RNS Number:4083G
Bank of Montreal
29 February 2000
Bank of Montreal Reports Best Quarter Ever
LONDON, Ont., February 29, 2000 - Bank of Montreal began its 183rd fiscal year
with its strongest quarterly performance ever. Among the highlights for the
quarter ended January 31, 2000:
- Net income of $474 million, an increase of $112 million, or 30.8 per cent,
from the first quarter of 1999 and $216 million, or 83.7 per cent, from last
quarter;
- Fully diluted earnings per share of $1.66 ($1.68 basic), up 33.9 per cent from
$1.24 ($1.25 basic) last year and up 93.0 per cent from $0.86 ($0.87 basic) in
the fourth quarter of 1999;
- Return on equity of 19.0 per cent, compared with 15.1 per cent in the first
quarter of 1999, and 9.8 per cent in the last quarter;
- Return on equity on a cash basis was 21.0 per cent, up from 17.1 per cent a
year ago and 11.2 per cent in the fourth quarter of 1999
Net income included an after-tax gain of $67 million from the sale of the bank's
investment in Partners First, a U.S. credit card issuing business. Excluding the
gain on the sale, net income was $407 million, an increase of $45 million or
12.3 per cent from the first quarter of 1999. Fully diluted earnings per share
were $1.42 ($1.43 basic), up 14.5 per cent. Return on equity was 16.2 per cent,
an increase of 1.1 per cent.
"Bank of Montreal's record quarter performance reflects the aggressive pursuit
and execution of our six-point strategy," said Tony Comper, Chairman and Chief
Executive Officer, Bank of Montreal. "In particular, our goals to capitalize on
our strong Canadian position in personal and commercial banking and rapidly grow
the wealth management business were borne out with net income growth of 20.2 per
cent and 112.2 per cent respectively."
Mr. Comper also noted the bank continues to benefit from its strategy to
aggressively build the value of its Chicago-based Harris Bank U.S. subsidiary.
"Harris Bank represents a strategic advantage for Bank of Montreal in a market
with tremendous growth potential," he said. "Our Harris platform increases the
bank's ability to diversify its income by geography and line of business."
Earnings outside of Canada for the quarter were $250 million, or 52.7 per cent
of the bank's earnings. Earnings in Canada were $224 million (47.3 per cent); in
the U.S. $184 million (38.9 per cent); in Mexico $35 million (7.3 per cent), and
in other countries $31 million (6.5 per cent).
First Quarter 2000 Compared to First Quarter 1999
The net income increase of $45 million, excluding the after-tax gain of $67
million, was driven by higher revenues and a higher proportion of foreign income
resulting in lower taxes, partially offset by an increase in expenses and a
higher provision for credit losses.
First Quarter 2000 Compared to Fourth Quarter 1999
The net income increase - again excluding the gain - was the result of strong
business volume growth in the bank's retail and commercial businesses, and in
the wealth management businesses, particularly full-service and direct
investing. The net income from institutional businesses was relatively unchanged
as lower volumes and narrower spreads on fixed income and money market
securities, and lower cash collections on impaired loans were offset by revenue
growth from investment and corporate banking activities.
Two one-time charges totaling $113 million after tax were recorded in the fourth
quarter of 1999. In addition, the fourth quarter included an extra month of
results for Nesbitt Burns as discussed below. Excluding these items and the
first quarter 2000 gain on sale of Partners First, net income increased $44
million, or 11.6 per cent, over the fourth quarter of 1999. The increase of $44
million resulted from higher revenues and lower expenses, partially offset by a
higher provision for loan losses.
The net income improvement over the fourth quarter was largely the result of
increases in the bank's retail, commercial and wealth management businesses.
Strategic Highlights
In January, Bank of Montreal developed a six-point growth strategy:
1. Continue to aggressively build the value of Harris
- On a US GAAP basis, Harris Bank earnings were US$58 million, up US$7 million,
or 12.7 per cent from the same quarter a year earlier
2. Rapidly grow the wealth management business
- Introduced Nesbitt Burns full-service online, Canada's first full-service
online investment program;
- Completed the acquisition of Chicago-based discount brokerage Burke,
Christensen & Lewis.
