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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
| For the month of: February, 2025 | Commission File Number: 001-13354 |
BANK OF MONTREAL
(Name of Registrant)
| 100 King Street West | ||
| 1 First Canadian Place | 129 rue Saint-Jacques | |
| Toronto, Ontario | Montreal, Quebec | |
| Canada, M5X 1A1 | Canada, H2Y 1L6 | |
| (Executive Offices) | (Head Office) | |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☐ Form 40-F ☒
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | Earnings Coverage Ratios | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BANK OF MONTREAL | ||||||
| By: | /s/ Tayfun Tuzun |
|||||
| Name: | Tayfun Tuzun | |||||
| Title: | Chief Financial Officer | |||||
| Date: February 25, 2025 | By: | /s/ Paul V. Noble |
||||
| Name: | Paul V. Noble | |||||
| Title: | Corporate Secretary | |||||
Exhibit 99.1
BANK OF MONTREAL
EXHIBIT TO FINANCIAL STATEMENTS FOR THE QUARTER ENDED
JANUARY 31, 2025
EARNINGS COVERAGE RATIOS
The information in this document is disclosed in accordance with Section 8.4 of National Instrument 44-102 – Shelf Distributions.
The following consolidated financial ratios for the Bank, are calculated for the 12 months ended January 31, 2025 and October 31, 2024.
| 12 Months Ended January 31, 2025 |
12 Months Ended October 31, 2024 |
|||
| Actual | Actual | |||
| Interest coverage on subordinated indebtedness | 24.45 times | 21.88 times | ||
| Grossed up dividend coverage on Class B Preferred Shares and other equity instruments(1) | 22.88 times | 21.48 times | ||
| Interest and grossed up dividend coverage on subordinated indebtedness, Class B Preferred Shares and other equity instruments | 12.07 times | 11.09 times |
Note:
| (1) | As at January 31, 2025 and October 31, 2024, there were no Class A Preferred Shares outstanding. |
In calculating the earnings coverage ratios, foreign currency amounts have been converted to Canadian dollars using rates of exchange as at the end of each month. For the 12 month periods ending January 31, 2025 and October 31, 2024 the average monthly exchange rates were $1.382 per US$1.00 and $1.3591 per US$1.00, respectively.
The Bank’s earnings before interest on subordinated indebtedness and income tax for the 12 months ended January 31, 2025 were $11,151.99 million, which is 24.45 times the Bank’s aggregate interest on subordinated indebtedness requirement for this period. The Bank’s earnings before interest on subordinated indebtedness and income tax for the 12 months ended October 31, 2024 were $9,982.12 million, which is 21.88 times the Bank’s aggregate interest on subordinated indebtedness requirement for this period.
The Bank’s dividend requirements on all of its Class B preferred shares and other equity instruments were $467.46 million for the 12 months ended January 31, 2025, adjusted to a before-tax equivalent using an effective tax rate of 23.67% and for the 12 months ended October 31, 2024 were $443.50 million, adjusted to a before-tax equivalent using an effective tax rate of 23.16%. The Bank’s earnings before income tax for the 12 months ended January 31, 2025 were $10,695.84 million, which is 22.88 times the Bank’s aggregate dividend and interest requirements for this period. The Bank’s earnings before income tax for the 12 months ended October 31, 2024 were $9,525.83 million, which is 21.48 times the Bank’s aggregate dividend and interest requirements for this period.
The Bank’s interest requirements for its subordinated indebtedness and grossed up dividends on its preferred shares and other equity instruments for the 12 months ended January 31, 2025 were $923.61 million and for the 12 months ended October 31, 2024 were $899.79 million. The Bank’s earnings before interest on subordinated indebtedness and income tax for the 12 months ended January 31, 2025 were $11,151.99 million, which is 12.07 times the Bank’s aggregate dividend and interest requirements for this period. The Bank’s earnings before interest on subordinated indebtedness and income tax for the 12 months ended October 31, 2024 were $9,982.12 million, which is 11.09 times the Bank’s aggregate dividend and interest requirements for this period.
The amounts and ratios reported above are derived from information in the unaudited interim consolidated financial statements for the three months ended January 31, 2025 and the audited consolidated financial statements for the year ended October 31, 2024.