May 29, 2024 10:23 GMT
BMO (BMO: A2/A-/AA-): 2Q24 Results
CREDIT RESEARCH
Disappointing earnings following on from a poor 1Q24.
Credit Quality saw a deterioration of $415m due to higher provisioning costs across all segments, reflecting higher interest rate environment. The adjusted number for comparison makes allowance for the Bank of the West acquisition.
- CET1 13.1% vs 12.2% yoy and 12.9% expected.
- Provision for credit losses $705m compared with $318m adjusted
- Adj Net Income $2,033m vs $2,186m Q2-23 but up on Q1’s $1,893m
- Revenue increased to $7,974m driven by a growth in non-interest income
- Net Interest Income $4,515m a drop from $4,721m 1Q24
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