株探米国株
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false2025-04-30Q20000927971--10-31Net of income tax (provision) recovery of $(302) million, $(148) million, $547 million for the three months ended and $(450) million and $(182) million for the six months ended, respectively.Net of income tax (recovery) of $(70) million, $(129) million, $(144) million for the three months ended and $(199) million and $(291) million for the six months ended, respectively.Net of income tax (provision) recovery of $11 million, $(8) million, $(17) million for the three months ended and $3 million and $18 million for the six months ended, respectively.Net of income tax (provision) recovery of $(56) million, $34 million, $137 million for the three months ended and $(22) million and $300 million for the six months ended, respectively.Net of income tax (provision) recovery of $(287) million, $208 million, $103 million for the three months ended and $(79) million and $(23) million for the six months ended, respectively.Net of income tax provision of $6 million, $2 million, $15 million for the three months ended and $8 million and $17 million for the six months ended, respectively.Includes dividends paid on securities sold but not yet purchased.Amounts are net of ACL of $5 million ($4 million as at October 31, 2024).Interest expense for liabilities carried at fair value is $0 million and $0 million for the three and six months ended April 30, 2025, respectively ($806 million and $1,335 million for the three and six months ended April 30, 2024). Interest expense for liabilities carried at amortized cost is $0 million and $0 million for the three and six months ended April 30, 2025, respectively ($10,843 million and $21,447 million for the three and six months ended April 30, 2024).Interest expense for liabilities carried at fair value is $1,060 million and $1,780 million for the three and six months ended April 30, 2025, respectively ($806 million and $1,335 million for the three and six months ended April 30, 2024). Interest expense for liabilities carried at amortized cost is $9,497 million and $20,002 million for the three and six months ended April 30, 2025, respectively ($10,843 million and $21,447 million for the three and six months ended April 30, 2024).Other liabilities include certain investment contract liabilities and segregated fund liabilities in our insurance business, as well as certain securitization and structured entities’ liabilities measured at FVTPL.The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the specific underlying instruments within each product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2024 are included in earnings for the period.Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2025 are included in earnings for the period.The dilutive effect of stock options was calculated using the treasury stock method. In computing diluted earnings per share, we excluded average stock options outstanding of 716,633 and 594,569 with a weighted-average exercise price of $150.60 and $151.95 for the three and six months ended April 30, 2025, respectively (2,198,642 and 3,140,711 with a weighted-average exercise price of $132.66 and $131.39 for the three and six months ended April 30, 2024, respectively), as the average share price for the periods did not exceed the exercise price.Net interest (income) expense is increased by $nil million for pension benefit plans and $3 million for other employee future benefit plans for the six months ended April 30, 2025 ($nil million for pension benefit plans and $1 million for other employee future benefit plans for the six months ended April 30, 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.Net interest (income) expense is increased by $nil million for pension benefit plans and $3 million for other employee future benefit plans for the three months ended April 30, 2025 ($nil million for pension benefit plans and $1 million for other employee future benefit plans for the three months ended April 30, 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.Net of income tax (provision) recovery of $50 million, $(45) million, $(14) million for the three months ended and $5 million and $(113) million for the six months ended, respectively.Net of income tax (provision) recovery of $nil million, $4 million, $nil million for the three months ended and $4 million and $(3) million for the six months ended, respectively.Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act.Other assets include precious metals, segregated fund assets and investment properties in our insurance business, carbon credits, certain receivables and other items measured at fair value.Gains are net of (losses) on hedge contracts.Deposits include structured note liabilities, money market and metals deposits designated at FVTPL and certain embedded options related to structured deposits carried at amortized cost.Trading securities include interests of $35,823 million as at April 30, 2025 ($21,485 million as at October 31, 2024) in Collateralized Mortgage Obligations (CMO). We receive CMO in return for our sales of Mortgage Backed Securities (MBS) to certain structured vehicles that we do not consolidate. When we subsequently sell these CMO to third parties, but do not transfer substantially all risks and rewards of ownership to the third-party investor, or we maintain an interest in the sold instrument, we retain these CMO on our Consolidated Balance Sheet. Refer to Note 7 of our annual consolidated financial statements for the year ended October 31, 2024 for further discussion on these vehicles.Amounts are net of ACL of $3 million ($3 million as at October 31, 2024).These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act. 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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: May, 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 
 
 
INCORPORATION BY REFERENCE
The information contained in this Form
6-K
and any exhibits hereto shall be deemed filed with the Securities and Exchange Commission (“SEC”) solely for purposes of incorporation by reference into and as part of the following registration statements of the registrant on file with and declared effective by the SEC:
 
  1.
Registration Statement – Form
F-3
– File
No. 333-214934
 
  2.
Registration Statement – Form
F-3
– File
No. 333-285508
 
  3.
Registration Statement – Form
S-8
– File
No. 333-191591
 
  4.
Registration Statement – Form
S-8
– File
No. 333-180968
 
  5.
Registration Statement – Form
S-8
– File
No. 333-177579
 
  6.
Registration Statement – Form
S-8
– File
No. 333-177568
 
  7.
Registration Statement – Form
S-8
– File
No. 333-176479
 
  8.
Registration Statement – Form
S-8
– File
No. 333-175413
 
  9.
Registration Statement – Form
S-8
– File
No. 333-175412
 
  10.
Registration Statement – Form
S-8
– File
No. 333-113096
 
  11.
Registration Statement – Form
S-8
– File
No. 333-14260
 
  12.
Registration Statement – Form
S-8
– File
No. 33-92112
 
  13.
Registration Statement – Form
S-8
– File
No. 333-207739
 
  14.
Registration Statement – Form
S-8
– File
No. 333-237522
 
  15.
Registration Statement – Form
S-8
– File
No. 333-276007
 
 
 

