BMO Financial Group Reports Second Quarter 2023 Results

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• APAC - English

BMO's Second Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2023, is available online at www.bmo.com/investorrelations and at www.sedar.com.

Financial Results Highlights

Second Quarter 2023 Compared with Second Quarter 2022:

• Net income of $1,059 million, compared with $4,756 million; adjusted net income^1,3 of $2,216 million, compared with $2,187 million
• Reported earnings per share (EPS)² of $1.30, compared with $7.13; adjusted EPS^1,2,3 of $2.93, compared with $3.23
• Provision for credit losses (PCL) of $1,023 million, compared with $50 million; adjusted PCL^1,3 of $318 million, compared with $50 million
• Return on equity (ROE) of 5.6%, compared with 34.5%; adjusted ROE^1,3 of 12.6%, compared with 15.7%
• Common Equity Tier 1 (CET1) Ratio⁴ of 12.2%, compared with 16.0%

Year-to-Date 2023 Compared with Year-to-Date 2022:

• Net income of $1,306 million, compared with $7,689 million; adjusted net income^1,3 of $4,488 million, compared with $4,771 million
• Reported EPS² of $1.62, compared with $11.57; adjusted EPS^1,2,3 of $6.15, compared with $7.12
• PCL of $1,240 million, compared with a recovery of $49 million; adjusted PCL^1,3 of $535 million, compared with a recovery of $49 million
• ROE of 3.4%, compared with 28.0%; adjusted ROE^1,3 of 13.0%, compared with 17.2%

TORONTO, May 24, 2023 /PRNewswire/ - For the second quarter ended April 30, 2023, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $1,059 million or $1.30 per share on a reported basis, and net income of $2,216 million or $2.93 per share on an adjusted basis.

"Our performance this quarter reflects our highly-diversified business mix and the strength, size and stability of our balance sheet, which has been further enhanced by the successful acquisition of Bank of the West. Against the backdrop of an uncertain economic environment, our Canadian and U.S. personal and commercial banking businesses continued to deliver good pre-provision, pre-tax earnings, while our wealth and capital markets businesses were impacted by lower customer activity. These results were underpinned by continued strong asset quality and capital, with a CET1 ratio of 12.2% following the closing of the largest acquisition in our history," said Darryl White, Chief Executive Officer, BMO Financial Group.

"This strong foundation and our proven track record of delivering resilient financial performance over time positions us well to support our Canadian and U.S. customers and communities with the advice, products and services they need to make real financial progress towards their goals. We are uniquely situated to offer integrated banking, wealth and capital markets products and leading digital experiences that differentiate us from our competitors and drive long-term value for our shareholders."

"In addition, we continue to be acknowledged for our ethical business practices and how we live our purpose. For the sixth consecutive year, BMO was recognized as one of the World's Most Ethical Companies by Ethisphere, the only bank in Canada to receive this award since its inception in 2007," concluded Mr. White.

Concurrent with the release of results, BMO announced a third quarter 2023 dividend of $1.47 per common share, an increase of $0.04 from the prior quarter, and an increase of $0.08 or 6% from the prior year. The quarterly dividend of $1.47 per common share is equivalent to an annual dividend of $5.88 per common share.

Caution

The foregoing section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Significant Events

On February 1, 2023, we completed the acquisition of Bank of the West and its subsidiaries from BNP Paribas for a cash purchase price of US$13.8 billion. Bank of the West provides a broad range of banking products and services, primarily in the Western and Midwestern parts of the United States. The acquisition strengthens our position in North America with increased scale and greater access to growth opportunities in strategic new markets. We expect to complete the conversion of the Bank of the West customer accounts and systems to our respective BMO platforms by early September 2023. The impact of the acquisition is reflected in our current quarter and year-to-date results as a business combination, with operating results primarily allocated to our U.S. P&C and BMO Wealth Management businesses based on Bank of the West's client segmentation and allocation methodologies, which may change after conversion.

