Bank of Montreal 2003 Annual Report Download - page 2

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IFC BMO Financial Group at a Glance
1Financial Highlights
2Chairman’s Message to Shareholders
4Year in Review: Delivering Results
5Delivering Ethical Leadership
8Delivering Customer Service
10 Financial Performance and
Condition at a Glance
13 Management’s Discussion and Analysis
of Operations and Financial Condition
13 Caution Regarding Forward-Looking
Statements
14 Financial Objectives, Targets and Measures
15 Value Measures
18 Enterprise-Wide Strategic Management
19 Economic and Financial Services
Developments
20 Financial Performance Review
27 Operating Group Review
28 Personal and Commercial Client Group
33 Private Client Group
36 Investment Banking Group
40 Corporate Support, including Technology
and Solutions
41 Financial Condition Review
43 Enterprise-Wide Capital Management
44 Critical Accounting Policies
45 Enterprise-Wide Risk Management
53 Review of 2002 Financial Performance
54 Supplemental Information
69 Statement of Management’s
Responsibility for Financial Information
69 Shareholders’ Auditors’ Report
70 Consolidated Financial Statements
70 Consolidated Balance Sheet
71 Consolidated Statement of Income
72 Consolidated Statement of Changes
in Shareholders’ Equity
73 Consolidated Statement of Cash Flow
74 Notes to Consolidated Financial Statements
101Bank-Owned Corporations
102 Board of Directors and Honorary Directors
103 Members of Management Board
104Glossary of Financial Terms
IBC Shareholder Information
Contents
About BMO Financial Group
Vision
▪To be the best financial services company, wherever we
choose to compete.
Values
▪We care about our customers, shareholders, communities
and each other.
▪We draw our strength from the diversity of our people
and our businesses.
▪We insist upon respect for everyone and encourage all
to have a voice.
▪We keep our promises and stand accountable for our
every action.
▪
We share information, learn and innovate to create
consistently superior customer experiences.
Growth Strategy
▪Continue to invest in strengthening our core Canadian
franchise while expanding selectively and substantially
in the United States.
Strategic Priorities for 2004
▪Improve productivity.
▪Pursue U.S. acquisitions.
▪Increase share of wallet and customer loyalty.
▪Maintain status as an employer of choice.
▪Create a sustainable high-performance culture.
BMO Financial Group (
NYSE, TSX: BMO
) is one of the largest financial services providers in
North America. With assets of $256 billion at October 31, 2003 and 34,000 employees, BMO
provides a comprehensive offering of retail banking, wealth management and investment
banking products and solutions.
Canadian clients are served through our personal and commercial banking business, BMO Bank of Montreal, and BMO Nesbitt
Burns, one of Canada’s largest full-service investment and wealth management firms. In the United States, clients are served
through Harris Bank, a major Midwest financial services organization with a network of community banks in the Chicago area,
and wealth management offices across the United States, as well as Harris Nesbitt, a leading mid-market investment bank.
We help our customers manage their financial affairs by delivering the broadest range of financial services through a single
point of contact. Our financial service professionals provide access to any services our customers require across the entire
enterprise. BMO Financial Group is made up of three client groups: Personal and Commercial Client Group, Private Client
Group and Investment Banking Group.
Historical Strengths
On November 3, 1817, Bank of Montreal became Canada’s first chartered bank, and was the first financial institution to offer
Canadians a sound domestic currency. The Bank played a major and continuing role in the development of the country, taking
part in the financing of the first transcontinental railway in the 1880s. As a partner in the creation of Confederation in 1867,
Bank of Montreal served as Canada’s central bank until 1935. Always with a view to expansion, Bank of Montreal was the first
Canadian bank to open branches in Europe, Latin America, Asia and the United States.