{"id":441467,"date":"2021-02-23T05:33:11","date_gmt":"2021-02-23T10:33:11","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=441467"},"modified":"2021-02-23T05:33:11","modified_gmt":"2021-02-23T10:33:11","slug":"bmo-financial-group-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bmo-financial-group-reports-first-quarter-2021-results\/","title":{"rendered":"BMO Financial Group Reports First Quarter 2021 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>BMO&#8217;s First Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January\u00a031,\u00a02021, is available online at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2727414693&amp;u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&amp;a=www.bmo.com%2Finvestorrelations\" rel=\"nofollow noopener noreferrer\">www.bmo.com\/investorrelations<\/a>\u00a0and at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2619167075&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p>\n        <b>Financial Results Highlights<\/b>\n      <\/p>\n<p>\n        <b>First Quarter 2021 Compared With First Quarter 2020:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Net income of <span class=\"xn-money\">$2,017 million<\/span>, an increase of 27%; adjusted net income<sup>1<\/sup>\u00a0of <span class=\"xn-money\">$2,038 million<\/span>, an increase of 26%<\/p>\n<p><\/b>\n        <\/li>\n<li>\n          <b>Reported EPS<sup>2<\/sup>\u00a0of <span class=\"xn-money\">$3.03<\/span>, an increase of 28%; adjusted EPS<sup>1,2 <\/sup>of <span class=\"xn-money\">$3.06<\/span>, an increase of 27%<\/p>\n<p><\/b>\n        <\/li>\n<li>\n          <b>Provision for credit losses (PCL) of <span class=\"xn-money\">$156 million<\/span>, compared with <span class=\"xn-money\">$349 million<\/span><\/p>\n<p><\/b>\n        <\/li>\n<li>\n          <b>Reported net efficiency ratio<sup>3<\/sup>\u00a0of 56.7%, compared with 60.8%; adjusted net efficiency ratio<sup>1,3<\/sup> of 56.3%, compared with 60.3%<\/p>\n<p><\/b>\n        <\/li>\n<li>\n          <b>ROE of 15.7%, compared with 13.3%; adjusted ROE<sup>1<\/sup>\u00a0of 15.8%, compared with 13.5%<\/p>\n<p><\/b>\n        <\/li>\n<li>\n          <b>Common Equity Tier 1 Ratio of 12.4%, an increase from 11.4% in the prior year<\/b>\n        <\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Feb. 23, 2021<\/span> \/PRNewswire\/ &#8211; For the first quarter ended <span class=\"xn-chron\">January 31, 2021<\/span>, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of <span class=\"xn-money\">$2<\/span>,017\u00a0million or <span class=\"xn-money\">$3.03<\/span> per share on a reported basis, and net income of <span class=\"xn-money\">$2,038 million<\/span> or <span class=\"xn-money\">$3.06<\/span> per share on an adjusted basis.<\/p>\n<p>&#8220;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 <span class=\"xn-money\">$2 billion<\/span>, earnings per share of <span class=\"xn-money\">$3.06<\/span>, 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,&#8221; said <span class=\"xn-person\">Darryl White<\/span>, Chief Executive Officer, BMO Financial Group.<\/p>\n<p>&#8220;In addition to our strong financial results this quarter, we were proud to be named as the top North American bank in Corporate Knights&#8217; 2021 Global\u00a0100 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.&#8221;<\/p>\n<p>&#8220;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,&#8221; concluded Mr.\u00a0White.<\/p>\n<p>Reported net income increased 27% and adjusted net income increased 26% from the prior year. Adjusted results exclude the amortization of acquisition-related intangible assets and acquisition integration costs. The increase in net income was driven by net revenue<sup>3<\/sup><sup>\u00a0<\/sup>growth of 6%,\u00a0with increases across all operating groups, a decrease in expenses and lower provisions for credit losses.<\/p>\n<p>Return on equity (ROE) was 15.7%, compared with 13.3% in the prior year, and adjusted ROE was 15.8%, compared with 13.5%. Return on tangible common equity (ROTCE) was 18.2%, an increase from 15.7% in the prior year, and adjusted ROTCE was 18.2%, an increase from 15.8%.<\/p>\n<p>Concurrent with the release of results, BMO announced a second quarter 2021 dividend of <span class=\"xn-money\">$1.06<\/span> per common share, unchanged from the prior quarter and the prior year. The quarterly dividend of <span class=\"xn-money\">$1.06<\/span> per common share is equivalent to an annual dividend of <span class=\"xn-money\">$4.24<\/span> per common share.<\/p>\n<div>\n<table id=\"convertedTable6cc7\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Results and measures in this document are presented on a GAAP basis. They are also presented on an adjusted basis that excludes the impact of certain items. Adjusted results and measures are non-GAAP and\u00a0are detailed for all reported periods in the Non-GAAP Measures section, where such non-GAAP measures and their closest GAAP counterparts are disclosed.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">All Earnings per Share (EPS) measures in this document refer to diluted EPS, unless specified otherwise. EPS is calculated using net income after deducting total dividends on\u00a0preferred\u00a0shares and distributions payable on other equity instruments.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">On a basis that nets insurance claims, commissions and changes in policy benefit liabilities (CCPB) against insurance revenue.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Note: All ratios and percentage changes in this document are based on unrounded numbers.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>First Quarter Performance Review<\/b>\n      <\/p>\n<p>\n        <b>Canadian P&amp;C<br \/><\/b>Reported and adjusted net income was <span class=\"xn-money\">$737 million<\/span>, an increase of <span class=\"xn-money\">$38 million<\/span> or 5% from the prior year. Results were driven by higher revenue, with an increase in net interest income, partially offset by a decrease in non-interest revenue, lower expenses and a modest decrease in the provision for credit losses.<\/p>\n<p>During the quarter, Canadian P&amp;C and Visa Canada launched the new BMO eclipse Visa Infinite and BMO eclipse Visa Infinite Privilege credit cards. The new cards are designed to meet the everyday lifestyle needs of Canadians by providing both accelerated earnings on key spending categories and increased flexibility and choice in redemptions.