BMO Financial Group posts strong quarter

BMO Financial Group reported second quarter net income of $1.03 billion (Canadian), up 27 percent or $215 million from the same quarter a year ago.

The parent company of the Bank of Montreal and BMO Harris Bank reported quarterly earnings per share of $1.51, up 14 percent from a year earlier.
“BMO produced strong financial results again in the second quarter,” said Bill Downe, president and chief executive officer of BMO Financial Group, which acquired Milwaukee-based Marshall & Ilsley Corp. last year.
“The consistent focus we have on customers and their success is underpinned by a strong, consistent brand and is grounded in the belief that a relationship bank is relevant to households and companies, as they manage their finances and improve their financial position. Simply stated, the importance we place on giving our customers increased confidence has helped us carve out a distinct position in the marketplace – and is the key to accelerating profitable growth,”Downe said. “During the quarter, we officially kicked off phase two of our rebranding efforts, during which we will rebrand all remaining legacy M&I and Harris Bank locations under the BMO Harris Bank banner upon systems conversion. The momentum and lessons learned from phase one are serving as a strong foundation for our work … The integration of our U.S. banking platform is on track. The business has been materially strengthened with expanded access to existing and new regions, increased brand awareness and a better ability to compete in highly attractive markets. The commercial team continues to outperform, and there’s visible, strong growth in our commercial and industrial book.”

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