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BMO Financial Group reports net income of $1.5 billion for Q1 2017

BMO Financial
BMO Financial   BMO announced a second quarter 2017 dividend

For the first quarter ended January 31, 2017, BMO Financial Group reported net income of $1,488 million or $2.22 per share on a reported basis.

Net income was $1,530 million or $2.28 per share on an adjusted basis.

Net income includes a net gain of $133 million, attributed to a $168 million gain from Moneris Solutions Corporation (Moneris) and a $35 million loss on the sale of a portion of the U.S. indirect auto loan portfolio.

Moneris is company's joint venture investment which sold its U.S. subsidiary (Moneris US) during the quarter, generating a gain on sale and we reflected our share.

The net gain contributed 12% to reported net income and 11% to adjusted net income compared to the prior year, and $0.20 to earnings per share.

Return on tangible common equity (ROTCE) was 18.5% compared with 14.0% in the prior year, and adjusted ROTCE was 18.6% compared with 15.0%.

Concurrent with the release of results, BMO announced a second quarter 2017 dividend of $0.88 per common share, unchanged from the preceding quarter and up $0.04 per share or 5% from a year ago, equivalent to an annual dividend of $3.52 per common share.


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