3. Capitalize on the bank's strong Canadian position in personal and commercial
banking
- The bank's residential mortgages rose $2.4 billion, or 6.3 per cent, from a
year ago;
- Credit cards and other personal loans rose $1.2 billion, or 7.4 per cent, from
a year ago;
- Loans to commercial enterprises, including small and medium-sized businesses
rose $1.2 billion or 6.9 per cent from a year ago;
- Increased In-Store branches by three to a total of 46 and consolidated two
branches.
4. Build on the bank's strong leadership position in investment banking
- Ranked #1 or #2 in 1999 in corporate underwriting and institutional equity,
and #1 in mergers and acquisitions, research and securitization.
5. Drive e-business opportunities
- Became first bank in North America to deliver integrated wireless banking and
trading services, in partnership with Toronto-based software company 724
Solutions, which went public in January. Bank of Montreal holds 3.4 million
shares of common stock, a 9.4 per cent interest in 724 Solutions, after an
initial investment of $2 million.
6. Intensely focus on cost, capital and risk management
- The bank sold its investment in Partners First, a U.S. credit card issuing
business, to Wachovia Bank Card Services for an after-tax gain of $67 million.
Financial Statement Highlights
Revenues
Revenues for the quarter were $2,123 million, an increase of $189 million, or
9.8 per cent, from $1,934 million a year ago. Excluding the sale of Partners
First, revenue increased $77 million, or 4.0 per cent.
Other income increased to $1,042 million, an increase of $197 million, or 23.3
per cent, from the first quarter of 1999. Excluding the sale of Partners First,
other income increased $85 million, or 10.1 per cent. The increase can be
attributed to higher business volumes across most areas of the bank.
Net interest income at $1,081 million was $8 million lower than the first
quarter of 1999. Average assets for the total bank were unchanged from the prior
period, with 6.3 per cent growth in retail and commercial assets, offset by
reductions in the assets of institutional businesses. Net interest margin
decreased marginally by 0.01 per cent, to 1.87 per cent. The $8 million
reduction in net interest income was the result of a $42 million, or 4.5 per
cent, increase in retail, commercial and wealth management businesses which was
more than offset by lower cash collections on impaired loans, and lower volumes
and narrower spreads on fixed income and money market securities.
Revenues increased $115 million or 5.8 per cent, from the fourth quarter of
1999. The fourth quarter of 1999 included a $55 million one-time charge for
distressed securities, and $89 million relating to an additional month of
revenues from Nesbitt Burns resulting from its change in year-end. Excluding
these items and the first quarter 2000 gain on the sale of Partners First,
revenues increased $37 million, or 1.9 per cent.
The $37 million increase in revenue resulted mainly from business volume growth
in retail and commercial businesses and wealth management. Investment banking
revenues were essentially unchanged while support revenue declined due to
narrower spreads on securitizations and capital funds.
Expenses
Expenses decreased $247 million, or 16.5 per cent relative to the fourth quarter
of 1999. Excluding non-recurring items - the one-time charge and the additional
month of expenses from Nesbitt Burns in the last quarter - expenses decreased
$34 million, or 2.7 per cent, across the bank. The expense decline of 2.7 per
cent was driven by:
- reduced revenue driven compensation (1.7 per cent);
- a reduction in on-going business operations, including $50 million in cost
reductions (2.1 per cent);
- partially offset by investment in strategic initiatives (1.1 per cent).
Expense growth, year over year was 1.8 per cent. This was driven by:
- higher revenue driven compensation (4.4 per cent);
- continued spending on strategic initiatives (1.1 per cent);
- largely offset by a favourable foreign exchange rate impact on U.S.-based
expenses (1.1 per cent), and a reduction in on-going business expenses,
including $50 million in cost reductions (2.6 per cent).
Asset Quality
The provision for credit losses for the quarter was $100 million versus $80
million in 1999. This is based on a forecast for the year of $400 million,
compared with $320 million in 1999. In line with the methodology established for
a number of years, this estimate takes into account several factors including
the level of expected loss in the loan portfolio, management's view of the
current economic cycle, the level of impaired loans, as well as the amount of
the general allowance for credit losses which is currently $970 million. The
amounts required for specific provisions and for the general allowance will be
determined by the fourth quarter.