EXHIBIT INDEX
 
Exhibit    Description of Exhibit
99.1
   Second Quarter 2025 Management’s Discussion and Analysis of Results of Operations and Financial Condition
99.2
   Second Quarter 2025 Consolidated Financial Statements
99.3
   Second Quarter 2025 Consolidated Capitalization of Bank of Montreal
101.
   Interactive Data File (formatted as Inline XBRL)
104.
   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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
: May 28, 2025
    By:  
/s/ Paul V. Noble
    Name:   Paul V. Noble
    Title:   Corporate Secretary

EX-99.1 2 d945059dex991.htm EX-99.1 EX-99.1

LOGO

BMO Financial Group Reports Second Quarter 2025 Results

 

 

REPORT TO SHAREHOLDERS

BMO’s Second Quarter 2025 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2025, is available online at www.bmo.com/investorrelations, on the Canadian Securities Administrators’ website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Financial Results Highlights

Second Quarter 2025 compared with Second Quarter 2024:

 

 

Reported net income1 of $1,962 million, compared with $1,866 million; adjusted net income1 of $2,046 million, compared with $2,033 million

 

 

Reported earnings per share (EPS)2 of $2.50, compared with $2.36; adjusted EPS1, 2 of $2.62, compared with $2.59

 

 

Provision for credit losses (PCL) of $1,054 million, compared with $705 million

 

 

Reported return on equity (ROE) of 9.4%, compared with 9.9%; adjusted ROE1 of 9.8%, compared with 10.9%

 

 

Common Equity Tier 1 (CET1) Ratio3 of 13.5%, compared with 13.1%

 

 

Declared a quarterly dividend of $1.63 per common share, an increase of $0.08 or 5% from the prior year and $0.04 or 3% from the prior quarter

Year-to-Date 2025 compared with Year-to-Date 2024:

 

 

Reported net income1 of $4,100 million, compared with $3,158 million; adjusted net income1 of $4,335 million, compared with $3,926 million

 

 

Reported EPS2 of $5.34, compared with $4.08; adjusted EPS1, 2 of $5.66, compared with $5.14

 

 

PCL of $2,065 million, compared with $1,332 million

 

 

Reported ROE of 10.0%, compared with 8.5%; adjusted ROE1 of 10.6%, compared with 10.7%

Toronto, May 28, 2025 – BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced financial results for the second quarter ended April 30, 2025. Reported net income was $1,962 million and reported EPS was $2.50, an increase from $1,866 million and $2.36 in the prior year. Adjusted net income was $2,046 million and adjusted EPS was $2.62, an increase from $2,033 million and $2.59 in the prior year.

“This quarter, we delivered strong revenue and pre-provision, pre-tax earnings growth across each operating group and ongoing positive operating leverage. Impaired credit provisions moderated again this quarter as expected, while we bolstered performing allowances. We’re executing against our plan to rebuild return on equity, including actions to optimize our balance sheet and invest for growth,” said Darryl White, Chief Executive Officer, BMO Financial Group.

”We’re supporting our clients through the current environment from a position of strength. Our robust capital position enables us to return capital to shareholders through buybacks and higher dividends, and provides resilience for a range of economic outcomes as we help our clients and the communities we serve make real financial progress,” concluded Mr. White.

Concurrent with the release of results, BMO announced a third quarter 2025 dividend of $1.63 per common share, an increase of $0.08 or 5% from the prior year, and an increase of $0.04 or 3% from the prior quarter. The quarterly dividend of $1.63 per common share is equivalent to an annual dividend of $6.52 per common share. During the quarter, we purchased for cancellation 7 million common shares under the normal course issuer bid.

Caution

The foregoing section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements section.

 

(1)

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. They are also presented on an adjusted basis that excludes the impact of certain specified items from reported results. Adjusted results and ratios are non-GAAP and are detailed in the Non-GAAP and Other Financial Measures section. Unless otherwise indicated, all amounts are in Canadian dollars. All ratios and percentage changes in this document are based on unrounded numbers.

(2)

All EPS measures in this document refer to diluted EPS, unless specified otherwise.

(3)

The CET1 Ratio is disclosed in accordance with the Capital Adequacy Requirements (CAR) Guideline, as set out by the Office of the Superintendent of Financial Institutions (OSFI), as applicable.

 

BMO Financial Group Second Quarter Report 2025 1

 


Enhanced Disclosure Task Force

Disclosures related to recommendations from the Financial Stability Board’s Enhanced Disclosure Task Force (EDTF) to provide high-quality, transparent risk disclosures are detailed in the index below, as presented in BMO’s 2024 Annual Report, the Second Quarter 2025 Report to Shareholders (RTS), Supplemental Financial Information (SFI) or Supplemental Regulatory Capital Information (SRCI). Information on BMO’s website, including information within the SFI or SRCI, is not and should not be considered incorporated by reference into our Second Quarter 2025 Report to Shareholders.

 

     
Topic   EDTF Disclosure    Page Number 
 

 2024 Annual 

 Report 

   Q2 2025 
   RTS     SFI     SRCI 
General  

1.   Risk-related information in each report, including an index for easy navigation

  68-109   3   Index   Index
 

2.   Risk terminology, measures and key parameters

  72-109,
117-119
  31   -   -
 

3.   Top and emerging risks

  68-70   5, 31   -   -
 

4.   Plans to meet new key regulatory ratios once applicable rules are finalized

  62   17-18   -   -
Risk Governance, Risk Management and Business Model   

5.   Risk management and governance framework, processes and key functions

  72-76   -   -   -
 

6.   Risk culture, risk appetite and procedures to support the culture

  76   -   -   -
 

7.   Risks that arise from business models and activities

  74-75   -   -   -
 

8.   Stress testing within the risk governance and capital frameworks

  76   -   -   -
Capital Adequacy and Risk-Weighted Assets (RWA)  

9.   Pillar 1 capital requirements

  60-63   -   -   5-6, 15
 

10.  Composition of capital components and reconciliation of the accounting balance sheet to
the regulatory balance sheet. A main features template can be found at https://www.bmo.com/main/about-bmo/investor-relations/regulatory-disclosure