On closing, we recognized purchase accounting fair value marks on Bank of the West's loans and deposits of $3.0 billion and discounts on securities of $3.5 billion on our balance sheet in accordance with International Financial Reporting Standards (IFRS). As previously disclosed, to manage the exposure to capital from changes in the fair value of the assets and liabilities of Bank of the West due to changes in interest rates between the announcement and closing of the acquisition, we entered into interest rate swaps that resulted in cumulative mark-to-market gains of $5.7 billion. These swaps were largely offset from an interest rate risk perspective through the purchase of a portfolio of matched duration U.S. treasuries and other balance sheet instruments. On closing, the swaps were unwound and replaced with hedges, which in effect crystallized the unrealized loss position on our balance sheet. Accretion of the fair value marks and securities discounts will increase net interest income, and the amortization of the fair value hedge will decrease net interest income, both recorded in Corporate Services.

As part of the acquisition, we acquired a 51% interest in CLAAS Financial Services, LLC, a subsidiary of Bank of the West that provides lease and loan financing to commercial entities acquiring agricultural equipment. The fair value of ownership interests of other partners in CLAAS Financial Services, LLC was $16 million, and recorded in non-controlling interest on our balance sheet.

For more information on the acquisition of Bank of the West, refer to Note 12 of the unaudited interim consolidated financial statements.

Second Quarter 2023 Performance Review

Adjusted results in the current quarter and the prior year excluded the following items:

• Initial provision for credit losses of $517 million ($705 million pre-tax) on the purchased Bank of the West performing loan portfolio in the current quarter.
• Acquisition and integration costs of $549 million ($727 million pre-tax) in the current quarter and $28 million ($37 million pre-tax) in the prior year, recorded in non-interest expense. The current quarter included $545 million ($722 million pre-tax) related to Bank of the West.
• Amortization of acquisition-related intangibles assets of $85 million ($115 million pre-tax) in the current quarter and $6 million ($8 million pre-tax) in the prior year, recorded in non-interest expense. The current quarter included $77 million ($104 million pre-tax) related to Bank of the West.
• A legal provision of $6 million ($7 million pre-tax) related to a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, recorded in interest expense in the current quarter.
• Revenue of $2,612 million ($3,555 million pre-tax) in the prior year related to the management of the impact of interest rate changes between the announcement and closing of the Bank of the West acquisition on its fair value and goodwill.
• A gain of $6 million ($8 million pre-tax) and expenses of $15 million ($18 million pre-tax) in the prior year related to the sale of our EMEA and U.S. Asset Management business.

Adjusted results and ratios in this Second Quarter 2023 Performance Review section are on a non-GAAP basis. Refer to the Non-GAAP and Other Financial Measures section for further information on adjusting items. The order in which the impact on net income is discussed in this section follows the order of revenue, expenses and provision for credit losses, regardless of their relative impact.

Reported net income decreased from the prior year, primarily due to the impact of the adjusting items noted above, and adjusted net income increased 1%, with higher revenue partially offset by higher expenses and provisions for credit losses. Net income increased in U.S. P&C due to the inclusion of Bank of the West and the impact of the stronger U.S. dollar, and decreased across all other operating groups. On a reported basis, Corporate Services recorded a net loss compared with net income in the prior year, and on an adjusted basis, Corporate Services recorded a higher net loss.

The impact of the acquisition of Bank of the West (BOTW) on our second quarter 2023 net income is reflected in the table below.

Canadian P&C

Reported net income was $861 million, a decrease of $79 million or 8% from the prior year, and adjusted net income was $864 million, a decrease of $77 million or 8%. Results reflected a 7% increase in revenue due to higher net interest income, driven by balance growth and higher margins, and lower non-interest revenue, more than offset by higher expenses and a higher provision for credit losses compared with the prior year.

U.S. P&C

Reported net income was $789 million, an increase of $201 million or 34% from the prior year, and adjusted net income was $866 million, an increase of $277 million or 47% from the prior year. The impact of the stronger U.S. dollar increased net income by 9%, revenue by 12%, and expenses by 14%.