<\/p>\n<p>\n        <b>U.S. P&amp;C<br \/><\/b>Reported net income was <span class=\"xn-money\">$582 million<\/span>, an increase of <span class=\"xn-money\">$231 million<\/span> or 66% from the prior year, and adjusted net income was <span class=\"xn-money\">$589 million<\/span>, an increase of <span class=\"xn-money\">$228 million<\/span> or 63%.<\/p>\n<p>Reported net income was <span class=\"xn-money\">US$454 million<\/span>, an increase of <span class=\"xn-money\">US$187 million<\/span> or 70% from the prior year, and adjusted net income was <span class=\"xn-money\">US$459 million<\/span>, an increase of <span class=\"xn-money\">US$184 million<\/span> or 67%. Results were driven by higher revenue with increases in both net interest income and non-interest revenue, lower expenses and a lower provision for credit losses, primarily due to lower commercial provisions.<\/p>\n<p>During the quarter, we launched BMO EMpower, a five-year, <span class=\"xn-money\">US$5 billion<\/span> pledge aimed at addressing key barriers faced by minority businesses, communities and families in <span class=\"xn-location\">the United States<\/span>. As part of BMO&#8217;s Purpose to Boldly Grow the Good <i>in business and life<\/i>, BMO <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2974018184&amp;u=https%3A%2F%2Four-impact.bmo.com%2Fus%2Four-practices%2Fcommunity-reinvestment%2Fbmo-empower%2F&amp;a=EMpower\" rel=\"nofollow noopener noreferrer\">EMpower<\/a>\u00a0is a series of long-term lending pledges designed to drive meaningful change and champion racial equity.<\/p>\n<p>\n        <b>BMO Wealth Management<br \/><\/b>Reported net income was <span class=\"xn-money\">$358 million<\/span>, an increase of <span class=\"xn-money\">$67 million<\/span> or 23% from the prior year, and adjusted net income was <span class=\"xn-money\">$366 million<\/span>, an increase of <span class=\"xn-money\">$66 million<\/span> or 22%. Results were driven by higher net revenue, and a modest decrease in expenses and in the provision for credit losses. Traditional Wealth reported net income was <span class=\"xn-money\">$286 million<\/span>, an increase of <span class=\"xn-money\">$77 million<\/span> or 37%, and adjusted net income was <span class=\"xn-money\">$294 million<\/span>, an increase of $76\u00a0million or\u00a035%, driven by higher revenue, primarily reflecting stronger global markets and higher online brokerage revenue. Insurance net income was <span class=\"xn-money\">$72 million<\/span>, compared with <span class=\"xn-money\">$82 million<\/span> in the prior year.<\/p>\n<p>BMO was recognized by <i>Investment Week<\/i>&#8216;s Sustainable and ESG Investment Awards, winning Best Sustainable and ESG Research Team for the third consecutive year and Best Sustainable and ESG Equity Fund for its BMO Responsible Global Equity Fund. In addition, we entered into an agreement to divest our private banking business in <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">Singapore<\/span> to J. Safra Sarasin Group. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of calendar 2021.<\/p>\n<p>\n        <b>BMO Capital Markets<br \/><\/b>Reported net income was <span class=\"xn-money\">$483 million<\/span>, an increase of <span class=\"xn-money\">$127 million<\/span> or 36% from the prior year, and adjusted net income was $489\u00a0million, an increase of $127\u00a0million or 35%. Results were driven by strong revenue performance in Global Markets, partially offset by higher performance-based expenses, with a modest decrease in the provision for credit losses.<\/p>\n<p>During the quarter, we continued to support clients with our deep industry expertise and insights across different sectors. BMO Capital Markets acted as left lead arranger, joint bookrunner and administrative agent on <span class=\"xn-money\">US$500 million<\/span> of senior secured credit facilities for Centerbridge Partners&#8217; acquisition and combination of daVinci Payments and North Lane Technologies under Syncapay Inc. We also acted as financial advisor, joint lead arranger and joint bookrunner for Clearlake Capital&#8217;s and TA Associates&#8217; portfolio company, Ivanti Software, on <span class=\"xn-money\">$1.8 billion<\/span> of acquisition financing of MobileIron and Pulse Secure.<\/p>\n<p>\n        <b>Corporate Services<br \/><\/b>Corporate Services reported and adjusted net loss for the quarter was <span class=\"xn-money\">$143 million<\/span>, compared with a net loss of <span class=\"xn-money\">$105 million<\/span> in the prior year. Results decreased, primarily due to higher expenses and the impact of a favourable tax rate in the prior year.<\/p>\n<p>Adjusted results in this First Quarter Performance Review section are non-GAAP amounts or non-GAAP measures. Please refer to the Non-GAAP Measures section.<\/p>\n<p>The order in which the impact on net income is discussed in this section, and elsewhere in the MD&amp;A, follows the order of revenue, expenses and provision for credit losses, regardless of their relative impact.<\/p>\n<p>\n        <b>Capital <br \/><\/b>BMO&#8217;s Common Equity Tier 1 (CET1) Ratio was 12.4% as at <span class=\"xn-chron\">January 31, 2021<\/span>. The CET1 Ratio increased from 11.9% in the prior quarter, driven by strong internal capital generation and other net positive changes, including lower risk-weighted assets.<\/p>\n<p>\n        <b>Credit Quality <br \/><\/b>Total provision for credit losses was <span class=\"xn-money\">$156 million<\/span>, a decrease of <span class=\"xn-money\">$193 million<\/span> from the prior year. The total provision for credit losses ratio was 14 basis points, compared with 31 basis points in the prior year. The provision for credit losses on impaired loans was <span class=\"xn-money\">$215 million<\/span>, a decrease of <span class=\"xn-money\">$109 million<\/span> from <span class=\"xn-money\">$324 million<\/span> in the prior year, largely due to lower commercial provisions in U.S. P&amp;C. The provision for credit losses on impaired loans ratio was\u00a019 basis points, compared with 29 basis points in the prior year. There was a $59\u00a0million recovery of the provision for credit losses on performing loans in the current quarter, compared with a <span class=\"xn-money\">$25 million<\/span> provision in the prior year. The <span class=\"xn-money\">$59 million<\/span> recovery of the provision for credit losses on performing loans reflects an improving economic outlook and positive credit migration, largely offset by the impact of the uncertain environment on credit conditions, including an increased adverse scenario weight. Refer to the Accounting Policies and Critical Accounting Estimates section and Note 3 in our unaudited interim consolidated financial statements for further information on the allowance for credit losses as at January\u00a031, 2021.