BMO Financial Group (NYSE: BMO) reported Q2 EPS of Cdn$1.04, versus Cdn$2.30 reported last year. Revenue for the quarter came in at Cdn$5.26 billion, versus Cdn$6.21 billion reported last year.

Second Quarter 2020 Compared With Second Quarter 2019:

• Net income of $689 million, compared with $1,497 million; adjusted net income1 of $715 million, compared with $1,522 million
• Reported EPS2 of $1.00, compared with $2.26; adjusted EPS1,2 of $1.04, compared with $2.30
• Revenue, net of CCPB3, of $5,461 million, compared with $5,652 million
• Provision for credit losses (PCL) of $1,118 million, compared with $176 million; current quarter includes PCL on performing loans of $705 million
• ROE of 5.3%, compared with 13.6%; adjusted ROE1 of 5.5%, compared with 13.9%
• Common Equity Tier 1 Ratio of 11.0%
• Dividend of $1.06, unchanged from the prior quarter

"The economic and social consequences of the COVID-19 pandemic have been immediate and disruptive and at the same time, the response by policy makers has been swift and unprecedented in scale. At BMO, our top priority has been, and continues to be, the health and safety of all our employees and customers and the delivery of critical banking services," said Darryl White, CEO BMO Financial Group.

"We acted quickly to mobilize our workforce and adapt the ways we serve our customers while maintaining operational stability in every business. We have helped customers experiencing financial stress by providing relief options, personalized advice and access to experts. We've announced community support initiatives focused on helping those with the greatest need.

"While the full scope and scale of the economic and social impact of the pandemic remains uncertain, we have never been better positioned to face these challenges. We entered this crisis from a position of strength, with good operating momentum across our diverse businesses, strong capital and liquidity, a strong record of performance in risk management, disciplined expense management and long history of overcoming challenges together with our customers.

"For the second quarter, we demonstrated the resilience of our earnings power as we earned through the impact of market volatility and prudent loan loss provisioning. As we transition to the re-opening of our economies, we will sustain and adapt operations to support our customers, employees, communities and the broader economic recovery, and together emerge from this crisis even stronger," concluded Mr. White.

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