bank of montreal (BMO) Key Developments
Bank of Montreal Declares Dividend on Common Shares and Preferred Shares, Payable on August 26, 2015 and August 25, 2015 Respectively
May 27 15
Bank of Montreal announced that the board of directors declared a quarterly dividend of $0.82 per share on paid-up common shares of company for the third quarter of fiscal year 2015, a 2 cent increase from the previous quarter. The board of directors also declared dividends of $0.328125 per share on paid-up Class B Preferred Shares Series 14, $0.3625 per share on paid-up Class B Preferred Shares Series 15, $0.211875 per share on paid-up Class B Preferred Shares Series 16, $0.144742 per share on paid-up Class B Preferred Shares Series 17, $0.24375 per share on paid-up Class B Preferred Shares Series 25, $0.25 per share on paid-up Class B Preferred Shares Series 27, $0.24375 per share on paid-up Class B Preferred Shares Series 29 and $0.2375 per share on paid-up Class B Preferred Shares Series 31. The dividend on the common shares is payable on August 26, 2015, to shareholders of record on August 3, 2015. The dividends on the preferred shares are payable on August 25, 2015, to shareholders of record on August 3, 2015.
Bank of Montreal Reports Unaudited Consolidated Earnings Results for the Second Quarter and Year to Date Ended April 30, 2015
May 27 15
Bank of Montreal reported unaudited consolidated earnings results for the second quarter and year to date ended April 30, 2015. For the quarter, the company announced revenue rose to CAD 4.53 billion from CAD 4.37 billion a year earlier. On a reported basis, net income fell to CAD 999 million or CAD 1.49 per share from CAD 1.08 billion or CAD 1.60 a year ago, weighed down by a CAD 106 million charge primarily due to restructuring to drive operational efficiencies. Income before income taxes was CAD 1,229 million against CAD 1,285 million a year ago. Adjusting items included in reported pre-tax loss was CAD 200 million against CAD 28 million a year ago. Adjusted revenue was CAD 4,526 million against CAD 5,055 million a year ago. Adjusted income before income taxes was CAD 1,429 million against CAD 1,313 million a year ago. Adjusted net income was CAD 1,146 million or CAD 1.71 per share against CAD 1,097 million or CAD 1.63 per share a year ago. ROE was 11.4%, compared with 14.3% a year ago. Adjusted ROE was 13.2%, compared with 14.6% a year ago.
For the year to date, the company reported revenue of CAD 9,581 million against CAD 8,848 million a year ago. Income before income taxes was CAD 2,368 million against CAD 2,624 million a year ago. Net income was CAD 1,999 million or CAD 2.95 per share against CAD 2,137 million or CAD 3.18 per share a year ago. Adjusting items included in reported pre-tax loss was CAD 253 million against CAD 59 million a year ago. Adjusted revenue was CAD 9,581 million against CAD 8,848 million a year ago. Adjusted income before income taxes was CAD 2,621 million against CAD 2,683 million a year ago. Adjusted net income was CAD 2,187 million or CAD 3.24 per share against CAD 2,180 million or CAD 3.24 per share a year ago.
BMO Wealth Management's BMO Private Banking Launches BMO Continuity Service for Seniors
May 14 15
BMO Private Banking, a part of BMO Wealth Management has launched a new all-in-one service aimed at high-net worth individuals (those with investible assets of USD 1 million or more) entering their golden years, along with their families. BMO Continuity claims to provide a full suite of services tailored to address the changing financial and non-financial needs as one ages. The services offered through the program include: investment management, cash management and bill payment; private banking services; power of attorney for property; estate settlement/wealth transfer; facilitation of tax preparation and lifestyle services (concierge, health and wellness solutions).
BMO Financial Group Unveils New BMO Wealth Management
Apr 30 15
BMO Financial Group introduced BMO Wealth Management, a new umbrella for its wealth businesses. The launch aligns all of BMO's existing wealth lines of business under one global wealth management umbrella. It will serve as a catalyst to rethink the way BMO Financial Group helps Canadians manage change and their finances.
BMO Financial Group Announces Executive Changes
Apr 30 15
BMO Financial Group announced that Mark Furlong, Chief Executive Officer, BMO Harris Bank N.A., and Group Head, U.S. Personal and Commercial Banking, has decided to retire effective June 1, 2015. With Mr. Furlong's retirement, BMO Financial Group also announced the following leadership appointments within U.S. Personal and Commercial Banking, effective June 1, 2015: Dave Casper is appointed President and CEO, BMO Harris Bank N.A., and Group Head, Commercial Banking. He is currently Head of Commercial Banking, U.S. Personal and Commercial Banking. In this new role, Mr. Casper will be responsible for the overall performance of BMO Harris Bank N.A. and its subsidiaries, and for representing the bank within the business and civic community. He will also lead the growth strategy for the Commercial Banking business and will be accountable for the bank's North American Treasury and Payments Solutions group. Alexandra Dousmanis-Curtis is appointed Group Head, U.S. Retail and Business Banking. She is currently Head, Retail Banking, U.S. Personal and Commercial Banking. Ms. Dousmanis-Curtis will be responsible for driving the bank's strategy in the U.S. retail and business banking segments to maximize customer and shareholder value, and achieve market-leading business growth, while building customer relationships and loyalty. Both Mr. Casper and Ms. Dousmanis-Curtis will report to Frank Techar, Chief Operating Officer, BMO Financial Group. Mr. Casper joined BMO Harris Bank in 1978. A native of New Jersey, Ms. Dousmanis-Curtis has spent 14 years at BMO Financial Group, holding senior banking positions in the U.S. and Canada.