<\/p>\n<p>\n        <b>Regulatory Filings<br \/><\/b>BMO&#8217;s continuous disclosure materials, including interim filings, annual Management&#8217;s Discussion and Analysis and audited annual consolidated financial statements, Annual Information Form and Notice of Annual Meeting of Shareholders and Proxy Circular, are available on our website at\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2727414693&amp;u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&amp;a=www.bmo.com%2Finvestorrelations\" rel=\"nofollow noopener noreferrer\">www.bmo.com\/investorrelations<\/a>, on the Canadian Securities Administrators&#8217; website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2619167075&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>, and on the EDGAR section of the U.S.\u00a0Securities and Exchange Commission&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=830664437&amp;u=http%3A%2F%2Fwww.sec.gov%2F&amp;a=www.sec.gov\" rel=\"nofollow noopener noreferrer\">www.sec.gov<\/a>. Information contained in or otherwise accessible through our website (<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=3191446132&amp;u=http%3A%2F%2Fwww.bmo.com%2F&amp;a=www.bmo.com\" rel=\"nofollow noopener noreferrer\">www.bmo.com<\/a>), or any third party websites mentioned herein, does not form part of this document.<\/p>\n<p>\n        <b>Caution<br \/><\/b>The extent to which the COVID-19 pandemic impacts BMO&#8217;s business, results of operations, reputation and financial performance and condition, including its regulatory capital and liquidity ratios, and credit ratings, as well as its impact on our customers, competitors and trading exposures, and the potential for loss from higher credit, counterparty and mark-to-market losses will depend on future developments, which are highly uncertain and cannot be predicted, including the scope, severity and duration of the pandemic and actions taken by governments, and governmental and regulatory authorities, which could vary by country and region, and other third parties in response to the pandemic. The COVID-19 pandemic may also impact our ability to achieve, or the timing to achieve, certain previously announced targets, goals and objectives. For additional information, refer to the Impact of COVID-19 section on page 8 and the Top and Emerging Risks That May Affect Future Results section on page 28 in our First Quarter\u00a02021 Report to Shareholders.<\/p>\n<p>The foregoing sections contain forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements. <\/p>\n<div>\n<table id=\"convertedTable5700\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Bank of Montreal uses a unified branding approach that links all of the organization&#8217;s member companies. Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group. As such, in this document, the names BMO and BMO Financial Group mean Bank of Montreal, together with its subsidiaries.<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Non-GAAP Measures<br \/><\/b>Results and measures in this document are presented on a GAAP basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from financial statements prepared in accordance with International Financial Reporting Standards (IFRS). References to GAAP mean IFRS. They are also presented on an adjusted basis that excludes the impact of certain items, as set out in the table below. Please refer to the Foreign Exchange section in our First Quarter 2021 Report to Shareholders for a discussion of the effects of changes in exchange rates on BMO&#8217;s results. Pre-provision pre-tax earnings (PPPT) is a non-GAAP measure, and is calculated as the difference between revenue, net of insurance claims, commissions and changes in policy benefit liabilities (CCPB), and non-interest expense. Management assesses performance on a reported basis and on an adjusted basis, and considers both to be useful in assessing underlying ongoing business performance. Presenting results on both bases provides readers with a better understanding of how management assesses results. It also permits readers to assess the impact of certain specified items on results for the periods presented, and to better assess results excluding those items that may not be reflective of ongoing results. As such, the presentation may facilitate readers&#8217; analysis of trends. Except as otherwise noted, management&#8217;s discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results. Adjusted results and measures are non-GAAP and as such do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.<\/p>\n<p>\n        <b>Non-GAAP Measures<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(Canadian $ in millions, except as noted)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q1-2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q4-2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q1-2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reported Results<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,975<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,747<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Insurance claims, commissions and changes in policy benefit liabilities (CCPB) <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(601)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(716)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue, net of