【明通編輯黃友香/國際新聞報導】
TORONTO,ONTARIO--(Marketwire-May23,2012)MeantimeWire-BMOFinancialGroup(TSX:BMO)(NYSE:BMO)andBMOBankofMontreal- SecondQuarter2012ReporttoShareholders BMOFinancialGroupReportsAnotherQuarterofStrongResults,IncreasingNetIncomeby27%YearOverYearto$1.03Billion FinancialResultsHighlights(1): SecondQuarter2012ComparedwithSecondQuarter2011: --Netincomeof$1,028million,up$215millionor27% --Adjustednetincome(2)of$982million,up$212millionor28% --ReportedEPS(3)of$1.51,up14% --AdjustedEPS(2,3)of$1.44,up15% --ReportedROEof16.2%,comparedwith17.5% --AdjustedROE(2)of15.4%,comparedwith16.6% --Provisionsforcreditlossesof$195million,down$102million --CommonEquityRatioremainsstrongat9.90%,usingaBaselIIapproach Year-to-Date2012ComparedwithYear-to-Date2011: --Netincomeof$2,137million,up$499millionor31% --Adjustednetincome(2)of$1,954million,up$367millionor23% --ReportedEPS(3)of$3.14,up18% --AdjustedEPS(2,3)of$2.86,up11% --Provisionsforcreditlossesof$336million,down$284million ForthesecondquarterendedApril30,2012,BMOFinancialGroup(TSX:BMO)(NYSE:BMO)reportedstrongnetincomeof$1,028millionor$1.51 pershare.Onanadjustedbasis,netincomewas$982millionor$1.44pershare. "BMOproducedstrongfinancialresultsagaininthesecondquarter,"saidBillDowne,PresidentandChiefExecutiveOfficer,BMOFinancialGroup. "Theconsistentfocuswehaveoncustomersandtheirsuccessisunderpinnedbyastrong,consistentbrandandisgroundedinthebeliefthatarelationship bankisrelevanttohouseholdsandcompanies,astheymanagetheirfinancesandimprovetheirfinancialposition.Simplystated,theimportanceweplace ongivingourcustomersincreasedconfidencehashelpeduscarveoutadistinctpositioninthemarketplace-andisthekeytoacceleratingprofitable growth. "InP&CCanada,oursaleseffortsaredrivinghighervolumesacrossmostproductsandhigherfeerevenues.Wecontinuetobenefitfromadeeperunders tandingofcustomers'evolvingneeds.Inanticipationofmarketconditions,weactedtointroduceoffersthatwebelievearemoresuitableforallcustomers- andwearehelpingtomovethemarketasaconsequence,toabetterplace. "TheintegrationofourU.S.bankingplatformisontrack.Thebusinesshasbeenmateriallystrengthenedwithexpandedaccesstoexistingandnewregions, increasedbrandawarenessandabetterabilitytocompeteinhighlyattractivemarkets.Thecommercialteamcontinuestooutperform,andthere'svisible,strong growthinourcommercialandindustrialbook. "BMOCapitalMarketsdeliveredgoodperformancewithhigherrevenueandnetincomethanlastquarter.Obviously,marketuncertaintypersists,butour diversifiedportfolioofbusinessesandbroadclientbasepositionuswelltotakeadvantageofrevenueopportunities. "PrivateClientGroup'snetincomewasupsharply-itsbestfinancialperformanceintwoyears.Theresultswerestrongandwecontinuetogrow.Weentered intotwodefinitiveagreementstoacquirebusinessesthatfurtherenhanceourwealthmanagementcapabilitiesandexpandourgeographicreach.Earlierthis month,weopenedarepresentativeofficeintheGulfCooperationCouncilstatestogetclosertoclientswehavebeendealingwithfordecades-andraisethe visibilityofourglobalassetmanagementcapability. "Ourbusinessesdeliveredstrongperformanceinahighlycompetitiveenvironment.Lastfall,weembarkedonasignificantlong-termplantofurtherincrease thecompetitivenessofthebankandenhanceourreturnonequity;theworkiswellunderway,andwe'resimplifyingstructuresandprocesses.Ultimately, theBMObrandandthemessageitcarriesisourbestresourceinbuildingthebusiness-andit'salsoourbestprotectionagainstuncertainty.Therecanbeno elementmoreimportantinmanagingthecomplexityofregulatorychangethanourestablishedcommitmenttomakingmoneymakesense,"concluded Mr.Downe. Concurrentwiththereleaseofresults,BMOannouncedathirdquarterdividendof$0.70percommonshare,unchangedfromtheprecedingquarterand