BMO's First Quarter 2021 Report to Shareholders, including the
unaudited interim consolidated financial statements for the period
ended January 31, 2021, is available online at
www.bmo.com/investorrelations and at www.sedar.com.
Financial Results Highlights
First Quarter 2021 Compared With First Quarter 2020:
- Net income of $2,017 million,
an increase of 27%; adjusted net income1 of
$2,038 million, an increase of
26%
- Reported EPS2 of $3.03, an increase of 28%; adjusted
EPS1,2 of $3.06, an
increase of 27%
- Provision for credit losses (PCL) of $156 million, compared with $349 million
- Reported net efficiency ratio3 of 56.7%,
compared with 60.8%; adjusted net efficiency ratio1,3 of
56.3%, compared with 60.3%
- ROE of 15.7%, compared with 13.3%; adjusted
ROE1 of 15.8%, compared with 13.5%
- Common Equity Tier 1 Ratio of 12.4%, an increase from 11.4%
in the prior year
TORONTO, Feb. 23, 2021 /PRNewswire/ -- For the first
quarter ended January 31, 2021, BMO
Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of
$2,017 million or $3.03 per share on a reported basis, and net
income of $2,038 million or
$3.06 per share on an adjusted
basis.
"We had a very strong start to the year, continuing to build on
clear and consistent operating momentum to deliver first quarter
adjusted net income of over $2
billion, earnings per share of $3.06, and pre-provision, pre-tax earnings growth
of 16% from last year and 13% from last quarter. We achieved solid
revenue growth of 6%, compared with the prior year and the prior
quarter, and continued to effectively manage expenses and
strategically invest for future growth, with operating leverage
above 7% and an efficiency ratio of 56.3%. Credit performance was
very strong, reflecting both the credit quality of our loan
portfolio and our commitment to superior risk management. All
businesses performed well, particularly in our U.S. segment, which
remains a key driver of diversified earnings growth now and in the
future," said Darryl White, Chief
Executive Officer, BMO Financial Group.
"In addition to our strong financial results this quarter, we
were proud to be named as the top North American bank in Corporate
Knights' 2021 Global 100 Most Sustainable Corporations in the
World and are pleased to be an early signatory to the United
Nations Principles for Responsible Banking. We remain resolute in
the support of our customers and communities in the face of ongoing
challenges related to the pandemic and are focused on helping them
recover stronger as the economy rebounds."
"We have a diversified and resilient model, a strong capital
position and good momentum across our businesses that are
well-positioned for the evolving environment. We are executing
against a strategy to accelerate long-term growth and deliver
top-tier shareholder value," concluded Mr. White.
Reported net income increased 27% and adjusted net income
increased 26% from the prior year. Adjusted results exclude the
amortization of acquisition-related intangible assets and
acquisition integration costs. The increase in net income was
driven by net revenue3 growth of
6%, with increases across all operating groups, a decrease in
expenses and lower provisions for credit losses.
Return on equity (ROE) was 15.7%, compared with 13.3% in the
prior year, and adjusted ROE was 15.8%, compared with 13.5%. Return
on tangible common equity (ROTCE) was 18.2%, an increase from 15.7%
in the prior year, and adjusted ROTCE was 18.2%, an increase from
15.8%.
Concurrent with the release of results, BMO announced a second
quarter 2021 dividend of $1.06 per
common share, unchanged from the prior quarter and the prior year.
The quarterly dividend of $1.06 per
common share is equivalent to an annual dividend of $4.24 per common share.
(1)
|
Results and measures
in this document are presented on a GAAP basis. They are also
presented on an adjusted basis that excludes the impact of certain
items. Adjusted results and measures are non-GAAP and are
detailed for all reported periods in the Non-GAAP Measures section,
where such non-GAAP measures and their closest GAAP counterparts
are disclosed.
|
(2)
|
All Earnings per
Share (EPS) measures in this document refer to diluted EPS, unless
specified otherwise. EPS is calculated using net income after
deducting total dividends on preferred shares and
distributions payable on other equity instruments.
|
(3)
|
On a basis that nets
insurance claims, commissions and changes in policy benefit
liabilities (CCPB) against insurance revenue.
|
Note: All ratios and
percentage changes in this document are based on unrounded
numbers.
|
First Quarter Performance Review
Canadian P&C
Reported and adjusted net income was
$737 million, an increase of
$38 million or 5% from the prior
year. Results were driven by higher revenue, with an increase in
net interest income, partially offset by a decrease in non-interest
revenue, lower expenses and a modest decrease in the provision for
credit losses.
