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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bam Groep (Kon) | LSE:BAM | London | Ordinary Share | NL0000337319 | EUR 0.1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 30.93 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS No 0676h
BANK OF MONTREAL
25th August 1998
FOR IMMEDIATE RELEASE
Bank of Montreal Reports Third Quarter Results
TORONTO, August 25, 1998 - Bank of Montreal reported net income of $378 million
for the quarter ended July 31, 1998, compared to $372 million in 1997. Fully
diluted earnings per share of $1.31 ($1.32 basic), were unchanged from a year
ago ($1.34 basic). Return on equity was 16.7 per cent, compared to 19.1 per
cent in the third quarter of 1997.
Net income growth was 1.8 per cent; 18.4 per cent before collections on impaired
loans and revenues from lesser-developed countries, which were higher in 1997
than the current quarter. Net income growth continued to be driven by business
volume growth, and strong asset quality, partially offset this quarter by a
lower contribution from Grupo Financiero Bancomer, in which the Bank holds a 16
per cent equity share.
Net income through the first three quarters of the year was $1,116 million, up
10.8 per cent from $1,008 million in 1997, while fully diluted earnings per
share were $3.90 ($3.95 basic), up 8.9 per cent from $3.58 ($3.64 basic) one
year ago. Return on equity for the first three quarters of 1998 was 17.3 per
cent, compared to 18.0 per cent in 1997.
Financial Highlights
Volume Growth
Revenues for the third quarter were $1.9 billion, up 2.6 per cent
from the third quarter last year. Revenue growth was 7.9 per cent before
impaired loan collections and revenues from lesser-developed countries which, as
mentioned above, were greater in 1997 than the current quarter. Major
contributors to this increase were business volume growth, particularly in the
retail segments, as well as strong performance in corporate lending and treasury
products, partially offset by the impact of weaker capital markets.
In Canada, average residential mortgages increased $4.5 billion from a year ago.
Card and other personal loans were up $1.6 billion and loans to commercial
enterprises, including small and medium-sized businesses, were up $2 billion.
U.S. retail banking results were driven by average loan growth of $2.6 billion,
primarily in personal and commercial lending at Chicago-based Harris Bank.
Expense Growth of 6.5%
Expense growth of 6.5 per cent was comprised of continued investment in
strategic initiatives such as mbanx and telephone banking (1.8 per cent), the
foreign exchange rate impact on U.S.-based expenses (1.5 per cent), and expenses
related to ongoing business volume growth, including investments in fixed income
and global financial products, partially offset by productivity improvements
(3.2 per cent).
Asset Quality
The Bank's current forecast annual provision for credit losses remains $180
million versus $275 million in 1997. As explained in previous quarters, the
difference is largely due to the securitization of Canadian credit card loans
and the sale of Harris Bank's U.S. credit card portfolio to Partners First, an
entity in which the bank has an equity position. Loan losses associated with
these portfolios are reflected as a reduction in revenue in 1998.
The allowance for credit losses exceeded the gross amount of impaired loans by
$502 million at the end of the third quarter, versus $254 million at the end of
the third quarter of 1997.
Capital Ratios
Average assets for the quarter were $226 billion, up $4 billion from the second
quarter of 1998. The Bank's Tier 1 capital ratio was 7.32 per cent at July 31,
1998, compared to 6.97 per cent at April 30, 1998.
Income from Outside Canada
Earnings from outside Canada were $167 million compared to $221 million during
the third quarter of 1997. The contribution of Harris Bank to net income in the
third quarter was $74 million, compared to $58 million in 1997. Bancomer
negatively impacted net income by $16 million in the third quarter, compared to
a positive contribution to net income of $15 million last year. The Bancomer
contribution reflects Bancomer's reported results as well as adjustments
required to conform with Canadian generally accepted accounting principles
(GAAP).
