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66 BMO FINANCIAL GROUP ANNUAL REPORT
2002
SUPPLEMENTAL INFORMATION
TABLE 28 Quarterly Financial Measures
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
2002 2002 2002 2002 2001 2001 2001 2001 2002 2001 2000
Information per Common Share ($)
Dividends declared 0.30 0.30 0.30 0.30 0.28 0.28 0.28 0.28 1.20 1.12 1.00
Net income before goodwill
Basic (a) 0.77 0.66 0.57 0.73 0.03 0.87 1.16 0.77 2.73 2.83 3.40
Diluted (a) 0.75 0.65 0.57 0.71 0.04 0.85 1.13 0.75 2.68 2.77 3.34
Earnings
Basic 0.77 0.66 0.57 0.73
–
0.85 1.13 0.74 2.73 2.72 3.30
Diluted 0.75 0.65 0.57 0.71
–
0.83 1.10 0.73 2.68 2.66 3.25
Excluding non-recurring items 0.80 0.68 0.57 0.71 0.19 0.83 0.76 0.70 2.76 2.48 2.91
Cash earnings
Basic 0.81 0.71 0.60 0.76 0.06 0.89 1.18 0.79 2.88 2.92 3.45
Diluted 0.79 0.70 0.59 0.75 0.06 0.88 1.15 0.77 2.83 2.86 3.39
Excluding non-recurring items 0.85 0.72 0.59 0.75 0.25 0.88 0.80 0.75 2.91 2.68 3.05
Book value 21.07 20.74 20.29 20.11 19.69 20.44 19.93 19.53 21.07 19.69 19.63
Market price
High 40.65 38.13 39.60 37.70 44.10 43.25 44.40 41.70 40.65 44.40 35.80
Low 34.15 31.00 34.05 34.39 32.75 34.20 35.00 33.40 31.00 32.75 21.00
Close 38.10 35.26 37.68 36.00 33.86 40.85 35.20 40.89 38.10 33.86 35.25
Financial Measures (%) (b)
Five-year average total shareholder return 7.9 7.4 11.6 12.5 14.3 23.9 20.4 23.8 7.9 14.3 22.9
Diluted earnings per share growth +100.0 (21.7) (48.2) (2.7) (+100.0) 20.3 26.4 (12.0) 0.8 (18.2) 38.9
Excluding non-recurring items +100.0 (18.1) (25.0) 1.4 (75.0) 23.9 (2.6)
–
11.3 (14.8) 15.9
Diluted cash earnings per share growth +100.0 (20.5) (48.7) (2.6) (93.3) 20.5 27.8 (10.5) (1.0) (15.6) 37.8
Excluding non-recurring items +100.0 (18.2) (26.3)
–
(68.8) 23.9
–
1.4 8.6 (12.1) 15.5
Return on equity 14.6 12.9 11.6 14.5 (0.4) 16.8 23.7 15.3 13.4 13.8 18.0
Excluding non-recurring items 15.5 13.5 11.6 14.5 3.8 16.8 16.2 14.8 13.8 12.9 16.1
Cash return on equity 15.4 13.8 12.2 15.2 0.7 17.8 24.7 16.2 14.2 14.8 18.8
Excluding non-recurring items 16.4 14.4 12.2 15.2 4.8 17.8 17.2 15.7 14.6 13.9 16.9
Net economic profit growth +100.0 (54.6) (88.2) (21.4) (+100.0) 48.9 55.6 (27.6) (15.2) (43.3) 90.0
Net income growth +100.0 (22.0) (50.4) (10.5) (99.1) 10.5 22.3 (12.3) (3.7) (20.8) 34.4
Excluding non-recurring items +100.0 (18.8) (28.8) (7.5) (74.6) 13.5 (4.9) (1.1) 5.7 (17.6) 13.1
Revenue growth 17.3 (4.1) (10.5) 0.6 (9.7) 6.6 8.8 3.2
–
2.3 9.3
Excluding non-recurring items 7.5 (4.1) 1.2 2.6 (1.2) 7.5
–
6.8 1.7 3.2 6.1
Non-interest expense-to-revenue ratio 70.1 69.4 66.4 66.3 74.2 63.6 56.5 63.7 68.1 64.0 60.7
Excluding non-recurring items 68.3 68.4 66.4 66.3 68.1 63.6 63.9 65.0 67.4 65.1 62.8
Provision for credit losses as a % of average
net loans and acceptances 0.43 0.44 0.87 0.49 1.49 0.32 0.57 0.27 0.56 0.66 0.25
Excluding non-recurring items 0.43 0.44 0.87 0.49 1.49 0.32 0.31 0.27 0.56 0.60 0.28
Gross impaired loans and acceptances as a %
of equity and allowance for credit losses 15.16 13.55 14.19 14.64 14.17 12.55 11.52 11.94 15.16 14.17 10.51
Cash and securities-to-total assets 24.9 24.2 26.0 25.2 23.1 25.6 26.4 26.3 24.9 23.1 27.8
Tier 1 ratio 8.80 8.72 8.61 8.87 8.15 8.84 8.94 8.87 8.80 8.15 8.83
Credit rating (c) AA– AA– AA– AA– AA– AA– AA– AA– AA– AA– AA–
TABLE 29 Other Statistical Information
As at October 31 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Other Information
Employees (a) 33,912 33,842 33,200 32,844 33,400 34,286 33,468 33,341 34,769 32,067
Bank branches 1,134 1,129 1,135 1,198 1,216 1,246 1,296 1,245 1,248 1,214
Automated banking machines (Canada) 2,000 1,982 1,987 2,039 2,069 2,035 2,017 1,763 1,708 1,538
Rates
Average Canadian prime rate (%) 4.15 6.55 7.05 6.49 6.44 4.80 6.67 8.58 6.42 6.44
Average U.S. prime rate (%) 4.79 7.68 9.18 8.00 8.59 8.51 8.49 8.89 6.69 6.04
Canadian/U.S. dollar exchange rates ($)
High 1.61 1.49 1.44 1.45 1.40 1.33 1.34 1.33 1.29 1.24
Low 1.51 1.59 1.53 1.56 1.58 1.41 1.38 1.42 1.40 1.34
Average 1.57 1.54 1.48 1.50 1.46 1.37 1.37 1.38 1.36 1.29
End of period 1.56 1.59 1.52 1.47 1.54 1.41 1.34 1.34 1.35 1.32
(a)
Reflects full-time equivalent number of employees, comprising full-time and part-time employees
and adjustments for overtime hours.
(a) Reported diluted exceeds basic in the quarter ended October 31, 2001 because of rounding.
(b) All quarterly ratios have been annualized.
(c) Composite of Moody’s and Standard & Poor’s ratings on Senior Debt.
I
n 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 a
ll
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.