CCPB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,374<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,031<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(156)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(432)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(349)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(3,613)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,548)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,669)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income before income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,605<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,006<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,013<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Provision for income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(588)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(422)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(421)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,017<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,584<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,592<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EPS ($)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.03<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.37<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.37<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusting Items (Pre-tax) <\/b>(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Acquisition integration costs (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(3)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of acquisition-related intangible assets (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(25)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusting items included in reported pre-tax income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(28)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(33)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(32)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusting Items (After tax)<\/b> (1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Acquisition integration costs (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(2)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of acquisition-related intangible assets (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(19)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(23)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(23)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusting items included in reported net income after tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(21)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(26)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(25)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Impact on EPS ($)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(0.03)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.04)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.04)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted Results<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,975<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,747<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Insurance claims, commissions and changes in policy benefit liabilities (CCPB) <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(601)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(716)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue, net of CCPB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,374<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,031<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(156)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(432)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(349)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(3,585)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,515)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,637)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income before income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,633<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,039<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,045<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Provision for income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(595)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(429)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(428)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,038<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,610<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,617<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EPS ($)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.06<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.41<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.41<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<div>\n<table id=\"convertedTable62ac\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusting items are generally included in Corporate Services, with the exception of the amortization of acquisition-related intangible assets and certain acquisition integration costs, which are charged to the operating groups.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">These amounts were charged to the non-interest expense of the operating groups. Before-tax and after-tax amounts for each operating group are provided below.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted results and measures in this table are non-GAAP amounts or non-GAAP measures.