BMO Financial Group reports higher Q1 profit

U.S. banking division excels on additional loans and deposits

The BMO Harris Bank building in downtown Milwaukee.

Last updated on July 2nd, 2019 at 09:19 am

BMO Financial Group today reported first quarter net income of about $1.1 billion U.S., up from $804.2 million in the first quarter of 2016.

The BMO Harris Bank building in downtown Milwaukee.
The BMO Harris Bank building in downtown Milwaukee.

The Canadian bank’s revenue totaled $4.1 billion in U.S. dollars, up from $3.8 billion in the year-ago quarter.

For the U.S. Personal and Commercial Banking segment, the bank reported net income of $196 million, up from $182 million in the first quarter of 2016. The company attributed the increase to higher deposit revenue and loan volumes, as well as a more advantageous tax rate.

U.S. P&C revenue totaled $856 million, up from $828 million in the same period a year ago. The segment’s revenue was driven higher by increased deposit revenue and loan volumes, as well as an additional month of the acquired BMO Transportation Finance business.

BMO Financial Group’s Chicago-based BMO Harris Bank N.A. has approximately 200 BMO Harris Bank branches in Wisconsin, which is one of the company’s largest markets. BMO has about 3,000 employees in the Milwaukee market. The bank has two divisions based in Milwaukee.

“The good momentum in the business is the consequence of a clear strategy and consistent execution, doing what we said we would do,” said Bill Downe, chief executive officer of BMO Financial Group. “Our roadmap is focused on providing customers with intuitive products and services that meet their evolving preferences, while improving efficiency in all of our channels.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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