BMO Financial Group posts FY2024 net income of C$7.33 billion, up 65% year-on-year

BMO Financial Group reported net income of C$7.33 billion for fiscal 2024 on 5 December 2024, up 65% from C$4.44 billion in fiscal 2023, when reported earnings were reduced by significant items that the bank excludes from its adjusted results.

On an adjusted basis, net income fell 15% to C$7.45 billion from C$8.74 billion. Reported diluted earnings per share rose to C$9.51 from C$5.76, while adjusted earnings per share declined to C$9.68 from C$11.81.

Reported revenue rose 12% to C$32.8 billion, and adjusted revenue increased 3% to C$32.4 billion. Provisions for credit losses rose to C$3.76 billion from C$2.18 billion. Reported return on equity was 9.7%, compared with 6.2%, and the Common Equity Tier 1 ratio stood at 13.6% at the year end.

FOURTH QUARTER

In the fourth quarter, BMO reported net income of C$2.30 billion, up from C$1.71 billion a year earlier. Adjusted net income fell to C$1.54 billion from C$2.24 billion, as provisions for credit losses rose to C$1.52 billion from C$446 million, including C$416 million on performing loans. The bank declared a quarterly dividend of C$1.59 per common share.

By segment, full-year net income at Canadian personal and commercial banking was C$3.46 billion, compared with C$3.57 billion, while US personal and commercial banking earned C$1.83 billion, down from C$2.49 billion. BMO Wealth Management's net income rose to C$1.25 billion from C$1.15 billion, and BMO Capital Markets earned C$1.49 billion, compared with C$1.63 billion.

Chief executive Darryl White said: “Our overall results were impacted by elevated provisions for credit losses, and we expect quarterly provisions to moderate through 2025 as the business environment improves.”