  63-64   18   -   5-7, 17-18
 

11.  Flow statement of movements in regulatory capital, including changes in Common Equity Tier 1 Capital, Additional Tier 1 Capital and Tier 2 Capital

  -   -   -   8
 

12.  Capital management and strategic planning

  59, 65-66   -   -   -
 

13.  Risk-weighted assets (RWA) by operating group

  64   -   -   16
 

14.  Analysis of capital requirements for each method used in calculating RWA

  63-64,

77-80

  -   -   16,  22-49,
55-67, 84-89
 

15.  Tabulate credit risk in the banking book for Basel asset classes and major portfolios

  -   -   -   22-49,

51-67, 87-89

 

16.  Flow statement that reconciles movements in RWA by risk type

  -   -   -   50, 83
 

17.  Basel validation and back-testing process, including estimated and actual loss parameter information

  103-104   -   -   90
Liquidity  

18.  Management of liquidity needs, and liquidity reserve held to meet those needs

  91-97   35, 38   -   -
Funding  

19.  Encumbered and unencumbered assets disclosed by balance sheet category

  93   36   45   -
 

20.  Consolidated total assets, liabilities and off-balance sheet commitments by remaining contractual maturity

  98-99   40-41   -   -
 

21.  Analysis of funding sources and funding strategy

  94-95   36-37   -   -
Market Risk  

22.  Linkage of trading and non-trading market risk to the Consolidated Balance Sheet

  89   33   -   -
 

23.  Significant trading and non-trading market risk factors

  85-89   34   -   -
 

24.  Market risk model assumptions, validation procedures and back-testing

  85-89, 104   -   -   -
 

25.  Primary techniques for risk measurement and risk assessment, including risk of loss

  85-89   33-34   -   -
Credit Risk  

26.  Analysis of credit risk profile, exposure and concentration

  77-84,
148-155
  14-15,

51-56

  25-42   16-81
 

27.  Policies to identify impaired loans and renegotiated loans

  148-150, 155   -   -   -
 

28.  Reconciliation of opening and closing balances of impaired loans and allowance for credit losses

  83,151   15, 51-53   -   -
 

29.  Counterparty credit risk arising from derivative transactions

  77-78, 84,
167-168
  -   -   55-73
 

30.  Credit risk mitigation

  77-78, 150,
159, 200-201
  -   -   21, 51-52, 68
Other Risks  

31.  Discussion of other risks

  72-74,
100-109
  -   -   -
 

32.  Publicly known risk events involving material or potentially material loss events

  100-109   -   -   -

 

2 BMO Financial Group Second Quarter Report 2025

 


Management’s Discussion and Analysis

Management’s Discussion and Analysis (MD&A) commentary is as at May 27, 2025 for the period ended April 30, 2025. The material that precedes this section comprises part of this MD&A. The MD&A should be read in conjunction with the unaudited interim consolidated financial statements for the period ended April 30, 2025, included in this document, as well as the audited annual consolidated financial statements for the year ended October 31, 2024, and the 2024 annual MD&A, contained in Bank of Montreal’s 2024 Annual Report.

The 2024 annual MD&A includes a comprehensive discussion of our businesses, strategies and objectives, and can be accessed on our website, together with other disclosure materials, including interim filings, Annual Information Form and Notice of Annual Meeting of Shareholders and Proxy Circular at www.bmo.com/investorrelations. Readers are also encouraged to visit the site to view other quarterly financial information.

Bank of Montreal uses a unified branding approach that links all of the organization’s member companies. Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group. In this document, the names BMO and BMO Financial Group, as well as the words “bank”, “we” and “our”, mean Bank of Montreal, together with its subsidiaries.

 

 

Table of Contents

 

  4      Caution Regarding Forward-Looking Statements
  5      Economic Developments and Outlook
  6      Financial Highlights
  7      Non-GAAP and Other Financial Measures
  12      Foreign Exchange
  12      Net Income
  13      Revenue
  14      Total Provision for Credit Losses
  15      Impaired Loans
  15      Non-Interest Expense
  16      Provision for Income Taxes
  16      Balance Sheet
  17      Capital Management
  20      Review of Operating Groups’ Performance
   20    Personal and Commercial Banking (P&C)
   21    Canadian Personal and Commercial Banking (Canadian P&C)
   23    U.S. Personal and Commercial Banking (U.S. P&C)
   25    BMO Wealth Management
   26    BMO Capital Markets
   28    Corporate Services
  29      Summary Quarterly Earnings Trends
  30      Transactions with Related Parties
  30      Off-Balance Sheet Arrangements
  30      Accounting Policies and Critical Accounting Estimates and Judgments
   30    Allowance for Credit Losses
  31      Future Changes in Accounting Policies
  31      Other Regulatory Developments
  31      Risk Management
   31    Top and Emerging Risks That May Affect Future Results
   31    Real Estate Secured Lending
   33    International Exposures
   33    Market Risk
   34    Insurance Market Risk
   35    Liquidity and Funding Risk
   37    Credit Ratings
  42      Glossary of Financial Terms
  44      Interim Consolidated Financial Statements
   44    Consolidated Statement of Income
   45    Consolidated Statement of Comprehensive Income
   46    Consolidated Balance Sheet
   47    Consolidated Statement of Changes in Equity
   48    Consolidated Statement of Cash Flows
   49    Notes to Interim Consolidated Financial Statements
  68      Investor and Media Information
 
 

Bank of Montreal’s management, under the supervision of the Chief Executive Officer and the Chief Financial Officer, has evaluated the effectiveness, as at April 30, 2025, of Bank of Montreal’s disclosure controls and procedures (as defined in the rules of the U.S. Securities and Exchange Commission and the Canadian Securities Administrators) and has concluded that such disclosure controls and procedures are effective.

There were no changes in our internal control over financial reporting during the quarter ended April 30, 2025, which materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Because of inherent limitations, disclosure controls and procedures and internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements.

As in prior quarters, Bank of Montreal’s Audit and Conduct Review Committee reviewed this document and Bank of Montreal’s Board of Directors approved the document prior to its release.