On a U.S. dollar basis, reported net income was $581 million, an increase of $117 million or 25% from the prior year, and adjusted net income was $638 million, an increase of $173 million or 37%. Bank of the West contributed $107 million to reported net income and $163 million to adjusted net income. Underlying results reflected a 9% increase in revenue, primarily due to higher net interest income driven by higher net interest margins and loan balances, partially offset by higher expenses and a higher provision for credit losses.

BMO Wealth Management

Reported net income was $284 million and adjusted net income was $285 million, both decreasing $30 million or 10% from the prior year. Bank of the West contributed $25 million to reported net income and $26 million to adjusted net income. Wealth and Asset Management reported net income was $221 million, a decrease of $26 million or 11%, and adjusted net income was $222 million, a decrease of $26 million or 11%. Underlying results reflected a decrease in revenue, primarily due to the impact of weaker global markets and lower online brokerage volumes, and higher expenses. Insurance net income was $63 million, a decrease of $4 million or 5% from the prior year. 

BMO Capital Markets

Reported net income was $380 million, a decrease of $68 million or 15% from the prior year, and adjusted net income was $388 million, a decrease of $65 million or 14%. Results reflected revenue growth of 1%, with higher revenue in both Global Markets and Investment and Corporate Banking, higher expenses and a lower provision for credit losses.

Corporate Services

Reported net loss was $1,255 million, compared with reported net income of $2,466 million in the prior year, and adjusted net loss was $187 million, compared with $111 million. Reported results decreased, primarily due to the adjusting items noted above. Adjusted results decreased, primarily due to lower revenue and higher expenses, partially offset by the impact of a more favourable tax rate in the current quarter.

Capital

BMO's Common Equity Tier 1 (CET1) Ratio was 12.2% as at April 30, 2023, a decrease from 18.2% at the end of the first quarter of 2023, primarily due to the acquisition of Bank of the West.

Credit Quality

Total reported provision for credit losses was $1,023 million and total adjusted provision for credit losses was $318 million, compared with a reported and adjusted provision of $50 million in the prior year. The total provision for credit losses as a percentage of average net loans and acceptances ratio was 65 basis points on a reported basis and 20 basis points on an adjusted basis, compared with 4 basis points on both a reported and adjusted basis in the prior year. Adjusted provision for credit losses excluded the initial provision on the purchased Bank of the West performing loan portfolio of $705 million.

The provision for credit losses on impaired loans was $243 million, an increase of $123 million from the prior year, primarily due to higher provisions in Personal and Business Banking in our P&C businesses. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances ratio was 16 basis points, compared with 10 basis points in the prior year.

The provision for credit losses on performing loans was $780 million on a reported basis and $75 million on an adjusted basis, compared with a reported and adjusted recovery of $70 million in the prior year. The $780 million provision for credit losses on performing loans in the current quarter included the initial provision on the purchased Bank of the West performing loan portfolio noted above. On an adjusted basis, the $75 million provision for credit losses on performing loans in the current quarter reflected portfolio credit migration, model changes and economic uncertainty, partially offset by a modest improvement in macro-economic variables, including the continued benefit from risk transfer transactions. The $70 million recovery of credit losses in the prior year largely reflected reduced uncertainty as a result of the improving pandemic environment, portfolio credit improvement and model changes, partially offset by a deteriorating economic outlook, increased adverse scenario weight and portfolio growth.

Refer to the Critical Accounting Estimates and Judgments section of BMO's 2022 Annual Report and Note 4 of our audited annual consolidated financial statements for further information on the allowance for credit losses as at October 31, 2022.

