BMO Financial Group reported first-quarter fiscal 2025 net income of $2.138 billion, a 65% increase from $1.292 billion recorded in the same period of fiscal 2024. The Toronto-headquartered bank announced the figures on 25 February 2025.
Adjusted net income for the quarter rose 21% year-on-year to $2.289 billion, with adjusted earnings per share of $3.04 representing a 19% increase on the prior-year comparative. Adjusted return on equity improved to 11.3%, a gain of 70 basis points from the first quarter of fiscal 2024. Adjusted pre-provision pretax earnings reached a record $4 billion, up 32% year-on-year.
CAPITAL MARKETS AND DOMESTIC BANKING
BMO's Capital Markets division reported adjusted net income growth of 45% year-on-year (49% on a reported basis), driven by strong revenue performance, primarily in Global Markets. Higher revenue was partly offset by higher expenses and a higher provision for credit losses in the segment.
Canadian Personal and Commercial Banking contributed net income of $894 million, down 3% year on year.
PROVISIONS FOR CREDIT LOSSES
Provisions for credit losses totalled $1.011 billion in the quarter. The charge was up from $627 million a year earlier but down from $1.523 billion in the fourth quarter of fiscal 2024. Chief Executive Darryl White said provisions for credit losses had "declined from the prior quarter as expected".