BMO Financial Group, the Toronto-based parent company of BMO Harris Bank, reported third quarter net income of $970 million (Canadian), up 37 percent from the same period a year ago.
The company’s quarterly earnings grew to $1.42 per share.
“BMO has reported strong quarterly financial results,” said Bill Downe, president and chief executive officer. “Our business continues to deliver consistent and attractive profitability within a sound risk framework – and the growth we are experiencing remains consistent with our strategy. We increased the dividend, reflecting our strong capital position and our confidence in our continued ability to generate sustained earnings growth. We also moved the target payout range to 40 to 50 per cent, which gives us more flexibility to grow the bank.
On Aug. 1, BMO Harris Bank launched its social media platform on the largest social media sites, including Facebook, Twitter and LinkedIn. Social media was identified as a way to deliver on the bank’s vision to be the bank that defines a great customer experience.
BMO acquired Milwaukee-based Marshall & Ilsley Corp. last year. The acquired business contributed $117 million to reported net income and $165 million to adjusted net income for the quarter. It contributed $557 million to reported net income and $561 million to adjusted net income for the year to date.
Preparation for the bank’s systems conversion and rebranding of all remaining legacy M&I and Harris Bank locations under the BMO Harris Bank banner is progressing, and the company has successfully completed several technology projects to enhance system features and functionality.