The following is a summary of the Bank of Montreal (BMO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Bank of Montreal reported an adjusted net income of $2 billion and adjusted earnings per share of $2.59 in Q2.

• Significant growth in pre-provision pre-tax earnings was driven by momentum in Canadian personal and commercial banking, and strength in capital markets and wealth businesses.

• Canadian P&C contributed to the bank's record revenue, indicating significant market share gains.

• With a growing core deposit base and a CET1 ratio of 13.1%, BMO holds a stronger balance sheet.

• Despite elevated credit risk, it is well managed, ensuring stability during challenging times.

Business Progress:

• Bank of Montreal's New Start program and pre-arrival digital tools have garnered strong momentum from newcomers to Canada.

• Bank of Montreal's US businesses contributed to nearly half of the bank's earnings.

• The success of BMO's digital strategy is noticeable through the 2 million AI-enabled conversations with BMO Assist and over 80 million BMO Insights.

• Improvements to its Treasury business for ease of onboarding clients have resulted in an enhanced deposit portfolio especially in new Western markets.

• Active approach to client servicing amidst challenging macroeconomic conditions suggest readiness to navigate through higher interest rates and inflation effects on high leverage clients.

• Despite current subdued market activity, the bank foresees a rich pipeline of potential deals, indicating strong prospects for growth in the future.

More details: Bank of Montreal IR

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