Supporting a Sustainable and Inclusive Future

BMO has a deep sense of purpose – to be a champion for progress and a catalyst for change. We are leveraging our position as a leading financial services provider in order to create opportunities for our stakeholders and communities to make positive, sustainable change, because we believe that success can and must be mutual. In support of our customers, communities and employees, we:

• Announced a $30 million commitment to support agricultural businesses by launching Greener Future Financing, a climate financing program to help small and medium-sized agricultural enterprises across Canada to develop future-ready, climate-resilient operations.
• Launched industry-leading digital pre-arrival account opening capabilities for newcomers to Canada, as well as eligible international students, through our expanded NewStart^® program.
• Announced the 2022 award recipients of $150,000 in grants awarded to twelve Canadian women entrepreneurs as part of the BMO Celebrating Women Grant Program for women-owned businesses across Canada, in collaboration with Deloitte. The program is in its third consecutive year and has supported 56 women-owned businesses to-date, with grants totalling $530,000 in both Canada and the United States.
• Invested $15 million in Help Kids Phone's Feel Out Loud movement to expand clinical services across the country through its e-mental health services for youth in Canada. As a founding partner of Kids Help Phone, and with the help of our employees, we have raised over $40 million to support this program to date.
• Were named to the United Nations Principles for Responsible Banking, Nature Target Setting Working Group, tasked with providing guidance to global banks for setting biodiversity and nature targets, the only Canadian bank among 34 signatories across 24 countries.

In addition, BMO's leadership continues to be acknowledged, including:

• Recognized by Celent with two Model Bank Awards for our financial leadership in digital transformation and our commitment to helping customers make real financial progress. We received the Retail Digital Banking Transformation award for our Canadian Digital Banking modernization program and the Customer Financial Resilience award for three of our innovative digital solutions: BMO Savings Amplifier; BMO Same Day Grace Alert; and BMO Pre-Authorized Payment Manager.
• Recognized by Ethisphere Institute as one of the World's Most Ethical Companies for the sixth consecutive year and the only Canadian bank to be recognized with this award since its inception in 2007. The award affirms our commitment to doing what is right and operating with transparency, good governance, and integrity in support of a thriving economy, sustainable future, and inclusive society.
• Included for the third consecutive year in the Globe and Mail's 2023 Report on Business, Women Lead Here list, which recognizes Canadian businesses for excellence in executive gender diversity. Our commitment to the gender equality among senior leaders remains above 40 percent since 2016, and continues to support advancing diversity, equity, and inclusion across the bank.

Caution

The foregoing sections contain forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Regulatory Filings

BMO's continuous disclosure materials, including interim filings, annual Management's Discussion and Analysis and audited annual consolidated financial statements, Annual Information Form and Notice of Annual Meeting of Shareholders and Proxy Circular, are available on our website at www.bmo.com/investorrelations, on the Canadian Securities Administrators' website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov. Information contained in or otherwise accessible through our website (www.bmo.com), or any third-party websites mentioned herein, does not form part of this document. 

Non-GAAP and Other Financial Measures

Results and measures in this document are presented on a GAAP basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS). References to GAAP mean IFRS. We use a number of financial measures to assess our performance, as well as the performance of our operating segments, including amounts, measures and ratios that are presented on a non–GAAP basis, as described below. We believe that these non–GAAP amounts, measures and ratios, read together with our GAAP results, provide readers with a better understanding of how management assesses results.

Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.

Certain information contained in BMO's Management's Discussion and Analysis dated May 24, 2023 for the period ended April 30, 2023 (Second Quarter 2023 Report to Shareholders) is incorporated by reference into this document. For further details on the composition of non-GAAP amounts, measures and ratios, including supplementary financial measures, please refer to the Glossary of Financial Terms section in our Second Quarter 2023 Report to Shareholders which is available at www.sedar.com.

Our non-GAAP measures broadly fall into the following categories:

Adjusted measures and ratios

Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non-interest expense, provision for credit losses and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non-GAAP. Presenting results on both a reported basis and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not be reflective of ongoing business performance. As such, the presentation may facilitate readers' analysis of trends. Except as otherwise noted, management's discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results.

