Canadian BMO Harris Bank parent BMO Financial Group today reported first quarter net income of $1,048 million (Canadian) on a reported basis, down five percent from $1,198 million a year ago.
Revenue was $4,081 million, down from $4,117 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. “Adjusted net income was over $1 billion for the third consecutive quarter.
“With our U.S. retail platform consolidated under the BMO Harris Bank brand – supported by our largest U.S. advertising campaign to date – P&C U.S. posted good net income growth and good total loan growth.
“In the quarter, we demonstrated continued momentum in commercial banking on both sides of the border. Commercial banking is an important contributor to the performance of the bank, positioning us well in an environment of business expansion.
“As we look ahead to the rest of the year, we will continue our focus on delivering industry-leading customer experience, helping businesses expand and customers control their financial lives – allowing them to make better decisions with better information and have confidence in the choices they make. At the same time, we will maintain prudent risk management and improve efficiency,” Downe said.
