Bank of Montreal 2003 Annual Report Download - page 4

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▪Achieved combined Canada-U.S. revenue growth of 5.4% in an increasingly com-
petitive environment.
In Canada:
▪Improved productivity, as the expense-to-revenue ratio improved 142 basis points
to 60.3%.
▪Completed implementation of Pathway ConnectTM, our improved sales and service
technology platform, in branches across Canada.
▪
Commercial Banking, our division that focuses on the needs of our upper mid-
market customers, increased its balance sheet growth by approximately double
the 6% forecasted general market growth rate.
▪Solidified our second-place ranking for loans of less than $5 million to small business.
▪Improved and expanded our online banking service based on extensive feedback
from our customers. We now offer e-mail money transfers, multiple post-dated bill
payments, automated account openings and enhanced U.S.-dollar transactions.
In the United States:
▪Improved productivity by 210 basis points to 76.4%.
▪Opened nine new branches in Chicagoland.
▪
Achieved net income growth of 93% and improved productivity, as the expense-to-
revenue ratio improved 500 basis points despite general market uncertainty and
the conservative investor climate throughout most of fiscal 2003.
▪
BMO InvestorLine
®
was ranked number one for the third consecutive time in Gómez
Canada’s Direct Investing Report and for the fourth consecutive time in The Globe
and Mail’s online brokerage surveys.
▪Acquired select assets of myCFO, Inc., a California-based provider of customized
investment and advisory services to ultra-high net worth clients.
▪Acquired Sullivan, Bruyette, Speros & Blayney Inc., a Virginia-based provider of
open-access relationship-based financial planning, establishing a presence in the
high-growth Washington, D.C. area.
▪
Achieved significant cost reductions in Harrisdirect by reducing the number of staff
and optimizing call centre and branch sites.
▪
Improved productivity, as the expense-to-revenue ratio improved 410 basis points
to 51.5%.
▪Ranked number one in completed Canadian merger and acquisition transactions,
with a total value in excess of $18 billion.
▪Participated in 617 corporate debt and equity transactions on behalf of Canadian
clients, raising $67 billion.
▪
Ranked Top Overall Research Team in the Brendan Wood International Survey
for the 23rd consecutive year. We were also ranked first for Overall Quality of
Sales Service.
▪Ranking of number one for our Canadian Securitization unit in market share for
asset-backed commercial paper conduit outstandings.
▪Acquired Gerard Klauer Mattison, adding a solid U.S. equity research, sales and
trading platform to our service offering as Harris Nesbitt Gerard.
▪Expanded U.S. mid-market client base in Business Services, Consumer, Media and
Entertainment, Technology and Telecom, and Health Care sectors.
In Canada:
▪Continue to focus on revenue growth and im-
proved operational efficiency, while building
our distribution capabilities.
▪Improve customer loyalty in both personal and
business banking segments.
▪
Increase our business banking market share
faster than our major competitors.
▪Grow our personal banking market share rela-
tive to our major competitors.
In the United States:
▪
Continue to expand ourbranchnetworkin
Chicagoland.
▪Distinguish Harris Bank from our competitors
by continuing to improve our community bank
-
ing model.
▪Pursue opportunities that focus on deepening
client relationships and building momentum in
the high-growth affluent market segment.
▪
Focus on delivering the highest levels of service
and integrated offerings to our clients by lever-
aging partnerships within the Private Client
Group
and across BMO Financial Group.
▪Enhance our business models by continuing to
improve productivity and invest in our high-
growth businesses.
▪
Maintain Canadian leadership in the high-return
fee businesses of mergers and acquisitions, debt
and equity underwriting and securitization.
▪Accelerate growth through further integration
of our U.S.operationswithafocusonincreasing
the proportion of fee-based revenue.
▪Deepen and broaden relationships with target
clients by leveraging the full range of our cross-
border capabilities, including enhancing our
product offering through the full integration of
Harris Nesbitt Gerard.
▪
Continue a disciplined approach to cost and
capital management.
BMO Financial Group at a Glance
2003 Key Initiatives Focus for 2004