Measures net of insurance claims, commissions and changes in policy benefit liabilities (CCPB)

We also present reported and adjusted revenue on a basis that is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB), and our efficiency ratio and operating leverage are calculated on a similar basis. Measures and ratios presented on a basis net of CCPB are non-GAAP. Insurance revenue can experience variability arising from fluctuations in the fair value of insurance assets, caused by movements in interest rates and equity markets. The investments that support policy benefit liabilities are predominantly fixed income assets recorded at fair value, with changes in fair value recorded in insurance revenue in the Consolidated Statement of Income. These fair value changes are largely offset by changes in the fair value of policy benefit liabilities, the impact of which is reflected in CCPB. The presentation and discussion of revenue, efficiency ratios and operating leverage on a net basis reduces this variability, which allows for a better assessment of operating results. For more information refer to the Insurance Claims, Commissions and Changes in Policy Benefit Liabilities section in our Second Quarter 2023 Report to Shareholders.

Tangible common equity and return on tangible common equity

Tangible common equity is calculated as common shareholders' equity less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities. Return on tangible common equity is commonly used in the North American banking industry and is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed organically.

Caution

This Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Non-GAAP and Other Financial Measures

Summary of Reported and Adjusted Results by Operating Group

Return on Equity and Return on Tangible Common Equity

Caution Regarding Forward-Looking Statements

Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to our objectives and priorities for fiscal 2023 and beyond, our strategies or future actions, our targets and commitments (including with respect to our Climate Ambition and net zero emissions), expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or the Canadian, U.S. and international economies, plans for the combined operations of BMO and Bank of the West, the timing for converting Bank of the West customer accounts and systems onto our respective BMO platforms, and the financial, operational and capital impacts of the transaction, and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "project", "intend", "estimate", "plan", "commit", "target", "may", "schedule", "forecast", "outlook", "seek" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: general economic and market conditions in the countries in which we operate, including labour challenges; the impact of adverse developments affecting the U.S. and global banking industry, including the risk of bank failures and liquidity concerns, the heightening of economic and market volatility, and regulatory responses to such developments; the anticipated benefits from acquisitions, including Bank of the West, such as potential synergies, accretion to adjusted earnings per share (EPS), and operational efficiencies, are not realized; changes to our credit ratings; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national or international economies, as well as their heightening of certain risks that may affect our future results; information, privacy and cybersecurity, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; benchmark interest rate reforms; technological changes and technology resiliency; political conditions, including changes relating to, or affecting, economic or trade matters; climate change and other environmental and social risk; the Canadian housing market and consumer leverage; inflationary pressures; global supply-chain disruptions; changes in monetary, fiscal, or economic policy; changes in laws, including tax legislation and interpretation, or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; failure of third parties to comply with their obligations to us; our ability to execute our strategic plans, complete proposed acquisitions or dispositions and integrate acquisitions, including obtaining regulatory approvals; critical accounting estimates and judgments, and the effects of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; global capital markets activities; the possible effects on our business of war or terrorist activities; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2022 Annual Report, and the Risk Management section in our Second Quarter 2023 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section of BMO's 2022 Annual Report, as updated in the Economic Developments and Outlook section in our Second Quarter 2023 Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO's 2022 Annual Report, as updated in the Allowance for Credit Losses section in our Second Quarter 2023 Report to Shareholders. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. Assumptions about our integration plan, the efficiency and duration of integration and the alignment of organizational responsibilities were material factors we considered in estimating pre-tax cost synergies and integration costs. Assumptions about BMO's current and expected financial performance (including balance sheet, income statement and regulatory capital figures), expected cost and revenue synergies (and timing to achieve) relating to the Bank of the West acquisition, and current and future foreign exchange rates, interest rates and shares outstanding were material factors considered in estimating adjusted EPS accretion.

In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy. 

INVESTOR AND MEDIA INFORMATION

Investor Presentation Materials

Interested parties are invited to visit BMO's website at www.bmo.com/investorrelations to review the 2022 Annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call on Wednesday, May 24, 2023, at 8.15 a.m. (ET). The call may be accessed by telephone at 416-340-2217 (from within Toronto) or 1-800-952-5114 (toll-free outside Toronto), entering Passcode: 1375068#. A replay of the conference call can be accessed until June 24, 2023, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering Passcode: 7622562#.

A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.

® Registered trademark of Bank of Montreal

SOURCE BMO Financial Group

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