Bank of Montreal 2013 Annual Report Download - page 44
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Business Environment, Outlook
and Challenges
Economic growth in Canada remained modest in 2013, and equity
markets posted moderate gains. And while U.S. economic growth
slowed, its stock markets recorded double-digit gains. The strong gains
were widespread across sectors, led by the financial, health care and
consumer discretionary sectors.
Investor confidence is returning, as evidenced by an increase in
transaction volumes throughout the year and strong client asset growth,
attributable to market gains and new client acquisition. Historically low
interest rates limited our net interest income growth.
In 2014, we anticipate that a sustained healthy level of activity in
equity markets will continue to positively influence transaction volumes.
Despite modest economic growth and the continued low interest rate
environment expected in North America, we have clear strategic plans
to grow all of our wealth businesses.
Changing demographics, particularly in the retirement, mass
affluent and high net worth sectors, will continue to drive the North
American wealth management industry over the longer term. Tailoring
our offering for key client segments, making sure we service our clients
in the right channels and keeping pace with technology advancements
are ways in which we can continue to meet our clients’ evolving needs.
We have experienced significant growth, both organically and
through strategic acquisitions, over the past few years, and we now
have a robust wealth management platform in the United States and a
growing presence in Asia, while we are also expanding into other coun-
tries. This activity supports BMO’s plans to offer truly global services to
its clients across its international footprint.
We are continuing to manage increasingly complex regulatory
requirements, and at the same time we are proactively seeking top
talent to complement our growing sales force.
The Canadian and U.S. economic environment in fiscal 2013 and the
outlook for fiscal 2014 are discussed in more detail in the Economic
Developments and Outlook section on page 32.
Caution
This Wealth Management section contains forward-looking statements. Please see the Caution
Regarding Forward-Looking Statements.
Adjusted results in this section are non-GAAP and are discussed in the Non-GAAP Measures section
on page 34.
MD&A
BMO Financial Group 196th Annual Report 2013 55