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Summary of Reported and Adjusted Results by Operating Group<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(After-tax Canadian $ in millions)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Canadian P&amp;C<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>U.S. P&amp;C<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total P&amp;C<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>BMO Wealth<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Management<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>BMO Capital<br \/>Markets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Corporate<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Services<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Bank<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q1-2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reported net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>737<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>582<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,319<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>358<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>483<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(143)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,017<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Acquisition integration costs (1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Amortization of acquisition-related intangible assets (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>8<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>737<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>589<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,326<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>366<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>489<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(143)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,038<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q4-2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reported net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">647<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">324<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">971<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">320<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(86)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,584<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Acquisition integration costs (1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Amortization of acquisition-related intangible assets (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">648<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">333<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">981<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">328<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">387<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(86)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,610<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q1-2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reported net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">699<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">351<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,050<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">291<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">356<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(105)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,592<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Acquisition integration costs (1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Amortization of acquisition-related intangible assets (2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">699<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">361<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,060<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">362<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(105)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,617<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<div>\n<table id=\"convertedTable0243\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">KGS-Alpha and Clearpool acquisition integration costs before tax amounts of $3 million in each of Q1-2021, Q4-2020 and Q1-2020 are included in non-interest expense in BMO Capital Markets.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of acquisition-related intangible assets before tax is charged to the non-interest expense of the operating groups. Canadian P&amp;C amounts of $nil in Q1-2021, $1 million in Q4-2020, and $nil in Q1-2020. U.S. P&amp;C amounts of $9 million in Q1-2021 and $13 million in both Q4-2020 and Q1-2020. BMO Wealth Management amounts of $10 million in both Q1-2021 and Q4-2020, and $11\u00a0million in Q1-2020. BMO Capital Markets amounts of $6 million in both Q1-2021 and Q4-2020, and $5 million in Q1-2020.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted results and measures in this table are non-GAAP amounts or non-GAAP measures.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Caution Regarding Forward-Looking Statements<\/b>\n      <\/p>\n<p>Bank of <span class=\"xn-location\">Montreal&#8217;s<\/span> public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the &#8220;safe harbor&#8221; provisions of, and are intended to be forward-looking statements under, <span class=\"xn-location\">the United States<\/span><i>Private Securities Litigation Reform Act of 1995<\/i> and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to our objectives and priorities for fiscal 2021 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, the regulatory environment in which we operate and the results of or outlook for our operations or for the Canadian, U.S. and international economies, our response to the COVID-19 pandemic and its expected impact on our business, operations, earnings, results, and financial performance and condition, as well as its impact on our customers, competitors, reputation and trading exposures, and include statements of our management. Forward-looking statements are typically identified by words such as &#8220;will&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;project&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;plan&#8221;, &#8220;goal&#8221;, &#8220;target&#8221;, &#8220;may&#8221; and &#8220;could.&#8221;<\/p>\n<p>By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. The uncertainty created by the COVID-19 pandemic has heightened this risk given the increased challenge in making assumptions, predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors \u2013 many of which are beyond our control and the effects of which can be difficult to predict \u2013 could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.