During the quarter, Canadian P&C and Visa Canada launched
the new BMO eclipse Visa Infinite and BMO eclipse Visa Infinite
Privilege credit cards. The new cards are designed to meet the
everyday lifestyle needs of Canadians by providing both accelerated
earnings on key spending categories and increased flexibility and
choice in redemptions.
U.S. P&C
Reported net income was $582 million, an increase of $231 million or 66% from the prior year, and
adjusted net income was $589 million,
an increase of $228 million or
63%.
Reported net income was US$454
million, an increase of US$187
million or 70% from the prior year, and adjusted net income
was US$459 million, an increase of
US$184 million or 67%. Results were
driven by higher revenue with increases in both net interest income
and non-interest revenue, lower expenses and a lower provision for
credit losses, primarily due to lower commercial provisions.
During the quarter, we launched BMO EMpower, a five-year,
US$5 billion pledge aimed at
addressing key barriers faced by minority businesses, communities
and families in the United States.
As part of BMO's Purpose to Boldly Grow the Good in business and
life, BMO EMpower is a series of long-term lending pledges
designed to drive meaningful change and champion racial equity.
BMO Wealth Management
Reported net income was
$358 million, an increase of
$67 million or 23% from the prior
year, and adjusted net income was $366
million, an increase of $66
million or 22%. Results were driven by higher net revenue,
and a modest decrease in expenses and in the provision for credit
losses. Traditional Wealth reported net income was $286 million, an increase of $77 million or 37%, and adjusted net income was
$294 million, an increase of
$76 million or 35%, driven by higher revenue, primarily
reflecting stronger global markets and higher online brokerage
revenue. Insurance net income was $72
million, compared with $82
million in the prior year.
BMO was recognized by Investment Week's Sustainable and
ESG Investment Awards, winning Best Sustainable and ESG Research
Team for the third consecutive year and Best Sustainable and ESG
Equity Fund for its BMO Responsible Global Equity Fund. In
addition, we entered into an agreement to divest our private
banking business in Hong Kong and
Singapore to J. Safra Sarasin
Group. The transaction is subject to regulatory approvals and other
customary closing conditions and is expected to close in the first
half of calendar 2021.
BMO Capital Markets
Reported net income was
$483 million, an increase of
$127 million or 36% from the prior
year, and adjusted net income was $489 million, an increase of
$127 million or 35%. Results were driven by strong revenue
performance in Global Markets, partially offset by higher
performance-based expenses, with a modest decrease in the provision
for credit losses.
During the quarter, we continued to support clients with our
deep industry expertise and insights across different sectors. BMO
Capital Markets acted as left lead arranger, joint bookrunner and
administrative agent on US$500
million of senior secured credit facilities for Centerbridge
Partners' acquisition and combination of daVinci Payments and North
Lane Technologies under Syncapay Inc. We also acted as financial
advisor, joint lead arranger and joint bookrunner for Clearlake
Capital's and TA Associates' portfolio company, Ivanti Software, on
$1.8 billion of acquisition financing
of MobileIron and Pulse Secure.
Corporate Services
Corporate Services reported and
adjusted net loss for the quarter was $143
million, compared with a net loss of $105 million in the prior year. Results
decreased, primarily due to higher expenses and the impact of a
favourable tax rate in the prior year.
Adjusted results in this First Quarter Performance Review
section are non-GAAP amounts or non-GAAP measures. Please refer to
the Non-GAAP Measures section.
The order in which the impact on net income is discussed in this
section, and elsewhere in the MD&A, follows the order of
revenue, expenses and provision for credit losses, regardless of
their relative impact.
Capital
BMO's Common Equity Tier 1 (CET1) Ratio was
12.4% as at January 31, 2021. The
CET1 Ratio increased from 11.9% in the prior quarter, driven by
strong internal capital generation and other net positive changes,
including lower risk-weighted assets.
Credit Quality
Total provision for credit losses was
$156 million, a decrease of
$193 million from the prior year. The
total provision for credit losses ratio was 14 basis points,
compared with 31 basis points in the prior year. The provision for
credit losses on impaired loans was $215
million, a decrease of $109
million from $324 million in
the prior year, largely due to lower commercial provisions in U.S.
