Bank of Montreal 2013 Annual Report Download - page 92

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) 2013 2013 2013 2013 2012 2012 2012 2012 2013 2012 2011
Net interest income 2,085 2,146 2,098 2,216 2,145 2,225 2,120 2,318 8,545 8,808 7,474
Non-interest revenue 2,103 1,904 1,846 1,865 2,031 1,653 1,839 1,799 7,718 7,322 6,469
Total revenue 4,188 4,050 3,944 4,081 4,176 3,878 3,959 4,117 16,263 16,130 13,943
Provision for credit losses – specific
Provision for credit losses – general
Non-interest expense
189
–
2,597
57
20
2,542
175
(30)
2,568
178
–
2,590
216
(24)
2,701
229
8
2,484
195
–
2,499
122
19
2,554
599
(10)
10,297
762
3
10,238
1,126
86
8,741
Income before provision for income taxes
Provision for income taxes 1,402 314 1,431 294 1,231 256 1,313 265 1,283 201 1,157 187 1,265 237 1,422 313 5,377 1,129 5,127 938 3,990 876
Net income 1,088 1,137 975 1,048 1,082 970 1,028 1,109 4,248 4,189 3,114
Adjusted net income 1,102 1,136 997 1,041 1,125 1,013 982 972 4,276 4,092 3,275
Provision for credit losses – specific
Canadian P&C 166 126 154 128 146 147 167 155 574 615 664
U.S. P&C 96 40 55 32 75 76 60 63 223 274 359
Personal and Commercial Banking
Wealth Management
BMO Capital Markets
Corporate Services, including T&O
262
1
(17)
(57)
166
(1)
2
(110)
209
1
(6)
(29)
160
2
(15)
31
221
11
(4)
(12)
223
5
–
1
227
1
19
(52)
218
5
(9)
(92)
797
3
(36)
(165)
889
22
6
(155)
1,023
10
32
61
BMO Financial Group provision for credit losses – specific 189 57 175 178 216 229 195 122 599 762 1,126
Operating group reported net income:
Canadian P&C 469 497 430 458 442 459 433 441 1,854 1,775 1,715
U.S. P&C 106 153 155 182 140 139 142 159 596 580 259
Personal and Commercial Banking
Wealth Management
BMO Capital Markets
Corporate Services, including T&O
575
312
229
(28)
650
218
280
(11)
585
141
275
(26)
640
163
310
(65)
582
164
314
22
598
109
250
13
575
147
233
73
600
104
224
181
2,450
834
1,094
(130)
2,355
524
1,021
289
1,974
480
975
(315)
BMO Financial Group reported net income 1,088 1,137 975 1,048 1,082 970 1,028 1,109 4,248 4,189 3,114
Operating group adjusted net income:
Canadian P&C 472 500 431 461 444 462 436 443 1,864 1,785 1,724
U.S. P&C 118 165 168 195 156 155 157 176 646 644 294
Personal and Commercial Banking
Wealth Management
BMO Capital Markets
Corporate Services, including T&O
590
319
229
(36)
665
225
281
(35)
599
148
276
(26)
656
169
310
(94)
600
169
315
41
617
114
250
32
593
153
233
3
619
109
224
20
2,510
861
1,096
(191)
2,429
545
1,022
96
2,018
490
976
(209)
BMO Financial Group adjusted net income 1,102 1,136 997 1,041 1,125 1,013 982 972 4,276 4,092 3,275
Information per Common Share ($)
Dividends declared 0.74 0.74 0.74 0.72 0.72 0.70 0.70 0.70 2.94 2.82 2.80
Earnings
Basic 1.62 1.69 1.43 1.53 1.59 1.42 1.52 1.65 6.27 6.18 4.90
Diluted 1.62 1.68 1.42 1.53 1.59 1.42 1.51 1.63 6.26 6.15 4.84
Adjusted earnings
Basic 1.65 1.69 1.46 1.52 1.65 1.49 1.45 1.43 6.31 6.02 5.17
Diluted 1.64 1.68 1.46 1.52 1.65 1.49 1.44 1.42 6.30 6.00 5.10
Book value 43.69 42.38 41.73 40.87 40.25 39.43 38.06 37.85 43.69 40.25 36.76
Market price
High
Low 73.90
63.21 65.99
58.68 64.50
61.51 64.70
56.74 59.96
56.72 58.73
53.15 59.91
56.54 61.29
54.38 73.90
56.74 61.29
53.15 63.94
55.02
Close 72.62 63.87 63.19 62.99 59.02 57.44 58.67 58.29 72.62 59.02 58.89
Financial Measures (%)
Dividend yield
Return on equity
Adjusted return on equity
Net interest margin on earning assets
Adjusted net interest margin on earning assets
Efficiency ratio
Adjusted efficiency ratio
Operating leverage*
Adjusted operating leverage*
Provision for credit losses as a % of average net loans and
acceptances
Effective tax rate
4.1
15.0
15.2
1.67
1.58
62.0
61.6
4.2
0.9
0.27
22.4
4.6
15.6
15.6
1.75
1.63
62.8
63.2
2.2
0.9
0.11
20.6
4.7
14.2
14.5
1.79
1.64
65.1
63.9
(3.2)
(1.0)
0.22
20.8
4.6
14.9
14.8
1.85
1.67
63.5
63.8
(2.3)
(0.4)
0.28
20.2
4.9
15.6
16.3
1.83
1.67
64.7
62.2
(1.7)
2.7
0.31
15.7
4.9
14.5
15.2
1.88
1.70
64.1
63.7
4.9
(4.4)
0.38
16.2
4.8
16.2
15.4
1.89
1.76
63.1
63.2
(4.4)
(3.3)
0.32
18.7
4.8
17.2
15.0
2.05
1.85
62.0
63.5
(5.4)
(7.6)
0.23
22.0
4.0
14.9
15.0
1.77
1.63
63.3
63.1
0.2
0.1
0.22
21.0
4.8
15.9
15.5
1.91
1.74
63.5
63.1
(1.4)
(2.8)
0.31
18.3
4.8
15.1
16.0
1.85
1.79
62.7
61.5
(0.8)
0.8
0.56
22.0
Adjusted effective tax rate
Canadian/U.S. dollar average exchange rate ($)
Gross impaired loans and acceptances as a % of equity and
allowance for credit losses
22.3
1.042
7.61
20.1
1.038
8.14
20.0
1.018
8.80
19.9
0.995
8.98
17.9
0.989
9.30
16.9
1.018
9.15
19.5
0.992
9.34
23.7
1.013
8.74
20.6
1.024
7.61
19.5
1.003
9.30
21.7
0.985
8.98
Cash and securities-to-total assets 31.2 30.8 30.1 30.6 29.4 31.3 32.0 32.2 31.2 29.4 29.5
Capital Ratios (%) Basel III Basel II Basel III Basel II
Common Equity Ratio
Tier 1 Capital Ratio
Total Capital Ratio
9.9
11.4
13.7
9.6
11.2
13.5
9.7
11.3
13.7
9.4
11.1
13.4
10.5
12.6
14.9
10.3
12.4
14.8
9.9
12.0
14.9
9.7
11.7
14.6
9.9
11.4
13.7
10.5
12.6
14.9
9.6
12.0
14.9
MD&A
* Leverage ratios for 2011 reflect growth based on CGAAP in 2010 and IFRS in 2011.
In the opinion of Bank of Montreal management, information that is derived from unaudited financial information, including information as at and for the 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.
Adjusted results in this table are non-GAAP and are discussed in the Non-GAAP Measures section on page 34.
BMO Financial Group 196th Annual Report 2013 103