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