P&C. The provision for credit losses on impaired loans ratio
was 19 basis points, compared with 29 basis points in the
prior year. There was a $59 million recovery of the provision
for credit losses on performing loans in the current quarter,
compared with a $25 million provision
in the prior year. The $59 million
recovery of the provision for credit losses on performing loans
reflects an improving economic outlook and positive credit
migration, largely offset by the impact of the uncertain
environment on credit conditions, including an increased adverse
scenario weight. Refer to the Accounting Policies and Critical
Accounting Estimates section and Note 3 in our unaudited interim
consolidated financial statements for further information on the
allowance for credit losses as at January 31, 2021.
Regulatory Filings
BMO's continuous disclosure
materials, including interim filings, annual Management's
Discussion and Analysis and audited annual consolidated financial
statements, Annual Information Form and Notice of Annual Meeting of
Shareholders and Proxy Circular, are available on our website
at www.bmo.com/investorrelations, on the Canadian Securities
Administrators' website at www.sedar.com, and on the EDGAR section
of the U.S. Securities and Exchange Commission's website at
www.sec.gov. Information contained in or otherwise accessible
through our website (www.bmo.com), or any third party websites
mentioned herein, does not form part of this document.
Caution
The extent to which the COVID-19 pandemic
impacts BMO's business, results of operations, reputation and
financial performance and condition, including its regulatory
capital and liquidity ratios, and credit ratings, as well as its
impact on our customers, competitors and trading exposures, and the
potential for loss from higher credit, counterparty and
mark-to-market losses will depend on future developments, which are
highly uncertain and cannot be predicted, including the scope,
severity and duration of the pandemic and actions taken by
governments, and governmental and regulatory authorities, which
could vary by country and region, and other third parties in
response to the pandemic. The COVID-19 pandemic may also impact our
ability to achieve, or the timing to achieve, certain previously
announced targets, goals and objectives. For additional
information, refer to the Impact of COVID-19 section on page 8 and
the Top and Emerging Risks That May Affect Future Results section
on page 28 in our First Quarter 2021 Report to
Shareholders.
The foregoing sections contain forward-looking statements.
Please refer to the Caution Regarding Forward-Looking
Statements.
|
|
Bank of Montreal
uses a unified branding approach that links all of the
organization's member companies. Bank of Montreal, together with
its subsidiaries, is known as BMO Financial Group. As such, in this
document, the names BMO and BMO Financial Group mean Bank of
Montreal, together with its subsidiaries.
|
|
Non-GAAP Measures
Results and measures in this
document are presented on a GAAP basis. Unless otherwise indicated,
all amounts are in Canadian dollars and have been derived from
financial statements prepared in accordance with International
Financial Reporting Standards (IFRS). References to GAAP mean IFRS.
They are also presented on an adjusted basis that excludes the
impact of certain items, as set out in the table below. Please
refer to the Foreign Exchange section in our First Quarter 2021
Report to Shareholders for a discussion of the effects of changes
in exchange rates on BMO's results. Pre-provision pre-tax earnings
(PPPT) is a non-GAAP measure, and is calculated as the difference
between revenue, net of insurance claims, commissions and changes
in policy benefit liabilities (CCPB), and non-interest expense.
Management assesses performance on a reported basis and on an
adjusted basis, and considers both to be useful in assessing
underlying ongoing business performance. Presenting results on both
bases provides readers with a better understanding of how
management assesses results. It also permits readers to assess the
impact of certain specified items on results for the periods
presented, and to better assess results excluding those items that
may not be reflective of ongoing results. As such, the presentation
may facilitate readers' analysis of trends. Except as otherwise
noted, management's discussion of changes in reported results in
this document applies equally to changes in the corresponding
adjusted results. Adjusted results and measures are non-GAAP and as
such do not have standardized meanings under GAAP. They are
unlikely to be comparable to similar measures presented by other
companies and should not be viewed in isolation from, or as a
substitute for, GAAP results.
