MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BMO Results 29-May: Markets Revenues, Asset Quality To Feature

FINANCIALS

BMO (BMO: A2/A-/AA-) reports 2Q24 results (12M to Apr-24) on 29-May. Last time, BMO missed on weak capital markets revenues (Scotiabank’s results in this area were weaker today, too) and worsening asset quality. These are likely to be focus areas by expectations are relatively low for this issuer anyway, we feel.


  • At last results (27-Feb), there was quite an earnings miss (revenues by 7%, net income by 15%) and did show weaker credit quality, albeit from a strong base position, driven by CRE exposures. Credit quality, alongside the picture of around expectations will be focus areas, especially in light of today’s weaker Scotiabank markets revenues.
  • Spreads on its single €IG index bond are 3bp tighter on the month and 31bps tighter YTD (€IG banks -13bp and -50bp) and its equity is broadly flat, similar to Canadian banks (+1.7% vs. +1%).
  • Earnings estimates are 8% and 6% lower for this year and next, driven by 3-4% revenue cuts YTD. There was quite an upgrade cycle into last results which was then sharply reversed afterwards.

Results are 1100 (London time) with a conf call at 1300 at: https://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results

Credit BulletsHomepagemarkets-real-timeCanadaCredit Bank of Canada Market NewsBullet

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.