 

BMO Financial Group Second Quarter Report 2025 3

 


Caution Regarding Forward-Looking Statements

Bank of Montreal’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to: statements with respect to our objectives and priorities for fiscal 2025 and beyond; our strategies or future actions; our targets and commitments (including with respect to net zero emissions); expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or the Canadian, U.S. and international economies; and include statements made by our management. Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “project”, “intend”, “estimate”, “plan”, “goal”, “commit”, “target”, “may”, “might”, “schedule”, “forecast”, “outlook”, “timeline”, “suggest”, “seek” and “could” or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: general economic and market conditions in the countries in which we operate, including labour challenges and changes in foreign exchange and interest rates; political conditions, including changes relating to, or affecting, economic or trade matters, including tariffs, countermeasures and tariff mitigation policies; changes to our credit ratings; cyber and information security, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; technology resilience, innovation and competition; failure of third parties to comply with their obligations to us; disruptions of global supply chains; environmental and social risk, including climate change; the Canadian housing market and consumer leverage; inflationary pressures; changes in laws, including tax legislation and interpretation, or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, including if the bank were designated a global systemically important bank, and the effect of such changes on funding costs and capital requirements; changes in monetary, fiscal or economic policy; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; exposure to, and the resolution of, significant litigation or regulatory matters, the appeal of favourable outcomes and our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to execute our strategic plans, complete proposed acquisitions or dispositions and integrate acquisitions, including obtaining regulatory approvals, and realize any anticipated benefits from such plans and transactions; critical accounting estimates and judgments, and the effects of changes in accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; global capital markets activities; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national or international economies, as well as their heightening of certain risks that may affect our future results; the possible effects on our business of war or terrorist activities; natural disasters, such as earthquakes or flooding, and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO’s 2024 Annual Report, and the Risk Management section in our Second Quarter 2025 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section of BMO’s 2024 Annual Report, as updated in the Economic Developments and Outlook section in our Second Quarter 2025 Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO’s 2024 Annual Report, as updated in the Allowance for Credit Losses section in our Second Quarter 2025 Report to Shareholders. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy.

 

4 BMO Financial Group Second Quarter Report 2025

 


Economic Developments and Outlook (1)

The ongoing change in U.S. trade pronouncements has created a heightened sense of uncertainty that is impacting both Canada and the United States by depressing confidence and slowing consumer spending and business investment. New U.S. tariffs on imported motor vehicles, steel, aluminum and goods that are not compliant with the Canada-United States-Mexico Agreement (CUSMA) will likely cause Canadian exports to decline for a couple of quarters. The ultimate impact on economic growth in both countries will depend on the level and duration of tariffs and the outcome of trade negotiations.

Canada’s real gross domestic product (GDP) growth is expected to moderate to an annualized rate of 1.5% in the first quarter of 2025 from 2.6% in the fourth quarter of 2024, before further contracting moderately in the second and third quarters. Annual real GDP growth in 2025 is anticipated to slow to 1.0% from 1.5% in 2024, before picking up to 1.2% in 2026. Assuming agreements relating to future trade policies can be reached between the Canadian and U.S. governments, economic growth is projected to turn positive later in 2025 and improve further in 2026. The recovery would be supported by the easing of trade tensions, lower interest rates, a low-valued currency and expansionary fiscal policies. Employment rose modestly in April 2025 and grew a healthy 1.2% year-over-year. The unemployment rate has risen from 6.2% to 6.9% over the past year, entirely due to rapid labour force growth, which is now slowing due to a sizeable reduction in immigration. The expected near-term contraction in real GDP could lift the jobless rate to 7.7% by the end of the year, before declining in 2026 on firmer economic activity. Consumer price index inflation has fluctuated widely, reflecting temporary changes in sales taxes, but remains low at 1.7% year-over-year in April 2025. Retaliatory tariffs applied to some U.S. imports will temporarily lift inflation, but the annual rate is still expected to average 2.0% in 2025 and 2026, in line with the Bank of Canada’s medium-term target. After reducing the policy rate by 225 basis points since last summer, the Bank of Canada held interest rates steady in April 2025, adopting a more cautious stance due to tariff-related uncertainty surrounding both inflation and growth. We anticipate the central bank will reduce the policy rate three more times in 2025 by a total of 75 basis points to address a weaker economy. Industry-wide growth in residential mortgage balances improved to 4.5% year-over-year in March 2025. However, economic uncertainty related to the trade war has already contributed to a sharp reversal in home sales this year, and growth is projected to slow for the remainder of the year, before improving in 2026 as housing market activity responds to a firmer economy and lower borrowing costs. Year-over-year growth in consumer credit (excluding mortgages) held firm at 4.1% in March 2025, but is anticipated to decelerate as a result of rising unemployment. Industry-wide growth in non-financial corporate credit balances strengthened to 3.5% year-over-year in March 2025, but balances are expected to decline modestly in the remainder of the year due to a contraction in business investment. The Canadian dollar is projected to remain weak in 2025, reflecting the low interest rate environment and economic concerns.