Bank of Montreal, Canada's first bank, is a highly diversified financial
services institution with average assets of $226 billion. The Bank's group of
companies include Nesbitt Burns, one of Canada's largest full-service investment
firms, Chicago-based Harris Bank, a major U.S. mid-west financial institution,
and mbanx, the first North American-wide virtual banking unit. Bank of Montreal
has an equity position in, and an alliance with, Grupo Financiero Bancomer, a
leading Mexican financial institution.
Media Relations Contacts: Investor Relations Contacts:
Joe Barbera, Toronto (416) 927-2740 Bob Wells, (416) 867-4009
Lucie Gosselin, Montreal (514) 877-1101 Cathy Cranston, (416) 867-6656
Internet: http://www.bmo.com
FINANCIAL HIGHLIGHTS
(CANADIAN $ IN MILIONS EXCEPT AS NOTED)
For the three months ended
July 31, Apr 30, July 31, Change from
1998 1998 1997 July 31,
1997
Net Income Statement
Net interest income (TEB) (a) $ 1,079 $ 1,035 $ 1,054 2.5%
Other income 834 875 811 2.8
Total revenue (TEB) (a) 1,913 1,910 1,865 2.6
Provision for credit losses 45 45 68 (34.5)
Non-interest expense 1,222 1,207 1,147 6.5
Provision for income taxes
(TEB) (a) 259 273 272 (4.4)
Non-controlling interest in
subsidiaries 9 8 6 41.9
Net income 378 377 372 1.8
Taxable equivalent adjustment 32 31 28 16.3
Per Common Share ($)
Net income - basic $ 1.32 $ 1.34 $ 1.34 $ (0.02)
- fully diluted 1.31 1.32 1.31 0.00
Dividends declared 0.44 0.44 0.40 0.04
Book value per share 32.41 31.01 28.54 3.87
Market value per share 73.65 78.00 57.45 16.20
Total market value of common
shares ($ billions) 19.4 20.5 15.0 4.4
For the nine months ended
July 31, July 31, Change from
1998 1997 July 31, 1997
Net Income Statement
Net interest income (TEB) (a) $ 3,168 $ 3.095 2.4%
Other income 2,486 2,210 12.5
Total revenue (TEB) (a) 5,654 5,305 6.6
Provision for credit losses 136 208 (34.5)
Non-interest expense 3,603 3,344 7.8
Provision for income taxes
(TEB) (a) 779 729 6.9
Non-controlling interest in
subsidiaries 21 18 14.7
Net income 1,116 1,008 10.8
Taxable equivalent adjustment 92 81 13.9
%
Per Common Share ($)
Net income - basic $ 3.95 $ 3.64 $ 0.31
- fully diluted 3.90 3.68 0.32
Dividends declared 1.32 1.20 0.12
Book value per share 32.41 28.54 3.87
Market value per share 73.65 57.45 16.20
Total market value of common
shares ($ billions) 19.4 15.0 4.4
As at
July 31, Apr 30, July 31, Change from
1998 1998 1997 July 31, 1997
Balance Sheet Summary
Assets $ 229,277 $ 212,885 $ 198,209 15.7%
Loans 134,016 124,540 112,068 19.6
Deposits 152,643 148,480 136,485 11.8
Capital funds 15,460 14,318 12,057 28.2
Common equity 8,522 8,139 7,432 14.7
Net impaired loans and
acceptances (502) (467) (254) (97.8)
Average Balances
Loans 136,351 125,615 118,806 14.8
Assets 226,006 221,975 203,366 11.1
July 31, Oct 31, July 31,
1998 1997 1997
Nine Twelve Nine
Months months months
Primary Financial Measures (%) (b)
Five-year return on common
shareholders' investment 27.0 26.1 24.3
Return on common shareholders'
equity 17.3 17.1 18.0
EPS growth - fully diluted 8.9 11.9 15.9
Revenue growth 6.6 15.1 14.9
Expense-to-revenue ratio 63.7 64.4 63.0
Provision for credit losses
as a % of average loans and
acceptances 0.13 0.23 0.24
Gross impaired loans and acceptances
as a % of equity and allowance for
credit losses 5.67 7.65 8.86
Tier 1 capital ratio 7.32 6.80 6.96
Cash and securities-to-total assets 31.5 35.6 34.1
Credit rating AA- AA- AA-
Other Financial Ratios
(% except as noted) (b)
Return on common shareholders'
investment 23.9 55.0 46.3
Dividend yield 2.9 3.9 4.0
Price-to-earnings ratio (times) 14.7 13.0 12.2
Market-to-book value (times) 2.27 2.09 2.01
Cash earnings per share - basic ($) 4.16 4.97 3.85
Cash return on common shareholders'
equity 19.9 20.0 21.1
Return on average assets 0.67 0.66 0.69
Net interest income to average
assets 1.89 2.13 2.13
Other income as a % of total
revenue 44.0 41.6 41.7
Expense growth 7.8 16.8 16.4
Tier 1 capital ratio - U.S. basis 6.98 6.35 6.51
Total capital ratio (c) 10.50 9.66 9.34
Equity-to-assets ratio 4.8 4.4 4.5
(a) Reported on a taxable equivalent basis (TEB).
