Bank of Montreal 1999 Annual Report Download - page 65

Supplemental Information
Bank of Montreal Group of Companies 1999 Annual Report 59
Table 1 Shareholder Value
For the year ended October 31 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Market Price per Common Share ($) (a)
High 69.600 87.000 61.600 41.650 31.000 30.750 27.375 24.125 19.188 17.188
Low 49.350 51.750 39.050 29.375 24.125 22.000 21.313 18.563 13.250 12.250
Close 56.650 63.100 60.850 40.550 29.750 25.125 26.875 23.563 18.688 13.500
Common Dividends
Dividends declared ($) (a) 1.88 1.76 1.64 1.48 1.32 1.20 1.12 1.06 1.06 1.06
Dividends paid ($) (a) 1.85 1.76 1.60 1.41 1.29 1.18 1.11 1.06 1.06 1.06
Dividend payout ratio (%) 39.6 37.4 35.0 35.1 38.2 40.3 43.3 44.7 46.0 50.7
Dividend yield (%) 2.9 2.9 3.9 4.7 5.1 4.4 4.7 5.7 7.9 6.2
Total Shareholder Return (TSR)
TSR (%) (7.4) 6.4 55.0 42.4 24.1 (2.3) 19.4 32.4 47.4 (14.4)
Five-year TSR (%) 22.0 23.3 26.1 22.2 23.1 14.3 20.6 19.8 9.1 4.4
Common Share Information (as at October 31)
Number of common shares outstanding (in thousands) (a)
As at 267,032 264,433 261,436 259,937 263,685 265,457 249,094 244,819 238,770 229,989
Average
– basic 265,862 262,511 260,410 261,233 265,632 251,307 247,727 242,079 235,085 226,022
– fully diluted 272,573 269,048 268,700 268,362 273,919 256,496 252,634 245,131 235,085 226,022
Number of shareholder accounts 49,369 51,387 53,651 55,571 57,187 58,879 62,342 65,723 72,887 78,789
Total book value per
common share ($) (a) 34.87 32.71 29.18 25.89 23.41 21.39 19.40 17.69 16.05 15.00
Total market value of
common shares ($ billions) 15.1 16.7 15.9 10.5 7.8 6.7 6.7 5.8 4.5 3.1
Price-to-earnings ratio (times) 11.9 13.4 13.0 9.6 8.6 8.3 10.4 9.9 8.1 6.4
Market-to-book value (times) 1.62 1.93 2.09 1.57 1.27 1.17 1.39 1.33 1.16 0.90
Equity-to-assets ratio 4.93 5.00 4.36 4.56 4.74 4.85 4.93 4.80 4.65 4.54
Table 2 Earnings Growth ($ millions except as noted)
For the year ended October 31 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Income Statement
Net interest income (TEB) (b) 4,417 4,152 4,186 3,711 3,564 3,325 3,207 3,038 2,734 2,575
Other income 3,511 3,118 2,981 2,516 2,102 1,871 1,654 1,404 1,261 1,078
Total revenues (TEB) (b) 7,928 7,270 7,167 6,227 5,666 5,196 4,861 4,442 3,995 3,653
Provision for credit losses 320 130 275 225 275 510 675 550 337 169
Non-interest expense 5,288 4,785 4,567 3,913 3,612 3,208 2,897 2,749 2,590 2,437
Income before provision for income taxes, non-
controlling interest in subsidiary and goodwill
2,320 2,355 2,325 2,089 1,779 1,478 1,289 1,143 1,068 1,047
Provision for income taxes (TEB) (b) 874 938 954 866 746 627 555 483 452 506
Non-controlling interest in subsidiary 21 25252013116463
Net income before goodwill 1,425 1,392 1,346 1,203 1,020 840 728 656 610 538
Amortization of goodwill, net of applicable tax 43 42 41 35 34 15 19 16 15 16
Net income 1,382 1,350 1,305 1,168 986 825 709 640 595 522
Year-over-year growth (%) 2.4 3.5 11.7 18.4 19.5 16.4 10.9 7.5 13.9 nm
Earnings per Share (EPS) before Goodwill ($) (a)
Basic 4.92 4.88 4.85 4.35 3.58 3.07 2.67 2.45 2.37 2.17
Fully diluted 4.88 4.81 4.77 4.26 3.51 3.03 2.63 2.43 2.37 2.17
Year-over-year growth (%) 1.5 0.8 12.0 21.4 15.8 15.2 8.2 2.5 9.2 nm
Earnings per Share (EPS) ($) (a)
Basic 4.76 4.72 4.69 4.21 3.45 3.01 2.59 2.38 2.31 2.10
Fully diluted 4.72 4.66 4.62 4.13 3.38 2.97 2.55 2.36 2.31 2.10
Year-over-year growth (%) 1.3 0.9 11.9 22.2 13.8 16.5 8.1 2.2 10.0 nm
Cash earnings per Share (EPS) ($) (c) 5.01 4.98 4.97 4.44 3.67 3.15 2.73 NA NA NA
Table 3 Profitability ($ millions except as noted)
For the year ended October 31 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Net income 1,382 1,350 1,305 1,168 986 825 709 640 595 522
Preferred dividends 117 112 83 69 69 69 68 64 51 48
Net income available to common shareholders 1,265 1,238 1,222 1,099 917 756 641 576 544 474
Average common shareholders’ equity 8,976 8,128 7,165 6,457 5,937 5,088 4,564 4,072 3,623 3,259
Return on common shareholders’ equity (ROE)
(%)
14.1 15.2 17.1 17.0 15.4 14.9 14.1 14.1 15.0 14.6
Return on average total equity (%) 12.8 13.8 15.8 16.0 14.5 13.9 13.1 13.2 14.2 13.9
Cash ROE (%) (d) 15.9 17.5 20.0 19.8 18.2 16.4 15.7 NA NA NA
Return on average assets (%) 0.61 0.59 0.66 0.74 0.68 0.68 0.63 0.61 0.63 0.64
Return on average assets available
to common shareholders (%) 0.56 0.54 0.62 0.69 0.64 0.62 0.57 0.55 0.58 0.58
(a) Restated to reflect the effect of the two-for-one stock distribution completed in March 1993.
(b)
Refer to the glossary on page 104 for a definition of the taxable equivalent basis (TEB) adjustment.
(c) Cash EPS is earnings per share as reported adjusted for the after-tax impact on earnings of non-
cash goodwill and other valuation intangibles
.
(d) 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
andothervaluationintangibles.
NA
– Not available; nm
– Not meaningful