The U.S. economy lost momentum early this year due to trade policy uncertainty and still-elevated interest rates. Real GDP contracted 0.3% annualized in the first quarter of 2025 after growing 2.4% in the fourth quarter of 2024, as businesses rushed to import products, supplies and equipment ahead of pending tariffs. A sharp increase in the average effective tariff on U.S. imports will depress activity in the second quarter. Annual GDP growth in 2025 is expected to average 1.3%, slowing from 2.8% in 2024. Recent efforts towards de-escalation of the trade war are promising, including a 90-day rollback of retaliatory duties between the United States and China. Assuming trade talks lead to a permanent reduction in some tariffs and Congress approves proposed legislation to reduce corporate and personal income taxes, economic growth is expected to strengthen to 1.4% in 2026. Employment growth has moderated, but remains healthy with non-farm payrolls expanding 1.2% year-over-year in April 2025. However, federal job cuts and delayed hiring in the private sector could lead to a significant slowing in job growth this year. While the unemployment rate remains low at 4.2%, it is expected to rise to 5.0% by the end of the year. Consumer price index inflation declined to 2.3% year-over-year in April 2025, benefitting in part from lower oil prices. Tariffs are expected to lift annual inflation to above 3% later this year, before moderating in response to weaker demand and an expected roll back of some tariffs. The Federal Reserve has held policy rates steady this year, due to the uncertain effect of tariffs on economic growth and inflation, but is expected to reduce rates by a cumulative 150 basis points between July 2025 and June 2026 to address a rising unemployment rate. Growth in residential mortgage balances at commercial banks slowed considerably to 1.7% year-over-year in April 2025, due to continued weakness in home sales, but will likely strengthen later in the year as mortgage rates decline. Year-over-year growth in consumer loan balances was 2.4% in April 2025, and is projected to remain moderate in 2025. Year-over-year growth in business, industrial and commercial real estate credit remains weak at 1.3% in April 2025, due to still elevated borrowing costs and uncertain trade policies, and is unlikely to recover until the trade war abates.

The economic outlook is subject to several risks that could lead to a less favourable outcome for the North American economy. The most immediate threat is from a possible escalation of the trade war, such as a resumption of reciprocal tariffs by the United States on many countries beyond July 2025. In addition, investors could lose confidence in holding U.S. assets, including Treasury securities, risking renewed weakness in financial markets. Canadian businesses face longer-term risks in the event of an unsuccessful renegotiation of the CUSMA. Other risks stem from the continued conflict in Ukraine and the Middle East, and ongoing diplomatic tensions between Canada and India.

Our operations, clients, and customers may be affected by significant changes to the economic environment and increased economic uncertainty. An increase in provisions for credit losses, volatility in capital markets and slower loan growth could result if tariffs are high and persistent. Management regularly monitors the economic environment to take proactive actions to respond to uncertainties and reduce the impact on our results.

Caution

This Economic Developments and Outlook section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

 

(1)

All periods in this section refer to the calendar quarter and calendar year, rather than the fiscal quarter or fiscal year.

 

BMO Financial Group Second Quarter Report 2025 5

 


Financial Highlights

 

TABLE 1

              

(Canadian $ in millions, except as noted)

      Q2-2025         Q1-2025         Q2-2024         YTD-2025         YTD-2024  

Summary Income Statement (1)

              

Net interest income

     5,097        5,398        4,515        10,495        9,236  

Non-interest revenue

     3,582        3,868        3,459        7,450        6,410  

Revenue

     8,679        9,266        7,974        17,945        15,646  

Provision for credit losses on impaired loans

     765        859        658        1,624        1,131  

Provision for credit losses on performing loans

     289        152        47        441        201  

Total provision for credit losses (PCL)

     1,054        1,011        705        2,065        1,332  

Non-interest expense

     5,019        5,427        4,844        10,446        10,233  

Provision for income taxes

     644        690        559        1,334        923  

Net income

     1,962        2,138        1,866        4,100        3,158  

Net income attributable to non-controlling interest in subsidiaries

     2        4        4        6        6  

Dividends on preferred shares and distributions on other equity instruments

     142        65        143        207        183  

Net income available to common shareholders

     1,818        2,069        1,719        3,887        2,969  

Adjusted net income

     2,046        2,289        2,033        4,335        3,926  

Adjusted net income available to common shareholders

     1,902        2,220        1,886        4,122        3,737  

Common Share Data ($, except as noted) (1)

              

Basic earnings per share

     2.51        2.84        2.36        5.34        4.09  

Diluted earnings per share

     2.50        2.83        2.36        5.34        4.08  

Adjusted diluted earnings per share

     2.62        3.04        2.59        5.66        5.14  

Book value per share

     108.03        109.46        97.67        108.03        97.67  

Closing share price

     132.09        143.88        122.97        132.09        122.97  

Number of common shares outstanding (in millions)

              

End of period

     722.1        728.8        729.3        722.1        729.3  

Average basic

     725.4        729.6        728.3        727.5        726.0  

Average diluted

     726.4        730.7        729.3        728.6        726.9  

Market capitalization ($ billions)

     95.4        104.9        89.7        95.4        89.7  

Dividends declared per share

     1.59        1.59        1.51        3.18        3.02  

Dividend yield (%)

     4.8        4.4        4.9        4.8        4.9  

Dividend payout ratio (%)

     63.4        56.1        64.0        59.5        73.9  

Adjusted dividend payout ratio (%)

     60.6        52.3        58.3        56.1        58.7  

Financial Measures and Ratios (%) (1) (2)

              

Return on equity (ROE)

     9.4        10.6        9.9        10.0        8.5  

Adjusted return on equity

     9.8        11.3        10.9        10.6        10.7  

Return on tangible common equity (ROTCE)

     12.8        14.4        14.0        13.6        12.1  

Adjusted return on tangible common equity

     12.8        14.9        14.6        13.9        14.5  

Efficiency ratio

     57.8        58.6        60.7        58.2        65.4  

Adjusted efficiency ratio

     56.5        56.3        58.0        56.4        59.4  

Operating leverage

     5.2        20.1        14.3        12.6        17.9  

Adjusted operating leverage

     2.7        8.9        3.0        5.7        (0.9

Net interest margin on average earning assets

     1.60        1.62        1.51        1.61        1.54  

Adjusted net interest margin, excluding trading net interest income, and trading and insurance assets

     1.97        1.93        1.82        1.95        1.83  

Effective tax rate

     24.70        24.39        23.07        24.54        22.62  

Adjusted effective tax rate

     24.73        24.52        23.27        24.62        22.86  

Total PCL-to-average net loans and acceptances

     0.63        0.58        0.44        0.61        0.41  

PCL on impaired loans-to-average net loans and acceptances

     0.46        0.50        0.41        0.48        0.35  

Balance Sheet and Other Information (as at, $ millions, except as noted)

              