Gross impaired loans at the end of the quarter were $1,164 million, up from $902
million a year ago. The allowance for credit losses exceeded the gross amount of
impaired loans by $240 million at the end of the first quarter, compared with
$319 million at the end of the first quarter of 1999.
Capital Management
The bank's Tier 1 capital ratio was 7.84 per cent and the Total Capital ratio
was 10.99 per cent at January 31, compared with 7.41 per cent and 10.53 per cent
at January 31, 1999. This compares with 7.72 per cent and 10.77 per cent at
October 31, 1999. Risk weighted assets on January 31, 2000 were $138 billion,
virtually the same as a year ago, and up 1.0 per cent from October 31, 1999.
Harris Bank
On a US dollar/US GAAP basis, Harris Bank earnings were $58 million, up $7
million or 12.7 per cent from the same quarter a year earlier. Excluding gains
on sales of securities, earnings increased $11 million, or 23.7 per cent.
Earnings growth occurred across Harris' core businesses - community banking,
private banking and mid-market corporate banking. Harris Bank earnings included
in the bank's results above on a Canadian dollar basis were $78 million for the
first quarter of 2000, up 3.3 per cent from the same period last year. The net
income growth on a Canadian dollar basis was negatively affected by movement in
the Canadian $/US$ exchange rate from 1.53 to 1.45.
Bank of Montreal, Canada's first bank, is a highly diversified financial
services institution. The bank operates in 32 lines of business within its group
of companies, including Nesbitt Burns, one of Canada's largest full-service
investment firms and Chicago-based Harris Bank, a major U.S. mid-west financial
services provider. Bank of Montreal has an equity position in, and a strategic
alliance with, Grupo Financiero Bancomer, the largest retail bank in Mexico.
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Media Relations Contacts: Investor Relations Contacts:
Joe Barbera (416) 927-2740 Bob Wells, (416) 867-4009
Rick Kuwayti (416) 927-2740 Penny Somerville, (416) 867-5320
Lucie Gosselin (514) 877-1101 Susan Payne, (416) 867-6656
Lynn Inglis (416) 867-5452
Internet: http://www.bmo.com
Notes:
A live Internet broadcast of the first quarter conference call with analysts
will take place on February 29, 2000 at 2:30 p.m. E.S.T. at
www.bmo.com/investorrelations. The first quarter financial statements,
supplemental financial information and a slide presentation to investors are
also available on the site.
The first quarter conference is available live by calling 1-888-673-1254. A
post-play of the conference call can be accessed by calling (416) 626-4100 and
entering passcode 14489858.
Operating Group Review
Personal and Commercial Client Group
The Personal and Commercial Client Group (P&C) provides financial services
including electronic financial services, to households and commercial
businesses, in Canada, the U.S. and Mexico.
Net income for the first quarter of 2000 was $357 million, an increase of $103
million, or 40.7 per cent, from the comparable period last year. Excluding the
gain on the sale of Partners First, net income increased $36 million, or 14.2
per cent. Business growth was driven by increased volumes, partially offset by
narrower spreads and an increase in the provision for credit losses.
Revenues increased $160 million, or 12.7 per cent, over last year. Excluding the
gain on the sale of Partners First, revenues were up $48 million, or 3.8 per
cent. Net interest income and other income growth were driven by volume growth
across most lines of business. In Canada, the bank's residential mortgages rose
$2.4 billion, or 6.3 per cent, from a year ago. Credit card and other personal
loans were up $1.2 billion, or 7.4 per cent, and loans to commercial
enterprises, including small and medium-sized businesses, were up $1.2 billion,
or 6.9 per cent. At Harris Bank, average loan growth was US$ 956 million, or 7.1
per cent, which increased U.S. retail and mid-market banking earnings by 12 per
cent.
Expenses in the P&C Group decreased $6 million or 0.8 per cent from last year.
