Bank of Montreal 2013 Annual Report Download - page 47
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MANAGEMENT’S DISCUSSION AND ANALYSIS
Business Environment, Outlook
and Challenges
BMO Capital Markets’ strong performance in fiscal 2013 reflects our
balanced, diversified and client-focused business model, as well as our
disciplined approach to risk management in an environment influenced
by market factors that contribute to variability in results. There was
growth in our investment and corporate banking businesses despite a
reduction in mergers and acquisitions in Canada due to lower levels of
activity in the natural resource sector and the impact of the protracted
resolution of the U.S. debt ceiling debate in Congress. Our diversified
business mix in trading products has enabled us to generate good earn-
ings growth in 2013. The ROE for BMO Capital Markets was 18.9%.
Looking forward to fiscal 2014, we expect economic growth to
strengthen in both Canada and the United States. A continuation of low
interest rates, a reduction in unemployment and low inflation are all
projected in the United States, as well as stable interest rates in Canada.
Our capital markets outlook is influenced by the performance of financial
markets, business confidence and evolving regulatory requirements.
Despite some areas of weakness and concern in financial markets, we
anticipate continued growth in revenue and earnings.
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 BMO Capital Markets 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
58 BMO Financial Group 196th Annual Report 2013