BMO earnings dip in 1st quarter

BMO Harris Bank parent company BMO Financial Group today reported first quarter net income of $1.0 billion (Canadian) on a reported basis, down 5 percent from $1.2 billion a year ago.

Quarterly revenue was $4.1 billion, down from $4.2 billion in 2012.

The acquisition of M&I Bank’s performing loan portfolio provided a $79 million after-tax benefit for BMO. The integration of the businesses cost $92 million, and included system conversions, restructuring, employee-related charges, consulting fees, marketing costs and rebranding.

“BMO had a strong first quarter, with momentum in each of our businesses and a strong capital position. Looking ahead, we are well-positioned to leverage our North American platform and deliver sustained earnings growth,” said Bill Downe, president and CEO. 

Read more in the BizTimes Money Weekly.

 

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