 19 92 19 91 199 0 19 8 9
Income Statement
Net interest income (TEB) (c) 4,152 4,186 3,711 3,564 3,325 3,207 3,038 2,734 2,575 2,568
Other income 3,118 2,981 2,516 2,102 1,871 1,654 1,404 1,261 1,078 1,018
Total revenues (TEB) (c) 7,270 7,167 6,227 5,666 5,196 4,861 4,442 3,995 3,653 3,586
Provision for credit losses 130 275 225 275 510 675 550 337 169 1,181
Non-interest expense 4,833 4,613 3,949 3,646 3,223 2,916 2,765 2,605 2,453 2,330
Income before provision for income taxes
and non-controlling interest in subsidiary 2,307 2,279 2,053 1,745 1,463 1,270 1,127 1,053 1,031 75
Provision for income taxes (TEB) (c) 932 949 865 746 627 555 483 452 506 109
Non-controlling interest in subsidiary 25 2520131164635
Net income/(loss) 1,350 1,305 1,168 986 825 709 640 595 522 (39)
Year-over-year growth (%) 3.5 11.7 18.4 19.5 16.4 10.9 7.5 13.9 nm (107.7)
Earnings per Share (EPS) ($) (a)
Basic 4.72 4.69 4.21 3.45 3.01 2.59 2.38 2.31 2.10 (0.39)
Cash EPS (d) 4.98 4.97 4.44 3.67 3.15 2.73 NA NA NA NA
Fully diluted 4.66 4.62 4.13 3.38 2.97 2.55 2.36 2.31 2.10 nm
Year-over-year growth (%) 0.9 11.9 22.2 13.8 16.5 8.1 2.2 10.0 nm nm
TABLE 3 PROFITABILITY ($ millions except as noted)
For the year ended October 31 1998 19 97 199 6 19 9 5 19 9 4 19 9 3 19 92 1991 199 0 19 8 9
Net income/(loss) 1,350 1,305 1,168 986 825 709 640 595 522 (39)
Preferred dividends 112 83 69 69 69 68 64 51 48 47
Net income available to common shareholders 1,238 1,222 1,099 917 756 641 576 544 474 (86)
Average common shareholders’ equity 8,128 7,165 6,457 5,937 5,088 4,564 4,072 3,623 3,259 3,434
Return on common shareholders’ equity (ROE) (%) 15.2 17.1 17.0 15.4 14.9 14.1 14.1 15.0 14.6 (2.5)
Economic performance threshold (%) 12.0 12.0 12.0 12.0 13.0 12.5 13.2 14.8 15.6 14.9
Return on average total equity (%) 13.8 15.8 16.0 14.5 13.9 13.1 13.2 14.2 13.9 (1.0)
Cash ROE (%) (e) 17.5 20.0 19.8 18.2 16.4 15.7 NA NA NA NA
Return on average assets (%) 0.59 0.66 0.74 0.68 0.68 0.63 0.61 0.63 0.64 (0.05)
Return on average assets available
to common shareholders (%) 0.54 0.62 0.69 0.64 0.62 0.57 0.55 0.58 0.58 (0.11)
SUPPLEMENTAL INFORMATION
(a) Restated to reflect the effect of the two-for-one stock distribution completed
in March 1993.
(b) As at October 31
(c) Refer to the Glossary on page 92 for a definition of the taxable equivalent basis
(TEB) adjustment.
(d) Cash EPS is earnings per share as reported adjusted for the after-tax impact on
earnings of non-cash goodwill and other valuation intangibles.
(e) 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.
NA – Not available
nm – Not meaningful