Bank of Montreal 2013 Annual Report Download - page 35
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MD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS
Personal and Commercial Banking (Canadian $ in millions, except as noted)
Canadian P&C U.S. P&C Total P&C
Change Change Change
from from from
2012 2012 2012
As at or for the year ended October 31 2013 2012 2011* (%) 2013 2012 2011* (%) 2013 2012 2011* (%)
Net interest income (teb) 4,429 4,365 4,381 1 2,378 2,456 1,653 (3) 6,807 6,821 6,034 –
Non-interest revenue 1,912 1,847 1,807 4 559 568 348 (1) 2,471 2,415 2,155 2
Total revenue (teb) 6,341 6,212 6,188 2 2,937 3,024 2,001 (3) 9,278 9,236 8,189 –
Provision for credit losses 574 615 664 (7) 223 274 359 (19) 797 889 1,023 (10)
Non-interest expense 3,250 3,183 3,133 2 1,840 1,901 1,232 (3) 5,090 5,084 4,365 –
Income before income taxes 2,517 2,414 2,391 4 874 849 410 3 3,391 3,263 2,801 4
Provision for income taxes (teb) 663 639 676 4 278 269 151 3 941 908 827 4
Reported net income 1,854 1,775 1,715 4 596 580 259 3 2,450 2,355 1,974 4
Adjusted net income 1,864 1,785 1,724 4 646 644 294 – 2,510 2,429 2,018 3
Net economic profit 990 1,026 1,019 (4)
Adjusted return on equity (%) 17.7 18.6 22.2 (0.9)
Return on equity (%) 17.3 18.1 21.7 (0.8)
Adjusted operating leverage (teb) (%) – (1.1) 0.4 nm (0.5) (1.6) 15.2 nm – (2.8) 2.3 nm
Operating leverage (teb) (%) – (1.2) 0.3 nm 0.3 (3.2) 13.2 nm 0.4 (3.7) 1.7 nm
Adjusted efficiency ratio (teb) (%) 51.1 51.1 50.5 – 60.1 59.8 59.1 0.3 53.9 53.9 52.6 –
Efficiency ratio (teb) (%) 51.3 51.2 50.6 0.1 62.6 62.9 61.6 (0.3) 54.9 55.0 53.3 (0.1)
Net interest margin on earning assets (teb) (%) 2.59 2.79 2.94 (0.20) 4.07 4.40 4.53 (0.33) 2.97 3.22 3.26 (0.25)
Average common equity 13,723 12,611 8,692 9
Average earning assets 170,847 156,231 148,835 9 58,369 55,857 36,471 4 229,216 212,088 185,306 8
Average loans and acceptances 175,079 159,484 151,331 10 52,421 50,711 32,892 3 227,500 210,195 184,223 8
Average deposits 113,644 106,256 101,784 7 60,645 59,147 36,425 3 174,289 165,403 138,209 5
Assets under administration 16,148 15,521 22,421 4 112,732 96,803 77,066 16 128,880 112,324 99,487 15
Full-time equivalent employees 15,957 16,197 16,723 (1) 7,971 7,906 7,564 1 23,928 24,103 24,287 (1)
* Leverage measures for 2011 reflect growth based on CGAAP in 2010 and IFRS in 2011.
nm – not meaningful
Net economic profit and adjusted results in this section are non-GAAP and are discussed in the Non-GAAP Measures section on page 34.
46 BMO Financial Group 196th Annual Report 2013