Bank of Montreal (BMO) reported its first quarter results before the bell on Tuesday morning, posting lower net income and adjusted earnings than last year’s Q1.
BMO's Earnings in Brief (in CAD)
- Bank of Montreal reported first quarter revenue of $5.06 billion, which is up from last year’s Q1 revenue of $4.48 billion.
- Net income for the quarter came in at $1 billion, or $1.46 per share, which is down from last year’s $1.06 billion, or $1.58 per share.
- On an adjusted basis, EPS came in at $1.53, compared to last year’s adjusted figure of $1.61.
- Analysts were expecting $1.62 EPS on revenues of $4.46 billion.
CEO Commentary
BMO CEO Bill Downe, had the following comments: “BMO’s first quarter results reflect the impact of an unsettled environment in which we saw significant movements in oil prices, long-term interest rates and the Canadian dollar. Against this backdrop, underlying business performance was solid, with combined Personal and Commercial Banking adjusted earnings of $708 million, up 6% year over year, reflecting the benefits of our diversified and growing customer base. We also had good results in our Traditional Wealth businesses, with adjusted earnings up 28% from last year.”
BMO's Dividend
BMO declared a second quarter dividend of 80 cents.
Stock Performance
BMO stock was inactive in pre-market trading. YTD, the stock is down 3.09%.
The Bottom Line
Bank of Montreal (BMO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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