equivalenttoanannualdividendof$2.80percommonshare. (1)Effectivethefirstquarterof2012,BMO'sconsolidatedfinancialstatementsandtheaccompanyingInterimManagement'sDiscussionandAnalysis(MD&A) arepreparedinaccordancewithInternationalFinancialReportingStandards(IFRS),asdescribedinNote1totheunauditedinterimconsolidatedfinancialstatements. Amountsinrespectofcomparativeperiodsfor2011havebeenrestatedtoconformtothecurrentpresentation.ReferencestoGAAPmeanIFRS,unlessindicated otherwise. (2)ResultsandmeasuresinthisdocumentarepresentedonaGAAPbasis.Theyarealsopresentedonanadjustedbasisthatexcludestheimpactofcertain items.Itemsexcludedfromsecondquarter2012resultsinthedeterminationofadjustedresultstotallednetincomeof$46millionaftertax,comprisedofa$55million after-taxnetbenefitofcredit-relateditemsinrespectoftheacquiredMarshall&IlsleyCorporation(M&I)performingloanportfolio;costsof$74million($47million aftertax)fortheintegrationoftheacquiredbusiness;a$33million($24millionaftertax)chargeforamortizationofacquisition-relatedintangibleassetsonallac quisitions;thebenefitofrun-offstructuredcreditactivitiesof$76million($73millionaftertax);restructuringchargesof$31million($23millionaftertax)toalignour coststructurewiththecurrentandfuturebusinessenvironment;andadecreaseinthecollectiveallowanceforcreditlossesof$18million($12millionaftertax). Itemsexcludedfromtheyear-to-dateadjustedresultstotallednetincomeof$183millionaftertaxandconsistedofa$169millionafter-taxnetbenefitofcredit- relateditemsinrespectoftheacquiredM&Iperformingloanportfolio;a$144million($90millionaftertax)chargefortheintegrationoftheacquiredbusiness; a$67million($48millionaftertax)chargeforamortizationofacquisition-relatedintangibleassets;thebenefitofrun-offstructuredcreditactivitiesof$212 million($209millionaftertax);restructuringchargesof$99million($69millionaftertax)toalignourcoststructurewiththecurrentandfuturebusinessenvironment; andadecreaseinthecollectiveallowanceforcreditlossesof$18million($12millionaftertax).AlloftheadjustingitemsarereflectedinresultsofCorporate Servicesexceptfortheamortizationofacquisition-relatedintangibleassets,whichischargedacrosstheoperatinggroups.Managementassessesperformance onbothaGAAPbasisandadjustedbasisandconsidersbothbasestobeusefulinassessingunderlying,ongoingbusinessperformance.Presentingresults onbothbasesprovidesreaderswithanenhancedunderstandingofhowmanagementviewsresultsandmayenhancereaders'analysisofperformance.Adjusted resultsandmeasuresarenon-GAAPandaredetailedintheAdjustedNetIncomesection,and(forallreportedperiods)intheNon-GAAPMeasuressection oftheMD&A,wheresuchnon-GAAPmeasuresandtheirclosestGAAPcounterpartsaredisclosed. (3)AllEarningsperShare(EPS)measuresinthisdocumentrefertodilutedEPSunlessspecifiedotherwise.Earningspershareiscalculatedusingnet incomeafterdeductionsfornetincomeattributabletonon-controllinginterestinsubsidiariesandpreferredsharedividends. OperatingSegmentOverview P&CCanada Netincomewas$446million,up$32millionor7.8%fromayearago.Resultsreflecthigherrevenuesfromincreasedvolumeacrossmostproductsandinc reasedfeerevenue,partiallyoffsetbylowernetinterestmargins.Expenseswerebasicallyunchanged,reflectingcostmanagementdiscipline,resulting inpositiveoperatingleverageof2.3%. Netincomewasconsistentwiththefirstquarter,despitefewerdaysinthecurrentperiod. Asweremainfocusedonmakingmoneymakesenseforourcustomers,weareseeingourinnovativeproductsandenhancedmultichannelcapabilities makeadifference.Weareseeingfurtherincreasesintheaveragenumberofproductcategoriesusedbybothpersonalandcommercialcustomersandcusto merloyalty,asmeasuredbynetpromoterscore,continuestoimproveinbothourpersonalandcommercialbusinesses.Throughthefirsthalfof2012,we strengthenedourbranchnetwork,openingorupgrading17locationsacrossthecountryandadding200CashAutomatedBankingMachines(ABMs).Werecently