(b) For the period ended or as at, as appropriate.
(c) The July 31, 1997 total capital ratio reflects the inclusion of $450
million Series A Medium Term Notes issued on August 25, 1997.
Excluding this issue the total capital ratio was 8.96%.
Bank of Montreal Third Quarter Report 1998
BANK OF MONTREAL
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
(Canadian $ in millions except number of common shares)
For the three months ended For the nine months ended
July 31 April 30 July 31 July 31 July 31
1998 1998 1997 1998 1997
Interest, Dividend
and Fee Income $ 2,698 $ 2,409 $ 2,108 $ 7,418 $ 5,948
Loans
securities 666 638 522 1,880 1,563
Deposits with banks 333 423 360 1,208 964
--------------------------------------------------
3,697 3,470 2,990 10,506 8,465
Interest Expense
Deposits 1,870 1,788 1.376 5,373 3,831
Subordinated debt 91 77 74 243 221
Other liabilities 689 601 514 1.814 1,399
-------------------------------------------------
2,650 2.466 1,964 7,430 5,451
Net Interest Income 1,047 1,004 1,026 3,076 3,014
Provision for credit
losses 45 45 68 135 206
------------------------------------------------
Net Interest Income
After Provision for
Credit Losses 1,002 959 958 2,941 2,808
------------------------------------------------
Other Income
Deposit and payment
service charges 144 137 130 413 379
Landing fees 95 79 62 227 171
Copital market fees 194 226 220 653 681
Cards Services 46 45 69 146 194
Investment management
and custodial fees 115 104 116 312 241
Mutual fund
revenues 54 50 43 149 111
Trading revenues 83 70 99 216 210
Securitization revenues 15 39 - 76 -
Other and commissions 88 125 72 294 223
------------------------------------------------
834 875 811 2,486 2,210
------------------------------------------------
Net interest and
Other Income 1,836 1,834 1.769 5.427 5,018
------------------------------------------------
Non-interest Expense
Salaries and employee
benefits 649 647 637 1,949 1,859
Communications 246 233 216 702 629
Other expenses 243 242 215 697 619
-------------------------------------------------
1,202 1,189 1,128 3,546 3,288
Goodwill and other
valuation intangibles 20 18 19 57 56
----------------------------------------------------
Total non-interest
expense 1,222 1,207 1,147 3,603 3,344
----------------------------------------------------
Income Before Provision
for Income Taxes 614 627 622 1,824 1,674
Provision for Income
taxes 227 242 244 687 648
----------------------------------------------------
Income Before Non-
Controlling Interest in
Subsidiaries 387 385 378 1,137 1,026
Non-controlling interest 9 8 6 21 18
-----------------------------------------------------
Net Income $ 378 $ 377 $ 372 $ 1,116 $ 1,008
-----------------------------------------------------------------------------
Dividends Declared
- preferred shares $ 31 $ 27 $ 23 $ 81 $ 60
- common shares $ 116 $ 115 $ 104 $ 346 $ 312
------------------------------------------------------------------------------
Average Number of
Common Shares Out-
standing 262,742,270 261,963,798 260,414,763 262,083,606 260,239,164
Average Assets $ 226,006 $ 221,875 $ 203,366 $ 224,015 $ 193,992
