BMO Financial Group (BMO) Reports Q3 EPS of Cdn$1.85

BMO Financial Group (NYSE: BMO) reported Q3 EPS of Cdn$1.85, versus Cdn$2.38 reported last year. Revenue for the quarter came in at Cdn$7.19 billion, versus Cdn$6.67 billion reported last year.

"For the third quarter, we delivered very good results in a fluid environment, demonstrating the continued strength and resiliency of our diversified business model. We produced adjusted earnings per share of $1.85, strong pre-provision pre-tax earnings(1) of $2.6 billion, up 12% year-over-year, and provided prudently for loan losses and demonstrated capital strength," said Darryl White, Chief Executive Officer, BMO Financial Group.

"We entered the COVID-19 pandemic with momentum and in a position of strength and we have served our communities with consistent, safe and uninterrupted access to banking services and personalized financial advice. While the pandemic continues to have a serious disruptive impact causing lingering uncertainty and hardship for many, we are committed to standing by our customers and employees as we move into the next phase of the economic recovery.

"This quarter, we continued to deliver on our commitment to expense management, a critical and appropriate lever in the current environment. Expenses declined 2% from the prior quarter and year-over-year. Operating leverage for the quarter was 5.3% and year-to-date operating leverage was strong at 2.9%.

"We are moving forward with a strong foundation and good operating momentum, and are well positioned to withstand both economic headwinds and recovery. We will continue to provide unwavering support to our customers while delivering increased shareholder value through efficiency, discipline and a strong focus on our strategic goals," concluded Mr. White.

For earnings history and earnings-related data on BMO Financial Group (BMO) click here.

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