BMO Financial Group (NYSE: BMO) reported Q1 EPS of Cdn$3.06, versus Cdn$2.41 reported last year. Revenue for the quarter came in at Cdn$6.98 billion, versus Cdn$6.75 billion reported last year.

First Quarter 2021 Compared With First Quarter 2020:

• Net income of $2,017 million, an increase of 27%; adjusted net income1 of $2,038 million, an increase of 26%
• Reported EPS2 of $3.03, an increase of 28%; adjusted EPS1,2 of $3.06, an increase of 27%
• Provision for credit losses (PCL) of $156 million, compared with $349 million
• Reported net efficiency ratio3 of 56.7%, compared with 60.8%; adjusted net efficiency ratio1,3 of 56.3%, compared with 60.3%
• ROE of 15.7%, compared with 13.3%; adjusted ROE1 of 15.8%, compared with 13.5%
• Common Equity Tier 1 Ratio of 12.4%, an increase from 11.4% in the prior year

"We had a very strong start to the year, continuing to build on clear and consistent operating momentum to deliver first quarter adjusted net income of over $2 billion, earnings per share of $3.06, and pre-provision, pre-tax earnings growth of 16% from last year and 13% from last quarter. We achieved solid revenue growth of 6%, compared with the prior year and the prior quarter, and continued to effectively manage expenses and strategically invest for future growth, with operating leverage above 7% and an efficiency ratio of 56.3%. Credit performance was very strong, reflecting both the credit quality of our loan portfolio and our commitment to superior risk management. All businesses performed well, particularly in our U.S. segment, which remains a key driver of diversified earnings growth now and in the future," said Darryl White, Chief Executive Officer, BMO Financial Group.

"In addition to our strong financial results this quarter, we were proud to be named as the top North American bank in Corporate Knights' 2021 Global 100 Most Sustainable Corporations in the World and are pleased to be an early signatory to the United Nations Principles for Responsible Banking. We remain resolute in the support of our customers and communities in the face of ongoing challenges related to the pandemic and are focused on helping them recover stronger as the economy rebounds."

"We have a diversified and resilient model, a strong capital position and good momentum across our businesses that are well-positioned for the evolving environment. We are executing against a strategy to accelerate long-term growth and deliver top-tier shareholder value," concluded Mr. White.

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