------------------------------------------------------------------------------
BANK OF MONTREAL
CONDENSED CONSOLIDATD BALANCE SHEET
(Unaudited)
(Canadian $ in millions)
As at
July 31 April 30 July 31
1998 1998 1997
Cash resources $ 23,695 $ 26,599 $ 28,252
Securities 48,478 43,504 39,410
72,173 70,103 67,662
Loans
Residential mortgages 37,843 37,883 33,839
Consumer instalment and other
personal loans 16,005 15,504 14,243
Credit card loans 657 562 2,480
Loans to businesses and goverments 50,818 51,962 44,535
Securities purchased under resale
agreements 29,893 19,806 18,119
135,216 125,717 113,216
Allowance for credit losses (1,200) (1,177) (1,148)
134,016 124,540 112,068
Customers' liability under
acceptances 6,470 5,652 5,117
Other assets 16,618 12,590 13,362
Total Assets $ 229,277 $ 212,885 $ 198,209
Deposits
Banks $ 32,390 $ 32,896 $ 31,194
Businesses and governments 61,512 57,356 47,588
Individuals 58,741 58,228 57,703
152,643 148,480 136,485
Acceptances 6,470 5,652 5,117
Securities sold but not yet
purchased 11,433 13,591 13,178
Securities sold under repurchase
agreements 26,557 18,270 19,236
Other liabilities 16,714 12,574 12,136
61,174 50,087 49,667
Subordinated debt 4,988 4,499 3,359
Shareholders' equity
Share capital 1,950 1,680 1,266
Preferred shares 3,063 3,046 3,001
Common shares 5,459 5,093 4,431
10,472 9,819 8,698
Total Liabilities and Shareholders'
Equity $ 229,277 $ 212,885 $ 198,209
Note: These consolidated financial statements have been prepared in accordance
with Canadian generally accepted accounting principles, including the accounting
requirements of the Superintendent of Financial Institutions Canada.
Condensed Consolidated Statement of Changes in Financial Position
(Unaudited)
(Canadian $ in millions) For the nine months ended
July 31, 1998 July 31,1997
Cash Flows From Operating Activities
Net income $ 1,116 $ 1,008
Adjustments to determine net cash flows (2,504) (1,151)
Cash Flows From Financing Activities
Deposits 8,431 17,223
Other liabilities 6,455 2,689
Debt and share capital 1,877 466
Dividends paid (427) (372)
16,336 20,006
Cash Flows Used in Investing Activities
Investment securities 3,931 1,816
Loans 19,233 13,655
Premises and equipment - net purchases 334 327
Other assets (7,679) 4,584
Net (Decrease) in Cash and Cash Equivalents (871) (519)
Cash and Cash Equivalents at Beginning of Period 2,651 3,346
Cash and Cash Equivalents at End of Period $ 1,780 $ 2,827
Condensed Consolidated Statement of Changes in Shareholders'Equity
(Unaudited)
(Canadian $ in millions) For the nine months ended
July 31, 1998 July 31,1997
Balance at Beginning of Period $ 8,903 $ 7,586
Net income 1,116 1,008
Dividends - Preferred shares (81) (60)
- Common shares (346) (312)
Preferred share issues 650 400
Common share issues 44 12
Translation adjustment on preferred 26 9
share issued in a foreign currency
Unrealized gain on translation of
net investment in foreign operations,
net of hedging activities and applicable
income tax 168 61
Share issue expense, net of applicable
income tax (8) (6)
Balance at End of Period $ 10,472 $ 8,698
END
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