In Canada, the P&C Group implemented strategies aimed at creating a distinctive
high quality experience for clients, regardless of how, when and where they
choose to contact the bank. The bank launched bmolending.com, a web site that
provides Canadian businesses with the ability to apply for a wide range of
lending products on behalf of their customers. Another initiative, the Mortgage
Cash Account, offers existing mortgage customers, the flexibility to re-borrow
prepaid funds at any given time. Services were enhanced to satisfy customer
demands, including the Bank of Montreal MasterCard Wallet, which makes on-line
shopping fast, safe and easy, and permits Bank of Montreal merchants to have
MasterCard transactions processed in the US and credited to them, in US dollars.
Bank of Montreal also opened three in-store branches in the current quarter.
Chicagoland retail banking provides retail and small business customers with a
broad array of products across multiple channels, including an enhanced online
banking offering. Survey information highlighted Harris Bank as the only large
bank in the Chicago area gaining retail deposit market share, with high
retail-customer loyalty and satisfaction. The Hispanic Banking initiative
expanded, with two new branches opened during the quarter, and continued focus
on money transfer services. Harris mid-market corporate banking and Nesbitt
Burns developed an integrated corporate/investment growth strategy for
high-potential clients and growth markets. Loan portfolio quality remained very
strong. During February, Harris Bank announced the sale of its Corporate Trust
business, supporting the bank's strategy to redirect capital and other resources
to grow and expand its core business.
Compared with the fourth quarter of 1999, net income was $104 million, or 40.5
per cent higher. Excluding the gain on the sale of Partners First, net income
increased $37 million, or 14.1 per cent. The increase resulted from business
growth in Canada and an increase in the contribution from the bank's investment
in Bancomer, partly offset by an increase in the provision for credit losses.
Business growth was driven by increased volumes across most lines of business,
increased margins in Canada and a reduction in operating expenses.
Private Client Group
Bank of Montreal's Private Client Group brings together all of the bank's wealth
management capabilities in six lines of business: retail investment products,
direct and full service investing, Canadian and U.S. private banking and
institutional asset management.
Net income for the first quarter of 2000 was $33 million, an increase of $18
million or 112.2 per cent from the comparable period last year. Revenues
increased $70 million or 28.7 per cent over last year primarily due to increased
volumes in both full service and direct investing, which benefited from strong
equity markets. Expenses increased $44 million or 20.8 per cent due to higher
variable compensation driven by the quarter's increased revenue and expansion of
the bank's wealth management business.
During the quarter, the Private Client Group implemented key wealth management
strategies. A key strategy - placing specialized sales forces in bank branches
to provide quality advice and proactive sales - began to unfold with 62 Resident
Investment Advisors and 94 Investment Funds Specialists now located in-branch.
Nesbitt Burns full-service investing announced the launch of Research Online
(February 7) and Full Service Online (Summer 2000) to provide clients with
Web-based services to enhance their advisory relationship. InvestorLine expanded
its offering to include wireless access and was ranked second for RRSP service
by a Globe and Mail survey. First Canadian Funds launched three new RSP World
Funds and CustomSelect, which enables clients to access select third party
funds. Maclean's magazine rated seven Matchmaker portfolios "best of class."
During February, expansion of the U.S. private bank continued with the
acquisition of Village Banc of Naples, Florida, for $19.3 million. This expands
Harris Bank's operations in the key sunbelt states. During the quarter, the
Private Client Group closed its acquisition of Chicago-based direct brokerage
firm Burke, Christensen & Lewis Securities. The combination of the firm with
Harris Investors Direct will allow for the expanded reach of direct investing in
the U.S.
Compared to the fourth quarter of 1999, net income increased $17 million, or
110.2 per cent. During 1999, Nesbitt Burns changed its year-end, resulting in
one additional month of results being included in the fourth quarter of 1999.
The inclusion of the additional month of results accounted for an additional $56
million in revenue and $53 million in expenses, with a positive net income
impact of $2 million. Revenue growth of $55 million, excluding the extra month
in the previous quarter, was driven by increased volumes in both full service
and direct investing, while expenses increased $28 million due to revenue driven
compensation and continued investment in the wealth management line of business.