Assets

     1,440,269        1,468,093        1,374,053        1,440,269        1,374,053  

Average earning assets

     1,308,774        1,319,541        1,216,579        1,314,247        1,205,372  

Gross loans and acceptances

     681,102        694,027        664,658        681,102        664,658  

Net loans and acceptances

     676,142        689,235        660,644        676,142        660,644  

Deposits

     958,267        996,832        937,572        958,267        937,572  

Common shareholders’ equity

     78,008        79,772        71,225        78,008        71,225  

Total risk weighted assets (3)

     425,066        433,944        417,994        425,066        417,994  

Assets under administration

     799,054        830,137        725,921        799,054        725,921  

Assets under management

     437,911        450,617        385,936        437,911        385,936  

Capital and Liquidity Measures (%) (3)

              

Common Equity Tier 1 Ratio

     13.5        13.6        13.1        13.5        13.1  

Tier 1 Capital Ratio

     15.3        15.4        14.9        15.3        14.9  

Total Capital Ratio

     17.9        17.6        17.0        17.9        17.0  

Leverage Ratio

     4.4        4.4        4.3        4.4        4.3  

TLAC Ratio

     29.9        29.8        28.0        29.9        28.0  

Liquidity Coverage Ratio (LCR)

     134        128        128        134        128  

Net Stable Funding Ratio (NSFR)

     117        116        115        117        115  

Foreign Exchange Rates ($)

              

As at Canadian/U.S. dollar

     1.3786        1.4514        1.3763        1.3786        1.3763  

Average Canadian/U.S. dollar

     1.4203        1.4303        1.3625        1.4254        1.3507  

 

 (1)

Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Management assesses performance on a reported basis and an adjusted basis, and considers both to be useful. For further information, refer to the Non-GAAP and Other Financial Measures section.

 (2)

PCL, ROE and ROTCE ratios are presented on an annualized basis.

 (3)

Capital and liquidity measures are disclosed in accordance with the Capital Adequacy Requirements (CAR) Guideline and the Liquidity Adequacy Requirements (LAR) Guideline, as set out by the Office of the Superintendent of Financial Institutions (OSFI), as applicable.

 Certain comparative figures have been reclassified to conform with the current period’s presentation.

 

6 BMO Financial Group Second Quarter Report 2025

 


Non-GAAP and Other Financial Measures

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and our unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. References to GAAP mean IFRS. We use a number of financial measures to assess our performance, as well as the performance of our operating segments, including amounts, measures and ratios that are presented on a non-GAAP basis, as described below. We believe that these non-GAAP amounts, measures and ratios, read together with our GAAP results, provide readers with a better understanding of how management assesses results.

Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.

For further information regarding the composition of our non-GAAP and other financial measures, including supplementary financial measures, refer to the Glossary of Financial Terms.

Adjusted measures and ratios

Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non-interest expense, provision for credit losses and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non-GAAP. Presenting results on both a reported basis and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not be reflective of ongoing business performance. As such, the presentation may facilitate readers’ analysis of trends. Except as otherwise noted, management’s discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results.

Tangible common equity and return on tangible common equity

Tangible common equity is calculated as common shareholders’ equity, less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities. Return on tangible common equity (ROTCE) is calculated as net income available to common shareholders, adjusted for the amortization of acquisition-related intangible assets and any impairments, as a percentage of average tangible common equity. ROTCE is commonly used in the North American banking industry and is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed organically.

Adjusting Items

Adjusted results in the current quarter and prior periods excluded the following items:

 

 

Amortization of acquisition-related intangible assets and any impairments of $81 million ($109 million pre-tax) in Q2-2025, recorded in non-interest expense in the related operating group. Prior periods included $79 million ($106 million pre-tax) in Q1-2025, $79 million ($107 million pre-tax) in Q2-2024, and $84 million ($112 million pre-tax) in Q1-2024.

 

 

A reversal of acquisition and integration costs of $1 million ($2 million pre-tax) related to the acquisition of Bank of the West in Q2-2025, recorded in non-interest expense in Corporate Services. Prior periods included acquisition and integration costs of $7 million ($10 million pre-tax) in Q1-2025, $26 million ($36 million pre-tax) in Q2-2024, and $57 million ($76 million pre-tax) in Q1-2024, recorded in non-interest expense in the related operating group.

 

 

Impact of a U.S. Federal Deposit Insurance Corporation (FDIC) special assessment expense of $4 million ($5 million pre-tax) in Q2-2025, recorded in non-interest expense in Corporate Services. Prior periods included a $5 million ($7 million pre-tax) partial reversal of non-interest expense in Q1-2025, a $50 million ($67 million pre-tax) expense in Q2-2024 and a $313 million ($417 million pre-tax) expense in Q1-2024.

 

 

The impact of a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, recorded in Corporate Services in the prior year. Prior periods included $12 million ($15 million pre-tax) in Q2-2024 and $11 million ($15 million pre-tax) in Q1-2024, both comprising interest expense of $14 million and non-interest expense of $1 million. For further information, refer to the Provisions and Contingent Liabilities section in Note 25 of the audited annual consolidated financial statements of BMO’s 2024 Annual Report.

 

 

Impact of aligning accounting policies for employee vacation across legal entities of $70 million ($96 million pre-tax) in Q1-2025, recorded in non-interest expense in Corporate Services.

 

 

Net accounting loss of $136 million ($164 million pre-tax) on the sale of a portfolio of recreational vehicle loans related to balance sheet optimization in Q1-2024, recorded in non-interest revenue in Corporate Services.

Adjusting items in aggregate decreased net income by $84 million in the current quarter, compared with a decrease of $167 million in the prior year and a decrease of $151 million in the prior quarter. On a year-to-date basis, adjusting items in aggregate decreased net income by $235 million in the current year, compared with a decrease of $768 million in the prior year.

