Summary by Moomoo AI
BMO Financial Group reported Q3 2024 net income of $1,865 million, up 19% year-over-year, with adjusted net income of $1,981 million. Diluted EPS rose to $2.48 from $2.12 last year. Revenue increased 2% to $8,192 million, while expenses decreased 13% to $4,839 million.Provision for credit losses rose to $906 million from $492 million in Q3 2023. The Common Equity Tier 1 ratio remained strong at 13.0%. Canadian P&C net income grew 4% to $914 million, while U.S. P&C net income decreased 6% to $470 million. BMO Wealth Management and BMO Capital Markets saw net income changes of -9% and +32% respectively.BMO maintained its quarterly dividend at $1.55 per common share. The bank highlighted its strong balance sheet, robust capital and liquidity position, and continued recognition for corporate citizenship as it pursues strategic goals and sustainable shareholder returns.