Bank of Montreal's Private Client Group has total assets under management and
administration of $171 billion. The Private Client Group is focused on wealth
management, which represents the fastest growing area in the financial services
category. It is a cornerstone to providing integrated banking and financial
services to meet rapidly changing clients needs.
Investment Banking Group
The Investment Banking Group services the corporate and investment banking needs
of larger corporate and institutional clients.
Net income was $106 million for the quarter, unchanged from the prior year.
Revenues of $439 million were down $2 million, or 0.5 per cent. Expenses were up
$10 million, or 4.3 per cent, over last year. Lower provisions for credit losses
offset these changes.
Overall, the decline in revenues was primarily due to a $23 million reduction in
cash collections on impaired loans as well as lower volumes and narrower spreads
on fixed income and money market securities. These were offset by revenue growth
from investment and corporate banking activities. Expense growth was driven by
increased revenue driven compensation in trading and investment lines of
business.
During the quarter, the Investment Banking Group developed a major strategic
initiative within Investment and Corporate Banking that will capitalize on
market opportunities in the U.S. mid-market by combining the operations of the
Harris corporate banking businesses with the Chicago investment and corporate
banking group of Nesbitt Burns. The new organization will operate under the new
name, Harris Nesbitt. In addition, the Canadian Securitization group structured
and co-led the fourth largest Canadian securitization ever completed (Genesis
Trust), while the Institutional Equity Group ranked second in Block trading
volume and value during the quarter.
Net income decreased $31 million, or 22.6 per cent, from the fourth quarter of
1999. Revenues were down $32 million, while expenses were down $14 million. In
1999, Nesbitt Burns changed its year-end, resulting in the inclusion of an
additional month of results in the fourth quarter. This inclusion resulted in an
additional $37 million of revenues, $20 million of expenses and a positive net
income impact of $9 million. Excluding the impact of the extra month's results,
net income for the current quarter was down $22 million, as the revenue increase
of $5 million was more than offset by a rise in expenses of $6 million, and an
increase in the provision for credit losses. The provision of credit losses
returned to normal levels, after a recovery of $32 million in the fourth quarter
of 1999.
-30-
Media Relations Contacts: Investor Relations Contacts:
Joe Barbera (416) 927-2740 Bob Wells, (416) 867-4009
Rick Kuwayti (416) 927-2740 Penny Somerville, (416) 867-5320
Lucie Gosselin (514) 877-1101 Susan Payne, (416) 867-6656
Lynn Inglis (416) 867-5452
Internet: http//www.bmo.com
BANK OF MONTREAL
FINANCIAL HIGHLIGHTS
Canadian $ in millions except as noted) For the three months ended
Change From
January 31, October 31, January 31, January 31,
2000 1999 1999 1999
Net Income Statement
Net interest income (TEB)(a) $ 1,081 $ 1,124 $ 1,089 (0.7)%
Other income 1,042 884 845 23.3
Total revenue (TEB)(a) 2,123 2,008 1,934 9.8
Provision for credit losses 100 80 80 25.0
Non interest expense 1,254 1,501 1,232 1.8
Provision for income
taxes(TEB)(a) 279 153 243 15.6
Non controlling interest
in subsidiaries 4 4 7 (39.3)
Net income before goodwill 486 270 372 30.2
Amortization of goodwill,
net of applicable income tax 12 12 10 11.2
Net income 474 258 362 30.8
Taxable equivalent adjustment 31 33 36 (12.6)
Per Common Share ($)
Net income before goodwil
- basic $ 1.72 0.91 $ 1.29 $ 0.43
- fully diluted 1.71 0.90 1.28 0.43
Net income
- basic 1.68 0.87 1.25 0.43
- fully diluted 1.66 0.86 1.24 0.42
Dividends declared 0.50 0.47 0.47 0.03
Book value per share 35.77 34.87 33.09 2.68
Market value per share 48.15 56.65 66.75 (18.60)