announcedplanstoaddmorethan800ABMsoverallacrossCanadabytheendof2014,whichwillincreaseournetworktoalmost3,000machines. Inpersonalbanking,ourawardwinningmortgageproductishelpingnewandexistingcustomersbecomemortgagefreefasterwhileimprovingretention andformingthefoundationfornewandexpandedlong-termrelationships.Fortwoyearsnow,wehavebeenactivelypromotingfixedrateproductswithshorter amortizationperiods.Withtheseproducts,Canadianscanpaylessinterest,becomemortgagefreefaster,protectthemselvesagainstrisingratesandpotentially retiredebtfree. Incommercialbanking,wecontinuedtorank#2inCanadianbusinessbankingloanmarketshare.OurOpenforBusinesscampaignisunderwayandweare making$10billionavailabletoCanadianbusinessesoverthecourseofthenextthreeyearstohelpthemboostproductivityandexpandintonewmarkets.We sawfurthergrowthinsalesofourcashmanagementsolutionsduetoourstrongOnlineBankingforBusinesscapability,combinedwithourgrowingcashman agementsalesforce.OurgoalistobecomethebankofchoiceforbusinessesacrossCanadabyprovidingtheknowledge,adviceandguidancethatour customersvalue. P&CU.S.(allamountsinUS$) Netincomeof$122millionincreased$68millionfrom$54millioninthesecondquarterayearago.Adjustednetincomewas$137million,up$78 millionfromayearagoasaresultoftheacquisitionofMarshall&IlsleyCorporation. Adjustednetincomedecreased$15millionfromthefirstquarterprimarilyduetoreductionsinnetinterestincomerelatedtolowerloanspreads. Commercialloans,excludingthecommercialrealestateandrun-offportfolios,haveseentwosequentialquartersofgrowth. Averagedepositsincreased$0.8billionfromthepriorquarter,duetocontinueddepositgrowthinourcommercialbusiness. Duringthequarter,wecelebratedtheopeningofthefirstbranchbuiltundertheBMOHarrisBankbrand.Throughthetransparencyandopennessofits design,thebranchlayoutsupportsourcommitmenttobethebankthatdefinesagreatcustomerexperiencebymakingiteasierforemployeestofocusonthe customer.Thebranchismorethanjustaplacetoconductfinancialtransactions;itisadestinationforcomprehensivefinancialeducation,planningandguidance. OurCommercialBankteamrecentlylaunchedanewinitiativethatdemonstratesourcommitmenttomarketleadership.TheThoughtLeadershipinitiative deliverstoourcustomersandprospectsvaluableinsightsandinformationfromourindustryandfinancialexperts.ThesetoolsareavailableontheResource CenterontheBMOHarrisCommercialBankwebsite,whichincludesfrequentlyupdatedblogs,newsletters,whitepapers,webinarsandclientsuccessstories.In addition,we'vepartneredwiththeWallStreetJournaltocreate"BossTalk,"aweeklyeditorialsegmentwhereglobalbusinessleadersdiscusstheirpointsofview onbusinessandindustrychallengesandopportunities.We'vealsopartneredwithForbestoproducetwocustomresearchstudiesthatwilldiveintoissues thataffectmid-marketbusinesses. Duringthequarter,weofficiallykickedoffphasetwoofourrebrandingefforts,duringwhichwewillrebrandallremaininglegacyM&IandHarrisBank locationsundertheBMOHarrisBankbanneruponsystemsconversion.Themomentumandlessonslearnedfromphaseoneareservingasastrongfoundation forourwork. PrivateClientGroup Netincomewas$145million,up$54millionor59%fromayearago.Adjustednetincomewas$150million,up$57millionor62%fromayearago.Adjusted netincomeinPCGexcludinginsurancewas$98million,up$5millionfromayearago.Resultsbenefitedfromacquisitionsandhigherspread-basedandfee- basedrevenue,partlyoffsetbylowertransactionvolumesinbrokerage.Adjustednetincomeininsurancewas$52million.Prioryearinsuranceresultswere negativelyaffectedbythe$47millionimpactofunusuallyhighearthquake-relatedreinsuranceclaims.Comparedtothefirstquarter,adjustednetincome wasup$40millionor37%,asthepriorquarterwasnegativelyimpactedbyunfavourablemovementsinlong-terminterestrates. Assetsundermanagementandadministrationgrewby$159billionfromayearagoto$445billionprimarilyduetoacquisitions.Comparedtothefirstquarter, assetsundermanagementandadministrationincreased2.4%.Wecontinuetoattractnewclientassetsandarebenefitingfromimprovedequitymarketconditions. |