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BMO Financial Group Q3 net income $1,192 million

Staff writer |
For the third quarter ended July 31, 2015, BMO Financial Group reported net income of $1,192 million or $1.80 per share on a reported basis and net income of $1,230 million or $1.86 per share on an adjusted basis.

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"BMO delivered very good results in the third quarter, with adjusted net income of $1.2 billion, up 6% from good results a year ago and up 7% from the second quarter," said Bill Downe, Chief Executive Officer, BMO Financial Group.

"These results were driven by good operating group performance, particularly in our combined Personal and Commercial Banking business which posted adjusted earnings of $792 million, up 13% from last year, and in Wealth Management where adjusted net income was up 10%. Credit provisions continued to be stable.

"Our performance reflects the benefit of BMO's diversified business mix and confirms that the investments we have made are generating growth while ensuring that we keep pace with a new generation of banking customers," concluded Mr. Downe.

Concurrent with the release of results, BMO announced a fourth quarter 2015 dividend of $0.82 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 $3.28 per common share.

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