Bank of Montreal (BMO)
has posted a net income of C$776m ($798.2m) for the three months to
31 January, an 18% increase from the corresponding quarter a year
ago.

Net income at BMO’s
retail focused personal and commercial (P&C) banking unit in
Canada increased by 10% to C$444m ($455m) in the first
quarter.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

But first quarter net
income at the P&C unit in the US declined by 13% to
$42m.

At group level, first
quarter net interest income increased by 6.2% to C$1.63bn;
provisions for credit losses fell by 25.5% to C$248m.

Non-interest revenue
increased by 15.1% to C$1.72bn.

Total revenue increased
by 10.6% year-on-year (y-o-y) to C$3.35bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Canada-based P&C
first quarter highlights included:

  • Revenue increased by 8.2% to C$1.53bn;
    personal banking revenue was up 6.5% to C$955m while commercial
    banking revenue rose 10.6% to C$573m;
  • An increase of 5 basis points in the net
    interest margin to 3.0%, and
  • BMO’s retail lending market share
    increased from 10.1% to 10.2%.

Less positive metrics at
the unit included a 20 basis point increase in the cost-income
ratio to 50.5%.

BMO lost market share in
the first quarter in the retail cards sector: down from 13.2% a
year ago to 13.1%.

BMO’s market share of
personal deposits fell by 50 basis points y-o-y from 12.2% to
11.7%; its mutual funds market share fell by 10 basis points to
13.4%.

BMO ended the first
quarter with a branch network of 908 outlets in Canada (a net
increase of 6 units y-o-y) and 319 branches in the US (a net
increase of 31).