 

BMO Financial Group Second Quarter Report 2025 7

 


Non-GAAP and Other Financial Measures (1)

 

TABLE 2

          

(Canadian $ in millions, except as noted)

      Q2-2025        Q1-2025        Q2-2024        YTD-2025        YTD-2024  

Reported Results

          

Net interest income

     5,097       5,398       4,515       10,495       9,236  

Non-interest revenue

     3,582       3,868       3,459       7,450       6,410  

Revenue

     8,679       9,266       7,974       17,945       15,646  

Provision for credit losses

     (1,054     (1,011     (705     (2,065     (1,332

Non-interest expense

     (5,019     (5,427     (4,844     (10,446     (10,233

Income before income taxes

     2,606       2,828       2,425       5,434       4,081  

Provision for income taxes

     (644     (690     (559     (1,334     (923

Net income

     1,962       2,138       1,866       4,100       3,158  

Dividends on preferred shares and distributions on other equity instruments

     142       65       143       207       183  

Net income attributable to non-controlling interest in subsidiaries

     2       4       4       6       6  

Net income available to common shareholders

     1,818       2,069       1,719       3,887       2,969  

Diluted EPS ($)

     2.50       2.83       2.36       5.34       4.08  

Adjusting Items Impacting Revenue (Pre-tax)

          

Legal provision/reversal (including related interest expense and legal fees)

     -       -       (14     -       (28

Impact of loan portfolio sale

     -       -       -       -       (164

Impact of adjusting items on revenue (pre-tax)

     -       -       (14     -       (192

Adjusting Items Impacting Non-Interest Expense (Pre-tax)

          

Acquisition and integration costs/reversal

     2       (10     (36     (8     (112

Amortization of acquisition-related intangible assets

     (109     (106     (107     (215     (219

Legal provision/reversal (including related interest expense and legal fees)

     -       -       (1     -       (2

FDIC special assessment

     (5     7       (67     2       (484

Impact of alignment of accounting policies

     -       (96     -       (96     -  

Impact of adjusting items on non-interest expense (pre-tax)

     (112     (205     (211     (317     (817

Impact of adjusting items on reported net income (pre-tax)

     (112     (205     (225     (317     (1,009

Adjusting Items Impacting Revenue (After-tax)

          

Legal provision/reversal (including related interest expense and legal fees)

     -       -       (11     -       (21

Impact of loan portfolio sale

     -       -       -       -       (136

Impact of adjusting items on revenue (after-tax)

     -       -       (11     -       (157

Adjusting Items Impacting Non-Interest Expense (After-tax)

          

Acquisition and integration costs/reversal

     1       (7     (26     (6     (83

Amortization of acquisition-related intangible assets

     (81     (79     (79     (160     (163

Legal provision/reversal (including related interest expense and legal fees)

     -       -       (1     -       (2

FDIC special assessment

     (4     5       (50     1       (363

Impact of alignment of accounting policies

     -       (70     -       (70     -  

Impact of adjusting items on non-interest expense (after-tax)

     (84     (151     (156     (235     (611

Impact of adjusting items on reported net income (after-tax)

     (84     (151     (167     (235     (768

Impact on diluted EPS ($)

     (0.12     (0.21     (0.23     (0.32     (1.06

Adjusted Results

          

Net interest income

     5,097       5,398       4,529       10,495       9,264  

Non-interest revenue

     3,582       3,868       3,459       7,450       6,574  

Revenue

     8,679       9,266       7,988       17,945       15,838  

Provision for credit losses

     (1,054     (1,011     (705     (2,065     (1,332

Non-interest expense

     (4,907     (5,222     (4,633     (10,129     (9,416

Income before income taxes

     2,718       3,033       2,650       5,751       5,090  

Provision for income taxes

     (672     (744     (617     (1,416     (1,164

Net income

     2,046       2,289       2,033       4,335       3,926  

Net income available to common shareholders

     1,902       2,220       1,886       4,122       3,737  

Diluted EPS ($)

     2.62       3.04       2.59       5.66       5.14  

 

 (1)

Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Refer to the commentary in this Non-GAAP and Other Financial Measures section for further information on adjusting items.

 

8 BMO Financial Group Second Quarter Report 2025

 


Summary of Reported and Adjusted Results by Operating Segment

 

TABLE 3

               

(Canadian $ in millions, except as noted)

  Canadian P&C     U.S. P&C     Total P&C     BMO Wealth
Management
    BMO Capital
Markets
    Corporate
Services
    Total Bank     U.S. Segment (1)
(US$ in millions)
 

Q2-2025

               

Reported net income (loss)

    782       546       1,328       361       431       (158     1,962       515  

Dividends on preferred shares and distributions on other equity instruments

    11       14       25       3       10       104       142       3  

Net income (loss) attributable to non-controlling interest in subsidiaries

    -       5       5       -       -       (3     2       -  

Net income (loss) available to common shareholders

    771       527       1,298       358       421       (259     1,818       512  

Acquisition and integration costs/reversal (2)

    -       -       -       -       -       (1     (1     (1

Amortization of acquisition-related intangible assets

    4       72       76       2       3       -       81       54  

Impact of FDIC special assessment

    -       -       -       -       -       4       4       3  

Adjusted net income (loss) (3)

    786       618       1,404       363       434       (155     2,046       571  

Adjusted net income (loss) available to common shareholders (3)

    775       599       1,374       360       424       (256     1,902       568  

Q1-2025

               

Reported net income (loss)

    894       580       1,474       369       587       (292     2,138       639  

Dividends on preferred shares and distributions on other equity instruments

    12       15       27       2       10       26       65       3  

Net income attributable to non-controlling interest in subsidiaries

    -       -       -       -       -       4       4       1  

Net income (loss) available to common shareholders

    882       565       1,447       367       577       (322     2,069       635  

Acquisition and integration costs (2)

    -       -       -       -       -       7       7       5  

Amortization of acquisition-related intangible assets

    3       70       73       2       4       -       79       52  

Impact of FDIC special assessment

    -       -       -       -       -       (5     (5     (4

Impact of alignment of accounting policies

    -       -       -       -       -       70       70       25  

Adjusted net income (loss) (3)

    897       650       1,547       371       591       (220     2,289       717  

Adjusted net income (loss) available to common shareholders (3)