Total market value of
Common shares ($ billions) 12.9 15.1 17.7 (4.8)
As at
Change From
January 31, October 31, January 31, January 31,
2000 1999 1999 1999
Balance Sheet Summary
Assets $ 228,525 $ 230,615 $ 224,919 1.6%
Loans 133,148 138,001 134,481 (1.0)
Deposits 154,469 156,874 146,577 5.4
Capital funds 15,920 15,693 15,413 3.3
Common equity 9,571 9,313 8,785 8.9
Net impaired loans
and acceptances (240) (256) (319) 24.8
Average Balances
Loans 135,659 134,362 136,226 (0.4)
Assets 230,195 225,321 230,169 0.0
January 31, October 31, January 31,
2000 1999 1999
Three Twelve Three
Months Months Months
Primary Financial Measures (%)(b)
5 year total shareholder
return 17.5 22.0 21.6
Net economic profit
($ millions) 201 401 130
Earnings per Share growth 33.9 1.3 (2.4)
Return on equity 19.0 14.1 15.1
Revenue growth 9.8 9.0 5.6
Expense-to-revenue ratio 59.0 66.7 63.7
Provision for credit losses
as a % of average loans
and acceptances 0.28 0.22 0.22
Gross impaired loans and
Acceptances as a % of
equity and allowance for
credit losses 8.89 8.53 7.28
Liquidity ratio 29.9 29.2 28.6
Tier 1 capital ratio 7.84 7.72 7.41
Credit rating AA- AA- AA-
Other Financial Ratios
(% except as noted)(b)
Total shareholder return (12.0) (7.4) 8.7
Dividend yield 3.3 2.9 2.8
Price to earning ratio (times) 9.3 11.9 14.3
Market to book value (times) 1.35 1.62 2.02
Cash earnings per share
- basic ($) 1.74 5.01 1.32
Cash return on common
shareholders' equity 21.0 15.9 17.1
Return on average
assets 0.82 0.61 0.62
Net interest margin 1.87 1.95 1.88
Other income as a %
of total revenue 49.1 44.3 43.7
Expense growth 1.8 10.5 6.0
Tier 1 capital ratio -
U.S. basis 7.63 7.42 7.15
Total capital ratio 10.99 10.77 10.53
Equity to assets ratio 5.1 4.9 4.9
(a) Reported on a taxable equivalent basis (TEB).
(b) For the period ended or as at, as appropriate.
(c) All ratios in this report are based on unrounded numbers.
BANK OF MONTREAL
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)(Canadian $ in millions
except number of common shares) For the three months ended
January 31,2000 October 31,1999 January 31,1999
Interest, Dividend
and Fee Income
Loans $ 2,449 $ 2,364 $ 2,566
Securities 701 632 637
Deposits with banks 231 274 277
3,381 3,270 3,480
Interest Expense
Deposits 1,754 1,571 1,730
Subordinated debt 86 85 86
Other liabilities 491 523 611
2,331 2,179 2,427
Net Interest Income 1,050 1,091 1,053
Provision for credit losses 100 80 80
Net Interest Income After
Provision for Credit Losses 950 1,011 973
Other Income
Deposit and payment service charges 164 165 146
Lending fees 80 91 78
Capital market fees 224 265 184
Card services 53 55 48
Investment management and
custodial fees 104 103 104
Mutual fund revenues 52 60 49
Trading revenues 77 52 65
Securitization revenues 70 84 75
Other fees and commissions 218 9 96
1,042 884 845
Net Interest and Other Income 1,992 1,895 1,818
Non-Interest Expense
Salaries and employee benefits 734 749 668
Premises and equipment 257 295 274
Communications 65 72 66
Other expenses 194 239 218
1,250 1,355 1,226
Amortization of intangible assets 4 5 6
1,254 1,360 1,232
Restructuring charge - 141 -
Total non interest expense 1,254 1,501 1,232
Income Before Provision for Income
Taxes, Non-Controlling Interest in
Subsidiaries and Goodwill 738 394 586
Income taxes 248 120 207
490 274 379
Non controlling interest 4 4 7
Net Income Before Goodwill 486 270 372
Amortization of goodwill,
net of applicable
income tax 12 12 10
Net Income $ 474 $ 258 $ 362
Dividends Declared
- preferred shares $ 25 $ 27 $ 30
- common shares $ 134 $ 125 $ 125
Average Number of
Common Shares Outstanding 267,248,718 266,761,950 264,952, 530
Average Assets $ 230,195 $ 225,321 $ 230,169
Note: Reporting under United States generally accepted accounting principles
would have resulted in Consolidated Net Income of $456 basic earnings per share
of $1.61 and fully diluted earnings per share of $1.59 for the three months
ended January 31, 2000.
