The announcement arrived amidst "challenging conditions," according to bank CEO
Bank of Montreal (BMO) revealed its adjusted net income rose by 4% on a year-over-year basis in 2022’s second quarter, coming in at $2.19 billion for the second three months of the year.
In its quarterly report to shareholders, the banking giant said its adjusted earnings per share (EPS) had also posted an increase: it was 3% higher than the same time last year and rose from $3.13 to $3.23.
The bank’s net income on a reported basis was $4.76 billion, or $7.13 per share, although higher net income in its P&C business had to make up for its Capital Markets and Wealth Management divisions posting net income declines.
Its Canadian P&C adjusted net income came in at $941 million, a 21% increase over the previous year, with adjusted net income on the Wealth Management side reported at 4% lower than the same time last year ($315 million compared with $329 million in 2021’s second quarter).
On the Capital Markets side, adjusted net income fell from $565 million in Q2 2021 to $453 million this time around.
“We continued to deliver good financial performance this quarter, driven by broad-based customer loan growth and strong credit quality in our North American P&C businesses, and solid results in our market sensitive businesses even amid more challenging conditions,” the bank’s chief executive officer Darryl White said.
He added that the company was “well-positioned” to support its customers in the changing environment thanks to a “well-diversified” business mix, investments in talent and technology and range of products on offer.
White noted that BMO had made progress during the quarter in preparing for the closing and integration of its Bank of the West acquisition.
