BANK MONTREAL QUE
			Symbol			BMO

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BMO Financial Group Reports Strong Fourth Quarter Results

2009-11-24 07:17 ET - News Release

    <<
    Fourth Quarter 2009 Report to Shareholders
    -------------------------------------------------------------------------
    BMO Financial Group Reports Strong Fourth Quarter Results

    Strong Net Income Reflects Good Revenue Growth, as BMO's Focus on
    Customers is Yielding Results, and Effective Expense Management

    Personal and Commercial Banking Canada Continues to Deliver Robust
    Revenue and Net Income Growth and Improvement in Competitive Position

    Tier 1 Capital Ratio Remains Strong, at 12.24%
    -------------------------------------------------------------------------

    Financial Results Highlights:

    Fourth Quarter 2009:

    -   Net income of $647 million, up $87 million or 16% from a year ago

    -   EPS(1) of $1.11 and cash EPS(2) of $1.13, both up $0.05 from
        a year ago

    -   Revenue increased 6.3% and expenses were reduced by 2.2% from
        a year ago

    -   Provision for credit losses of $386 million, down $79 million from a
        year ago. There was a $150 million increase in the general allowance
        last year and no change in the current quarter.

    Fiscal 2009:

    -   Net income of $1,787 million, compared with $1,978 million a year ago
    -   EPS of $3.08 compared with $3.76 a year ago and cash EPS of $3.14
        compared with $3.83 a year ago
    -   Income Before Credit Provisions and Income Taxes of $3.7 billion in
        fiscal 2009, up from $3.3 billion a year ago
    -   Provision for credit losses of $1,603 million comprised of specific
        provisions of $1,543 million and an increase in the general allowance
        of $60 million, compared with a provision for credit losses of $1,330
        million a year ago comprised of specific provisions of $1,070 million
        and an increase in the general allowance of $260 million
    -   Adjusted cash EPS(2) of $4.02 after excluding certain capital markets
        environment charges of $355 million after tax ($0.66 per share),
        severance costs of $80 million after tax ($0.15 per share) in the
        second quarter and an increase in the general allowance of $39
        million after tax ($0.07 per share) in the third quarter
    >>

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