BANK OF MONTREAL
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)(Canadian $ in millions) As at
January 31,2000 October 31,1999 January 31,1999
Cash resources $ 23,441 $ 24,036 $ 23,823
Securities 44,913 43,273 40,420
68,354 67,309 64,243
Loans
Residential mortgages 38,598 38,189 36,349
Consumer instalment and other
personal loans 17,052 16,912 15,817
Credit card loans 1,217 1,160 882
Loans to businesses and
governments 59,727 57,998 50,658
Securities purchased under
resale agreements 17,958 25,090 31,996
134,552 139,349 135,702
Allowance for credit losses (1,404) (1,348) (1,221)
133,148 138,001 134,481
Customers' liability under
acceptances 8,195 6,753 6,649
Other assets 18,828 18,552 19,546
Total Assets $ 228,525 $ 230,615 $ 224,919
Deposits
Banks $ 27,869 $ 30,398 $ 28,926
Businesses and governments 64,564 65,459 56,968
Individuals 62,036 61, 017 60,683
154,469 156,874 146,577
Acceptances 8,195 6,753 6,649
Securities sold but not yet
purchased 14,161 10,450 8,038
Securities sold under repurchase
agreements 19,504 24,177 31,655
Other liabilities 16,276 16,668 16, 587
58,136 58,048 62,929
Subordinated debt 4,688 4,712 4,750
Shareholders' equity
Share capital
Preferred shares 1,661 1,668 1,878
Common shares 3,205 3,190 3,138
Retained earnings 6,366 6,123 5,647
11,232 10,981 10,663
Total Liabilities and Shareholders'
Equity $ 228,525 $ 230,615 $ 224,919
Note: These consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles,
including the accounting requirements of the Superintendent of Financial
Institutions Canada.
BANK OF MONTREAL
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(Unaudited) For the three months ended
(Canadian $ in millions)
January 31, 2000 January 31, 1999
Cash Flows From (Used in)
Operating Activities
Net income $ 474 $ 362
Adjustments to determine
net cash flows (4,228) 2,816
(3,754) 3,178
Cash Flows From (Used in)
Financing Activities
Deposits (2,405) 2,594
Other liabilities (1,351) 2,429
Debt and share capital 15 (78)
Dividends paid (152) (155)
(3,893) 4,790
Cash Flows From (Used in)
Investing Activities
Investment securities 2,334 1,046
Loans 4,753 (4,837)
Premises and equipment -
net purchases (35) (84)
Interest bearing deposits with
banks 1,041 (4,273)
8,093 (8,148)
Net Increase (Decrease) in
Cash and Cash Equivalents 446 (180)
Cash and Cash Equivalents at
Beginning of Period 2,419 2,962
Cash and Cash Equivalents
at End of Period $ 2,865 $ 2,782
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited) For the three months ended
(Canadian $ in millions)
January 31, 2000 January 31, 1999
Balance at Beginning of
Period $ 10,981 $ 10,608
Net income 474 362
Dividends - Preferred shares (25) (30)
- Common shares (134) (125)
Preferred share redemption - (72)
Common share issues 15 43
Translation adjustment on preferred
shares issued in a foreign currency (7) (8)
Unrealized gain (loss) on translation
of net investment in foreign operations,
net of hedging activities and applicable
income taxes (72) (90)
Costs of proposed merger, net of
applicable income taxes - (25)
Balance at End of Period $ 11,232 $ 10,663
END
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Grafico Azioni Bam Groep (Kon) (LSE:BAM)
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Da Mag 2024 a Giu 2024
Grafico Azioni Bam Groep (Kon) (LSE:BAM)
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Da Giu 2023 a Giu 2024