Non-GAAP Measures
(Canadian $ in
millions, except as noted)
|
Q1-2021
|
Q4-2020
|
Q1-2020
|
Reported
Results
|
|
|
|
Revenue
|
6,975
|
5,986
|
6,747
|
Insurance claims,
commissions and changes in policy benefit liabilities
(CCPB)
|
(601)
|
-
|
(716)
|
Revenue, net of
CCPB
|
6,374
|
5,986
|
6,031
|
Total provision for
credit losses
|
(156)
|
(432)
|
(349)
|
Non-interest
expense
|
(3,613)
|
(3,548)
|
(3,669)
|
Income before income
taxes
|
2,605
|
2,006
|
2,013
|
Provision for income
taxes
|
(588)
|
(422)
|
(421)
|
Net income
|
2,017
|
1,584
|
1,592
|
EPS ($)
|
3.03
|
2.37
|
2.37
|
Adjusting Items
(Pre-tax) (1)
|
|
|
|
Acquisition
integration costs (2)
|
(3)
|
(3)
|
(3)
|
Amortization of
acquisition-related intangible assets (2)
|
(25)
|
(30)
|
(29)
|
Adjusting items
included in reported pre-tax income
|
(28)
|
(33)
|
(32)
|
Adjusting Items
(After tax) (1)
|
|
|
|
Acquisition
integration costs (2)
|
(2)
|
(3)
|
(2)
|
Amortization of
acquisition-related intangible assets (2)
|
(19)
|
(23)
|
(23)
|
Adjusting items
included in reported net income after tax
|
(21)
|
(26)
|
(25)
|
Impact on EPS
($)
|
(0.03)
|
(0.04)
|
(0.04)
|
Adjusted
Results
|
|
|
|
Revenue
|
6,975
|
5,986
|
6,747
|
Insurance claims,
commissions and changes in policy benefit liabilities
(CCPB)
|
(601)
|
-
|
(716)
|
Revenue, net of
CCPB
|
6,374
|
5,986
|
6,031
|
Total provision for
credit losses
|
(156)
|
(432)
|
(349)
|
Non-interest
expense
|
(3,585)
|
(3,515)
|
(3,637)
|
Income before income
taxes
|
2,633
|
2,039
|
2,045
|
Provision for income
taxes
|
(595)
|
(429)
|
(428)
|
Net income
|
2,038
|
1,610
|
1,617
|
EPS ($)
|
3.06
|
2.41
|
2.41
|
(1)
|
Adjusting items are
generally included in Corporate Services, with the exception of the
amortization of acquisition-related intangible assets and certain
acquisition integration costs, which are charged to the operating
groups.
|
(2)
|
These amounts were
charged to the non-interest expense of the operating groups.
Before-tax and after-tax amounts for each operating group are
provided below.
|
Adjusted results and
measures in this table are non-GAAP amounts or non-GAAP
measures.
|
Summary of Reported and Adjusted Results by Operating
Group
(After-tax Canadian $
in millions)
|
Canadian
P&C
|
U.S.
P&C
|
Total
P&C
|
BMO
Wealth
Management
|
BMO Capital
Markets
|
Corporate
Services
|
Total
Bank
|
Q1-2021
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
737
|
582
|
1,319
|
358
|
483
|
(143)
|
2,017
|
Acquisition
integration costs (1)
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Amortization of
acquisition-related intangible assets (2)
|
-
|
7
|
7
|
8
|
4
|
-
|
19
|
Adjusted net income
(loss)
|
737
|
589
|
1,326
|
366
|
489
|
(143)
|
2,038
|
Q4-2020
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
647
|
324
|
971
|
320
|
379
|
(86)
|
1,584
|
Acquisition
integration costs (1)
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Amortization of
acquisition-related intangible assets (2)
|
1
|
9
|
10
|
8
|
5
|
-
|
23
|
Adjusted net income
(loss)
|
648
|
333
|
981
|
328
|
387
|
(86)
|
1,610
|
Q1-2020
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
699
|
351
|
1,050
|
291
|
356
|
(105)
|
1,592
|
Acquisition
integration costs (1)
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Amortization of
acquisition-related intangible assets (2)
|
-
|
10
|
10
|
9
|
4
|
-
|
23
|
Adjusted net income
(loss)
|
699
|
361
|
1,060
|
300
|
362
|
(105)
|
1,617
|
(1)
|
KGS-Alpha and
Clearpool acquisition integration costs before tax amounts of $3
million in each of Q1-2021, Q4-2020 and Q1-2020 are included in
non-interest expense in BMO Capital Markets.
|
(2)
|
Amortization of
acquisition-related intangible assets before tax is charged to the
non-interest expense of the operating groups. Canadian P&C
amounts of $nil in Q1-2021, $1 million in Q4-2020, and $nil in
Q1-2020. U.S. P&C amounts of $9 million in Q1-2021 and $13
million in both Q4-2020 and Q1-2020. BMO Wealth Management amounts
of $10 million in both Q1-2021 and Q4-2020, and $11 million in
Q1-2020. BMO Capital Markets amounts of $6 million in both Q1-2021
and Q4-2020, and $5 million in Q1-2020.
