BMO Financial Group (NYSE: BMO) reported Q2 EPS of Cdn$3.13, versus Cdn$3.06 reported last year. Revenue for the quarter came in at Cdn$6.08 billion, versus Cdn$6.98 billion reported last year.

Second Quarter 2021 Compared With Second Quarter 2020:

• Net income of $1,303 million, an increase from $689 million; adjusted net income1,4 of $2,095 million, an increase from $715 million
• Reported EPS2 of $1.91, an increase from $1.00; adjusted EPS1,2,4 of $3.13, an increase from $1.04
• Provision for credit losses (PCL) of $60 million, compared with $1,118 million
• Reported net efficiency ratio3 of 69.3%, compared with 64.4%; adjusted net efficiency ratio1,3,4 of 56.6%, compared with 63.8%
• Return on equity (ROE) of 10.2%, an increase from 5.3%; adjusted ROE1,4 of 16.7%, an increase from 5.5%
• Common Equity Tier 1 Ratio of 13.0%, an increase from 11.0% in the prior year

"This quarter, we continued to deliver very strong results with all of our businesses performing well. For the first half of the year, adjusted pre-provision pre-tax earnings of $5.5 billion increased 27% from a year ago, driven by revenue growth of 11% reflecting the benefits of our diversified business model, and very strong operating leverage. We enter the second half of the year with strong momentum," said Darryl White, Chief Executive Officer, BMO Financial Group.

"We are continuing to build a strong, competitive bank, allocating capital to businesses that are positioned to grow and deliver strong returns, and we are highly focused on continuously improving our performance. Return on equity increased to 16.7%, we improved our efficiency ratio to 56.6% and strengthened our CET1 ratio to 13.0%, all underpinned by our strong balance sheet and differentiated risk and credit performance."

"In addition to strong financial performance, we are delivering on our commitments for a sustainable future. This quarter, we declared our ambition to be our clients' lead partner in the transition to a net zero world and we are supporting key organizations that are helping reduce health care disparities, including global emergency COVID-19 relief efforts."

"We are executing against a consistent, purpose-driven strategy – which for us means winning together with our customers, our communities, our employees and our shareholders," concluded Mr. White.

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