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BMO Financial Group Q3 net income $1,695 million POST Online Media

BMO Financial Group Q3 net income $1,695 million

Staff Writer | Wednesday December 5, 2018 6:41AM ET
BMO Financial Group
BMO Financial Group   Reported net income in the current quarter included a benefit of $203 million

For the fourth quarter ended October 31, 2018, BMO Financial Group recorded net income of $1,695 million or $2.57 per share on a reported basis, and net income of $1,529 million or $2.32 per share on an adjusted basis.


Reported net income in the current quarter included a benefit of $203 million after-tax ($277 million pre-tax) from the remeasurement of an employee benefit liability, which was excluded from adjusted earnings.

Reported net income in the current year also includes a $425 million charge related to the revaluation of our U.S. net deferred tax asset which was also excluded from adjusted earnings.

Return on equity (ROE) was 16.1%, up from 12.1% in the prior year and adjusted ROE was 14.5%, up from 12.9%. Return on tangible common equity (ROTCE) was 19.5%, compared with 14.8% in the prior year and adjusted ROTCE was 17.3%, compared with 15.5%.

Concurrent with the release of results, BMO announced a first quarter 2019 dividend of $1.00 per common share, up $0.04 or 4% from the prior quarter and up $0.07 per share or 8% from the prior year. The quarterly dividend of $1.00 per common share is equivalent to an annual dividend of $4.00 per common share.

 

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