|
Adjusted results and
measures in this table are non-GAAP amounts or non-GAAP
measures.
|
Caution Regarding Forward-Looking Statements
Bank of Montreal's public
communications often include written or oral forward-looking
statements. Statements of this type are included in this document,
and may be included in other filings with Canadian securities
regulators or the U.S. Securities and Exchange Commission, or in
other communications. All such statements are made pursuant to the
"safe harbor" provisions of, and are intended to be forward-looking
statements under, the United
States Private Securities Litigation Reform Act of
1995 and any applicable Canadian securities legislation.
Forward-looking statements in this document may include, but are
not limited to, statements with respect to our objectives and
priorities for fiscal 2021 and beyond, our strategies or future
actions, our targets, expectations for our financial condition or
share price, the regulatory environment in which we operate and the
results of or outlook for our operations or for the Canadian, U.S.
and international economies, our response to the COVID-19 pandemic
and its expected impact on our business, operations, earnings,
results, and financial performance and condition, as well as its
impact on our customers, competitors, reputation and trading
exposures, and include statements of our management.
Forward-looking statements are typically identified by words such
as "will", "would", "should", "believe", "expect", "anticipate",
"project", "intend", "estimate", "plan", "goal", "target", "may"
and "could."
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties,
both general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove
to be accurate, that our assumptions may not be correct, and that
actual results may differ materially from such predictions,
forecasts, conclusions or projections. The uncertainty created by
the COVID-19 pandemic has heightened this risk given the increased
challenge in making assumptions, predictions, forecasts,
conclusions or projections. We caution readers of this document not
to place undue reliance on our forward-looking statements, as a
number of factors – many of which are beyond our control and the
effects of which can be difficult to predict – could cause actual
future results, conditions, actions or events to differ materially
from the targets, expectations, estimates or intentions expressed
in the forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including but not limited to:
the severity, duration and spread of the COVID-19 pandemic, its
impact on local, national or international economies, and its
heightening of certain risks that may affect our future results;
the possible impact on our business and operations of outbreaks of
disease or illness that affect local, national or international
economies; general economic and market conditions in the countries
in which we operate; information, privacy and cyber security,
including the threat of data breaches, hacking, identity theft and
corporate espionage, as well as the possibility of denial of
service resulting from efforts targeted at causing system failure
and service disruption; changes in monetary, fiscal, or economic
policy, and tax legislation and interpretation; interest rate and
currency value fluctuations, as well as benchmark interest rate
reforms; technological changes and technology resiliency; political
conditions, including changes relating to or affecting economic or
trade matters; the Canadian housing market and consumer leverage;
climate change and other environmental and social risks; weak,
volatile or illiquid capital or credit markets; the level of
competition in the geographic and business areas in which we
operate; changes in laws or in supervisory expectations or
requirements, including capital, interest rate and liquidity
requirements and guidance, and the effect of such changes on
funding costs; judicial or regulatory proceedings; the accuracy and
completeness of the information we obtain with respect to our
customers and counterparties; failure of third parties to comply
with their obligations to us; our ability to execute our strategic
plans and to complete proposed acquisitions or dispositions,
including obtaining regulatory approvals; critical accounting
estimates and the effect of changes to accounting standards, rules
and interpretations on these estimates; operational and
infrastructure risks, including with respect to reliance on third
parties; changes to our credit ratings; global capital markets
activities; the possible effects on our business of war or
terrorist activities; natural disasters and disruptions to public
infrastructure, such as transportation, communications, power or
water supply; and our ability to anticipate and effectively manage
risks arising from all of the foregoing factors.
We caution that the foregoing list is not exhaustive of all
possible factors. Other factors and risks could adversely affect
our results. For more information, please refer to the discussion
in the Risks That May Affect Future Results section, and the
sections related to credit and counterparty, market, insurance,
liquidity and funding, operational, legal and regulatory,
strategic, environmental and social, and reputation risk, in the
Enterprise-Wide Risk Management section that starts on page 73 of
BMO's 2020 Annual Report, and the Risk Management section on page
28 of our First Quarter 2021 Report to Shareholders, all of which
outline certain key factors and risks that may affect our future
results. Investors and others should carefully consider these
factors and risks, as well as other uncertainties and potential
events, and the inherent uncertainty of forward-looking statements.