<\/p>\n<p>The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the severity, duration and spread of the COVID-19 pandemic, its impact on local, national or international economies, and its heightening of certain risks that may affect our future results; the possible impact on our business and operations of outbreaks of disease or illness that affect local, national or international economies; general economic and market conditions in the countries in which we operate; information, privacy and cyber security, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; changes in monetary, fiscal, or economic policy, and tax legislation and interpretation; interest rate and currency value fluctuations, as well as benchmark interest rate reforms; technological changes and technology resiliency; political conditions, including changes relating to or affecting economic or trade matters; the Canadian housing market and consumer leverage; climate change and other environmental and social risks; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; changes in laws or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; judicial or regulatory proceedings; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; failure of third parties to comply with their obligations to us; our ability to execute our strategic plans and to complete proposed acquisitions or dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; changes to our credit ratings; global capital markets activities; the possible effects on our business of war or terrorist activities; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.<\/p>\n<p>We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section that starts on page 73 of BMO&#8217;s 2020 Annual Report, and the Risk Management section on page 28 of our First Quarter 2021 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting our shareholders in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.<\/p>\n<p>Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Economic Developments and Outlook section on page 18 of BMO&#8217;s 2020 Annual Report and updated in the Economic Review and Outlook section set forth in our First Quarter 2021 Report to Shareholders, as well as in the Allowance for Credit Losses section on page 114 of BMO&#8217;s 2020 Annual Report and the Allowance for Credit Losses section set forth in our First Quarter 2021 Report to Shareholders. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy. Please refer to the Economic Review and Outlook and Allowance for Credit Losses sections in our First Quarter 2021 Report to Shareholders.<\/p>\n<p>\n        <b>INVESTOR AND MEDIA PRESENTATION<\/b>\n      <\/p>\n<p>\n        <b>Investor Presentation Materials<\/b>\n      <\/p>\n<p>Interested parties are invited to visit BMO&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2727414693&amp;u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&amp;a=www.bmo.com%2Finvestorrelations\" rel=\"nofollow noopener noreferrer\">www.bmo.com\/investorrelations<\/a>\u00a0to review the 2020 Annual MD&amp;A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.<\/p>\n<p>\n        <b>Quarterly Conference Call and Webcast Presentations<\/b>\n      <\/p>\n<p>Interested parties are also invited to listen to our quarterly conference call on <span class=\"xn-chron\">Tuesday, February 23, 2021<\/span>, at <span class=\"xn-chron\">7.15 a.m. (ET)<\/span>. The call may be accessed by telephone at 416-406-0743 (from within <span class=\"xn-location\">Toronto<\/span>) or 1-800-898-3989 (toll-free outside <span class=\"xn-location\">Toronto<\/span>), entering Passcode: 1365804#. A replay of the conference call can be accessed until <span class=\"xn-chron\">Tuesday, March 23, 2021<\/span>, by calling 905-694-9451 (from within <span class=\"xn-location\">Toronto<\/span>) or 1-800-408-3053 (toll-free outside <span class=\"xn-location\">Toronto<\/span>) and entering Passcode: 9195676#.<\/p>\n<p>A live webcast of the call can be accessed on our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2727414693&amp;u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&amp;a=www.bmo.com%2Finvestorrelations\" rel=\"nofollow noopener noreferrer\">www.bmo.com\/investorrelations<\/a>. A replay can also be accessed on the website.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen20\">\n              \n            <\/td>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Shareholder Dividend Reinvestment and Share Purchase <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For other shareholder information, please contact<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Plan (the Plan)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bank of Montreal<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average market price as defined under the Plan<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Shareholder Services<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">November 2020: $94.82<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Corporate Secretary&#8217;s Department<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 2020: $97.32<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">One First Canadian Place, 21<sup>st<\/sup> Floor<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">January 2021: $97.15<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Toronto, Ontario M5X 1A1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Telephone: (416) 867-6785<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For dividend information, change in shareholder address <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fax: (416) 867-6793<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>or to advise of duplicate mailings, please contact<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">E-mail: <a target=\"_blank\" href=\"mailto:corp.secretary@bmo.com\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">corp.secretary@bmo.com<\/a><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Computershare Trust Company of Canada<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100 University Avenue, 8<sup>th<\/sup> Floor<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For further information on this document, please contact<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Toronto, Ontario M5J 2Y1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bank of Montreal<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Telephone: 1-800-340-5021 (Canada and the United States)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investor Relations Department<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Telephone: (514) 982-7800 (international)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">P.O. Box 1, One First Canadian Place, 10<sup>th<\/sup> Floor<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fax: 1-888-453-0330 (Canada and the United States)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Toronto, Ontario M5X 1A1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fax: (416) 263-9394 (international)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">E-mail: <a target=\"_blank\" href=\"mailto:service@computershare.com\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">service@computershare.com<\/a><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>To review financial results and regulatory filings and disclosures online, <br \/>please visit BMO&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2727414693&amp;u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&amp;a=www.bmo.com%2Finvestorrelations\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">www.bmo.com\/investorrelations<\/a>.<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n              \n            <\/td>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>BMO&#8217;s 2020 Annual MD&amp;A, audited consolidated financial statements, annual information form and annual report on Form 40-F (filed with the U.S.\u00a0Securities and Exchange Commission) are available online at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2727414693&amp;u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&amp;a=www.bmo.com%2Finvestorrelations\" rel=\"nofollow noopener noreferrer\">www.bmo.com\/investorrelations<\/a>\u00a0and at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3074320-1&amp;h=2619167075&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>. Printed copies of the bank&#8217;s complete 2020 audited consolidated financial statements are available free of charge upon request at 416-867-6785 or <a target=\"_blank\" href=\"mailto:corp.secretary@bmo.com\" rel=\"nofollow noopener noreferrer\">corp.secretary@bmo.com<\/a>.<\/p>\n<p>\n        <b>_______________________________________________________________________________________________________________________________<\/b>\n      <\/p>\n<p>\n        <b>Annual Meeting 2021<\/b><br \/>\n        <br \/>The next Annual Meeting of Shareholders will be held virtually on <span class=\"xn-chron\">Wednesday, April 7, 2021<\/span>.<br \/>_______________________________________________________________________________________________________________________________<\/p>\n<p>\n        <sup>\u00ae<\/sup> Registered trademark of Bank of <span class=\"xn-location\">Montreal<\/span><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO86533&amp;sd=2021-02-23\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/bmo-financial-group-reports-first-quarter-2021-results-301233227.html\">http:\/\/www.prnewswire.com\/news-releases\/bmo-financial-group-reports-first-quarter-2021-results-301233227.html<\/a><\/p>\n<p>SOURCE  BMO Financial Group<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=TO86533&amp;Transmission_Id=202102230530PR_NEWS_USPR_____TO86533&amp;DateId=20210223\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire BMO&#8217;s First Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January\u00a031,\u00a02021, is available online at www.bmo.com\/investorrelations\u00a0and at www.sedar.com. Financial Results Highlights First Quarter 2021 Compared With First Quarter 2020: Net income of $2,017 million, an increase of 27%; adjusted net income1\u00a0of $2,038 million, an increase of 26% Reported EPS2\u00a0of $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\u00a0of 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\u00a0of 15.8%, compared with 13.5% Common Equity Tier 1 Ratio of 12.4%, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bmo-financial-group-reports-first-quarter-2021-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BMO Financial Group Reports First Quarter 2021 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-441467","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BMO Financial Group Reports First Quarter 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bmo-financial-group-reports-first-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BMO Financial Group Reports First Quarter 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire BMO&#8217;s First Quarter 2021 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended January\u00a031,\u00a02021, is available online at www.bmo.com\/investorrelations\u00a0and at www.sedar.com. Financial Results Highlights First Quarter 2021 Compared With First Quarter 2020: Net income of $2,017 million, an increase of 27%; adjusted net income1\u00a0of $2,038 million, an increase of 26% Reported EPS2\u00a0of $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\u00a0of 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\u00a0of 15.8%, compared with 13.5% Common Equity Tier 1 Ratio of 12.4%, &hellip; Continue reading &quot;BMO Financial Group Reports First Quarter 2021 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/bmo-financial-group-reports-first-quarter-2021-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-23T10:33:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO86533&amp;sd=2021-02-23\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"20 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bmo-financial-group-reports-first-quarter-2021-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bmo-financial-group-reports-first-quarter-2021-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"BMO Financial Group Reports First Quarter 2021 Results\",\"datePublished\":\"2021-02-23T10:33:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bmo-financial-group-reports-first-quarter-2021-results\\\/\"},\"wordCount\":4108,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bmo-financial-group-reports-first-quarter-2021-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=TO86533&amp;sd=2021-02-23\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bmo-financial-group-reports-first-quarter-2021-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bmo-financial-group-reports-first-quarter-2021-results\\\/\",\"name\":\"BMO Financial Group Reports First Quarter 2021 Results - 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