BMO Financial Group (NYSE: BMO) reported Q4 EPS of $2.43, versus $2.38 reported last year.

Financial Results Highlights

Fourth Quarter 2019 Compared With Fourth Quarter 2018:

• Net income4,5 of $ 1,194 million, down 30% , reflecting a restructuring charge in the current quarter and a benefit from the remeasurement of an employee benefit liability in the prior year; adjusted net income1 of $ 1,607 million, up 5%
• EPS2 of $ 1.78 , down 31% ; adjusted EPS1 of $ 2.43 , up 5%
• Revenue, net of CCPB3,4, of $ 5,752 million, up 5% ; revenue, net of adjusted CCPB1, of $5,777 million, up 5%
• Provision for credit losses (PCL) of $ 253 million compared with $ 175 million in the prior year; includes PCL on performing loans of $22 million
• ROE of 9.9%, compared with 16.1 % ; adjusted ROE1 of 13.5 %, compared with 14.5 %
• Common Equity Tier 1 Ratio of 11.4%
• Dividend increased $0.03 to $1.06, up 6% from the prior year

Fiscal 2019 Compared With Fiscal 2018:

• Net income4,5 of $ 5,758 million, up 6% ; adjusted net income1 of $ 6,249 million, up 4%
• EPS2 of $ 8.66 , up 6% ; adjusted EPS1 of $ 9.43 , up 5%
• Revenue, net of CCPB3,4, of $ 22,774 million, up 6%
• PCL of $ 872 million compared with $ 662 million in the prior year; includes PCL on performing loans of $121 million
• ROE of 12.6% compared with 13.3%; adjusted ROE1 of 13.7 % compared with 14.6 %

"BMO finished the year with very strong performance, delivering $1.6 billion in adjusted earnings and adjusted earnings per share of $2.43 in the fourth quarter, up 5% year-over-year, with pre-provision pre-tax earnings growth of 11%, driven by positive operating leverage in all businesses and particularly strong operating performance in Personal and Commercial banking in both Canada and the U.S.," said Darryl White, Chief Executive Officer, BMO Financial Group.

"Our results for the year reflect the strength and quality of our diversified businesses. Adjusted earnings per share were $9.43, up 5% from last year. We continued to make significant progress on our strategic priorities and delivered annual earnings growth of 23% in our U.S. business. With a clear bank-wide focus on disciplined expense management, we continued to improve our overall efficiency ratio with 130 basis points of improvement in the past two years and good momentum throughout the year. We have a number of initiatives underway, including today's announcement of a restructuring charge, that will serve to accelerate our momentum and help us meet our efficiency objectives over the long-term. In addition, we gained market share in key areas, including commercial lending and retail deposits, in Canada and the U.S. Our credit performance remains good and we ended the year with a strong CET1 capital ratio of 11.4%."

"Looking ahead to 2020, we will continue to execute on our clearly articulated strategic priorities and objectives. We remain focused on building on the foundation of our integrated North American platform to grow our customer base and broaden our customer relationships. I am confident that we are well-positioned to deliver sustainable and resilient profitability through an evolving economic environment," concluded Mr. White.

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