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BMO Financial Group Annual Report 2004 69
MD&A
Summarized Statement of Income and Quarterly Financial Measures
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
($ millions) 2004 2004 2004 2004 2003 2003 2003 2003 2004 2003 2002
Net interest income (teb) 1,239 1,302 1,225 1,295 1,279 1,250 1,251 1,271 5,061 5,051 4,935
Non-interest revenue 1,073 1,121 1,251 1,106 1,132 1,084 957 1,047 4,551 4,220 3,924
Total revenue (teb) 2,312 2,423 2,476 2,401 2,411 2,334 2,208 2,318 9,612 9,271 8,859
Provision for credit losses (13) (110) 5 15 95 90 120 150 (103) 455 820
Non-interest expense 1,493 1,538 1,565 1,561 1,545 1,485 1,484 1,573 6,157 6,087 6,030
Income before provision for income taxes and
non-controlling interest in subsidiaries 832 995 906 825 771 759 604 595 3,558 2,729 2,009
Provision for income taxes (teb) 253 327 289 278 242 239 179 180 1,147 840 530
Non-controlling interest in subsidiaries 16 14 15 15 16 16 16 16 60 64 62
Net income 563 654 602 532 513 504 409 399 2,351 1,825 1,417
Amortization of intangible assets,
net of income taxes 19 21 19 19 18 19 20 22 78 79 75
Cash net income 582 675 621 551 531 523 429 421 2,429 1,904 1,492
Taxable equivalent basis adjustment (teb) 30 32 39 38 42 27 44 39 139 152 106
Reported revenue per financial statements 2,282 2,391 2,437 2,363 2,369 2,307 2,164 2,279 9,473 9,119 8,753
Operating group net income:
Personal and Commercial Client Group 275 272 210 246 253 246 217 221 1,003 937 807
Private Client Group 54 59 63 55 44 39 27 34 231 144 79
Investment Banking Group 197 236 212 211 187 188 165 181 856 721 601
Corporate Support, including T&S 37 87 117 20 29 31
–
(37) 261 23 (70)
BMO Financial Group net income 563 654 602 532 513 504 409 399 2,351 1,825 1,417
Information per Common Share ($)
Dividends declared 0.44 0.40 0.40 0.35 0.35 0.33 0.33 0.33 1.59 1.34 1.20
Earnings
Basic 1.08 1.27 1.16 1.02 0.99 0.97 0.78 0.77 4.53 3.51 2.73
Diluted 1.06 1.24 1.12 1.00 0.97 0.95 0.77 0.75 4.42 3.44 2.68
Cash earnings
Basic 1.13 1.30 1.20 1.06 1.02 1.01 0.83 0.81 4.69 3.67 2.88
Diluted 1.10 1.27 1.17 1.03 1.00 0.99 0.81 0.79 4.57 3.59 2.83
Book value 24.24 24.31 23.82 22.87 22.09 21.92 21.34 21.33 24.24 22.09 21.07
Market price
High 59.63 55.50 58.74 59.65 50.26 45.00 43.39 43.40 59.65 50.26 40.65
Low 52.05 49.50 50.88 49.28 41.88 39.44 39.30 37.79 49.28 37.79 31.00
Close 57.55 55.40 51.90 57.79 49.33 44.65 40.10 41.30 57.55 49.33 38.10
Financial Measures (%) (1)
Five-year average annual total shareholder return 18.9 18.7 14.8 15.2 12.9 7.3 3.8 7.5 18.9 12.9 7.9
Dividend yield 3.1 2.9 3.1 2.4 2.8 3.0 3.3 3.2 2.8 2.7 3.1
Diluted earnings per share growth 9.3 30.5 45.5 33.3 29.3 46.2 35.1 5.6 28.5 28.4 0.8
Diluted cash earnings per share growth 10.0 28.3 44.4 30.4 26.6 41.4 37.3 5.3 27.3 26.9 (1.0)
Return on equity 17.8 21.0 20.4 18.3 17.9 18.0 15.2 14.3 19.4 16.4 13.4
Cash return on equity 18.5 21.7 21.1 19.0 18.5 18.8 15.9 15.1 20.1 17.1 14.2
Net economic profit growth 10.3 53.7 100+ 94.9 74.1 100+ 100+ 6.7 59.6 91.8 (15.2)
Net income growth 9.7 29.9 46.9 33.6 28.9 45.6 36.1 7.1 28.8 28.8 (3.7)
Revenue growth (3.8) 3.7 12.6 3.7 4.7 8.9 (1.3) 4.6 3.9 4.2 0.4
Revenue growth (teb) (4.2) 3.9 12.1 3.6 5.4 8.9 (0.6) 5.1 3.7 4.7
–
Net interest margin 1.82 1.87 1.74 1.87 1.85 1.81 1.89 1.88 1.82 1.86 1.95
Net interest margin (teb) 1.87 1.92 1.80 1.92 1.91 1.84 1.96 1.94 1.88 1.91 1.99
Non-interest expense-to-revenue ratio 65.4 64.3 64.2 66.1 65.2 64.4 68.6 69.0 65.0 66.7 68.9
Non-interest expense-to-revenue ratio (teb) 64.6 63.5 63.2 65.0 64.0 63.7 67.2 67.9 64.1 65.7 68.1
Cash non-interest expense-to-revenue ratio (teb) 63.5 62.4 62.2 63.9 63.1 62.6 66.0 66.6 63.0 64.5 67.1
Provision for credit losses as a % of average
net loans and acceptances (0.03) (0.28) 0.01 0.04 0.25 0.24 0.32 0.39 (0.07) 0.30 0.56
Canadian/U.S. dollar average exchange rate ($) 1.264 1.342 1.339 1.307 1.351 1.374 1.462 1.555 1.313 1.435 1.571
Gross impaired loans and acceptances as a %
of equity and allowance for credit losses 6.75 7.83 9.04 11.03 12.15 12.91 14.88 14.66 6.75 12.15 15.16
Cash and securities-to-total assets 25.8 27.3 29.2 29.1 29.1 28.6 26.3 25.4 25.8 29.1 24.9
Tier 1 Capital Ratio 9.81 9.44 9.67 9.65 9.55 9.21 9.10 9.05 9.81 9.55 8.80
(1) All quarterly ratios have been annualized and all growth rates represent year-over-year growth.
In the opinion of Bank of Montreal management, information that is derived from unaudited financial information, including information as at and for interim periods, includes
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 the ratios, as well as interim operating results, are not necessarily indicative of actual results for the full fiscal year.