Bank of Montreal 2003 Annual Report Download - page 58

BMO Financial Group 186th Annual Report 200354
Table 1 Shareholder Value
As at or for the year ended October 31 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Market Price per Common Share ($)
High 50.26 40.65 44.40 35.80 34.80 43.50 30.80 20.83 15.50 15.38
Low 37.79 31.00 32.75 21.00 24.68 25.88 19.53 14.69 12.06 11.00
Close 49.33 38.10 33.86 35.25 28.33 31.55 30.43 20.28 14.88 12.56
Common Dividends
Dividends declared per share ($) 1.34 1.20 1.12 1.00 0.94 0.88 0.82 0.74 0.66 0.60
Dividends paid per share ($) 1.29 1.18 1.09 0.99 0.93 0.88 0.80 0.71 0.65 0.59
Dividend payout ratio (%) 38.2 44.0 40.8 30.2 39.6 37.4 35.0 35.1 38.2 40.3
Dividend yield (%) 2.7 3.1 3.3 2.8 3.3 2.8 2.9 3.9 4.4 4.8
Total Shareholder Return (%)
Five-year average annual return 12.9 7.9 14.3 22.9 22.0 23.3 26.1 22.2 23.1 14.3
One-year return 33.4 16.2 (1.2) 29.0 (7.4) 6.4 55.0 42.4 24.1 (2.3)
Common Share Information
Number outstanding (in thousands)
End of period 499,632 492,505 489,085 522,584 534,064 528,866 522,873 519,874 527,369 530,913
Average basic 496,208 490,816 511,286 531,318 531,723 525,021 520,819 522,465 531,264 502,615
Average diluted 507,009 499,464 523,561 540,815 542,920 542,181 538,469 538,271 548,267 512,992
Number of shareholder accounts 42,880 44,072 45,190 46,663 49,369 51,387 53,651 55,571 57,187 58,879
Book value per share ($) 22.09 21.07 19.69 19.63 17.44 16.36 14.59 12.94 11.71 10.69
Total market value of shares ($ billions) 24.6 18.8 16.6 18.4 15.1 16.7 15.9 10.5 7.8 6.7
Price-to-earnings multiple 14.1 14.0 12.4 10.7 11.9 13.4 12.9 9.7 8.6 8.3
Price-to-cash earnings multiple 13.4 13.2 11.6 10.2 11.3 12.7 12.3 9.1 8.1 8.0
Market-to-book value multiple 2.23 1.81 1.72 1.80 1.62 1.93 2.09 1.57 1.27 1.17
Table 2 Summary Income Statement and Growth Statistics ($ millions, except as noted)
For the year ended October 31 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Income Statement
Net interest income (teb) 5,051 4,935 4,641 4,338 4,417 4,152 4,186 3,711 3,564 3,325
Non-interest revenue 4,220 3,924 4,222 4,326 3,511 3,118 2,981 2,516 2,102 1,871
Total revenue (teb) 9,271 8,859 8,863 8,664 7,928 7,270 7,167 6,227 5,666 5,196
Provision for credit losses 455 820 980 358 320 130 275 225 275 510
Non-interest expense 6,087 6,030 5,671 5,258 5,288 4,785 4,567 3,913 3,612 3,208
Income before provision for income taxes,
non-controlling interest in subsidiaries
and goodwill amortization 2,729 2,009 2,212 3,048 2,320 2,355 2,325 2,089 1,779 1,478
Income taxes (teb) 840 530 643 1,123 874 938 954 866 746 627
Non-controlling interest in subsidiaries 64 62 42 19 21 25 25 20 13 11
Net income before goodwill amortization 1,825 1,417 1,527 1,906 1,425 1,392 1,346 1,203 1,020 840
Amortization of goodwill, net of applicable income tax –– 56 49 43 42 41 35 34 15
Net income 1,825 1,417 1,471 1,857 1,382 1,350 1,305 1,168 986 825
Year-over-year growth (%) 28.8 (3.7) (20.8) 34.4 2.4 3.5 11.7 18.4 19.5 16.4
Earnings per Share ($)
Basic 3.51 2.73 2.72 3.30 2.38 2.36 2.35 2.10 1.73 1.51
Diluted 3.44 2.68 2.66 3.25 2.34 2.29 2.28 2.06 1.69 1.49
Year-over-year growth (%) 28.4 0.8 (18.2) 38.9 2.2 0.4 10.7 21.9 13.4 16.4
Diluted Cash Earnings per Share ($) 3.59 2.83 2.86 3.39 2.46 2.42 2.42 2.17 1.79 1.55
Year-over-year growth (%) 26.9 (1.0) (15.6) 37.8 1.7 – 11.5 21.2 15.5 14.8
Supplemental Information