We do not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by the
organization or on its behalf, except as required by law. The
forward-looking information contained in this document is presented
for the purpose of assisting our shareholders in understanding our
financial position as at and for the periods ended on the dates
presented, as well as our strategic priorities and objectives, and
may not be appropriate for other purposes.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the Economic
Developments and Outlook section on page 18 of BMO's 2020 Annual
Report and updated in the Economic Review and Outlook section set
forth in our First Quarter 2021 Report to Shareholders, as well as
in the Allowance for Credit Losses section on page 114 of BMO's
2020 Annual Report and the Allowance for Credit Losses section set
forth in our First Quarter 2021 Report to Shareholders. Assumptions
about the performance of the Canadian and U.S. economies, as well
as overall market conditions and their combined effect on our
business, are material factors we consider when determining our
strategic priorities, objectives and expectations for our business.
In determining our expectations for economic growth, we primarily
consider historical economic data, past relationships between
economic and financial variables, changes in government policies,
and the risks to the domestic and global economy. Please refer to
the Economic Review and Outlook and Allowance for Credit Losses
sections in our First Quarter 2021 Report to Shareholders.
INVESTOR AND MEDIA PRESENTATION
Investor Presentation Materials
Interested parties are invited to visit BMO's website at
www.bmo.com/investorrelations to review the 2020 Annual
MD&A and audited annual consolidated financial statements,
quarterly presentation materials and supplementary financial and
regulatory information package.
Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly
conference call on Tuesday, February 23,
2021, at 7.15 a.m. (ET). The
call may be accessed by telephone at 416-406-0743 (from within
Toronto) or 1-800-898-3989
(toll-free outside Toronto),
entering Passcode: 1365804#. A replay of the conference call can be
accessed until Tuesday, March 23,
2021, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside
Toronto) and entering Passcode:
9195676#.
A live webcast of the call can be accessed on our website at
www.bmo.com/investorrelations. A replay can also be accessed on the
website.
|
|
|
|
Shareholder
Dividend Reinvestment and Share Purchase
|
For other
shareholder information, please contact
|
Plan (the
Plan)
|
Bank of
Montreal
|
Average market price
as defined under the Plan
|
Shareholder
Services
|
November 2020:
$94.82
|
Corporate Secretary's
Department
|
December 2020:
$97.32
|
One First Canadian
Place, 21st Floor
|
January 2021:
$97.15
|
Toronto, Ontario M5X
1A1
|
|
Telephone: (416)
867-6785
|
For dividend
information, change in shareholder address
|
Fax: (416)
867-6793
|
or to advise of
duplicate mailings, please contact
|
E-mail:
corp.secretary@bmo.com
|
Computershare Trust
Company of Canada
|
|
100 University
Avenue, 8th Floor
|
For further
information on this document, please contact
|
Toronto, Ontario M5J
2Y1
|
Bank of
Montreal
|
Telephone:
1-800-340-5021 (Canada and the United States)
|
Investor Relations
Department
|
Telephone: (514)
982-7800 (international)
|
P.O. Box 1, One First
Canadian Place, 10th Floor
|
Fax: 1-888-453-0330
(Canada and the United States)
|
Toronto, Ontario M5X
1A1
|
Fax: (416) 263-9394
(international)
|
|
E-mail:
service@computershare.com
|
To review
financial results and regulatory filings and disclosures
online,
please visit BMO's website at
www.bmo.com/investorrelations.
|
|
|
BMO's 2020 Annual MD&A, audited consolidated financial
statements, annual information form and annual report on Form 40-F
(filed with the U.S. Securities and Exchange Commission) are
available online at www.bmo.com/investorrelations and at
www.sedar.com. Printed copies of the bank's complete 2020 audited
consolidated financial statements are available free of charge upon
request at 416-867-6785 or corp.secretary@bmo.com.
_______________________________________________________________________________________________________________________________
Annual Meeting 2021
The next Annual Meeting of Shareholders will be held virtually on
Wednesday, April 7, 2021.
_______________________________________________________________________________________________________________________________
® Registered trademark of Bank of Montreal
Media Relations Contacts: Paul
Lehmann, Toronto,
paul.lehmann@bmo.com, 416-867-3915; Investor Relations Contacts:
Christine Viau, Head, Investor
Relations, christine.viau@bmo.com, 416-867-6956; Bill Anderson, Director, Investor Relations,
bill2.anderson@bmo.com, 416-867-7834