    885       635       1,520       369       581       (250     2,220       713  

Q2-2024

               

Reported net income (loss)

    872       543       1,415       320       459       (328     1,866       559  

Dividends on preferred shares and distributions on other equity instruments

    11       13       24       2       9       108       143       5  

Net income attributable to non-controlling interest in subsidiaries

    -       4       4       -       -       -       4       4  

Net income (loss) available to common shareholders

    861       526       1,387       318       450       (436     1,719       550  

Acquisition and integration costs (2)

    2       -       2       -       2       22       26       17  

Amortization of acquisition-related intangible assets

    3       69       72       2       5       -       79       54  

Legal provision/reversal (including related interest expense and legal fees)

    -       -       -       -       -       12       12       9  

Impact of FDIC special assessment

    -       -       -       -       -       50       50       37  

Adjusted net income (loss) (3)

    877       612       1,489       322       466       (244     2,033       676  

Adjusted net income (loss) available to common shareholders (3)

    866       595       1,461       320       457       (352     1,886       667  

YTD-2025

               

Reported net income (loss)

    1,676       1,126       2,802       730       1,018       (450     4,100       1,154  

Dividends on preferred shares and distributions on other equity instruments

    23       29       52       5       20       130       207       6  

Net income attributable to non-controlling interest in subsidiaries

    -       5       5       -       -       1       6       4  

Net income (loss) available to common shareholders

    1,653       1,092       2,745       725       998       (581     3,887       1,144  

Acquisition and integration costs (2)

    -       -       -       -       -       6       6       4  

Amortization of acquisition-related intangible assets

    7       142       149       4       7       -       160       106  

Impact of FDIC special assessment

    -       -       -       -       -       (1     (1     (1

Impact of alignment of accounting policies

    -       -       -       -       -       70       70       25  

Adjusted net income (loss) (3)

    1,683       1,268       2,951       734       1,025       (375     4,335       1,288  

Adjusted net income (loss) available to common shareholders (3)

    1,660       1,234       2,894       729       1,005       (506     4,122       1,278  

 

 (1)

U.S. segment comprises reported and adjusted results recorded in U.S. P&C and our U.S. operations in BMO Wealth Management, BMO Capital Markets and Corporate Services.

 (2)

Acquisition and integration costs are recorded in non-interest expense in the related operating groups. Expenses related to the acquisition of Bank of the West were recorded in Corporate Services; expenses related to the acquisition of Clearpool and Radicle were recorded in BMO Capital Markets; and expenses related to the acquisition of AIR MILES were recorded in Canadian P&C.

 (3)

Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.

 

BMO Financial Group Second Quarter Report 2025 9

 


Summary of Reported and Adjusted Results by Operating Segment (Continued)

 

TABLE 3 (Continued)

               

(Canadian $ in millions, except as noted)

  Canadian P&C     U.S. P&C     Total P&C     BMO Wealth
Management
    BMO Capital
Markets
    Corporate
Services
    Total Bank     U.S. Segment (1)
(US$ in millions)
 

YTD-2024

               

Reported net income (loss)

    1,793       1,103       2,896       560       852       (1,150     3,158       743  

Dividends on preferred shares and distributions on other equity instruments

    21       26       47       4       18       114       183       10  

Net income attributable to non-controlling interest in subsidiaries

    -       4       4       -       -       2       6       5  

Net income (loss) available to common shareholders

    1,772       1,073       2,845       556       834       (1,266     2,969       728  

Acquisition and integration costs (2)

    3       -       3       -       12       68       83       56  

Amortization of acquisition-related intangible assets

    6       144       150       3       10       -       163       113  

Legal provision/reversal (including related interest expense and legal fees)

    -       -       -       -       -       23       23       17  

Impact of loan portfolio sale

    -       -       -       -       -       136       136       102  

Impact of FDIC special assessment

    -       -       -       -       -       363       363       268  

Adjusted net income (loss) (3)

    1,802       1,247       3,049       563       874       (560     3,926        1,299   

Adjusted net income (loss) available to common shareholders (3)

    1,781       1,217       2,998       559       856       (676     3,737       1,284  

 

 (1)

U.S. segment comprises reported and adjusted results recorded in U.S. P&C and our U.S. operations in BMO Wealth Management, BMO Capital Markets and Corporate Services.

 (2)

Acquisition and integration costs are recorded in non-interest expense in the related operating groups. Expenses related to the acquisition of Bank of the West were recorded in Corporate Services; expenses related to the acquisition of Clearpool and Radicle were recorded in BMO Capital Markets; and expenses related to the acquisition of AIR MILES were recorded in Canadian P&C.

 (3)

Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.

Return on Equity and Return on Tangible Common Equity

 

TABLE 4

          

(Canadian $ in millions, except as noted)

      Q2-2025        Q1-2025        Q2-2024        YTD-2025        YTD-2024  

Reported net income

     1,962       2,138       1,866       4,100       3,158  

Net income attributable to non-controlling interest in subsidiaries

     2       4       4       6       6  

Net income attributable to bank shareholders

     1,960       2,134       1,862       4,094       3,152  

Dividends on preferred shares and distributions on other equity instruments

     142       65       143       207       183  

Net income available to common shareholders (A)

     1,818       2,069       1,719       3,887       2,969  

After-tax amortization of acquisition-related intangible assets

     81       79       79       160       163  

Net income available to common shareholders after adjusting for amortization of acquisition-related intangible assets (B)

     1,899       2,148       1,798       4,047       3,132  

After-tax impact of other adjusting items (1)

     3       72       88       75       605  

Adjusted net income available to common shareholders (C)

     1,902       2,220       1,886       4,122       3,737  

Average common shareholders’ equity (D)

     79,288       77,693       70,551       78,478       69,965  

Goodwill

     (17,089     (17,209     (16,431     (17,150     (16,293

Acquisition-related intangible assets

     (2,400     (2,514     (2,694     (2,458     (2,720

Net of related deferred tax liabilities

     986       1,011       978       999       992  

Average tangible common equity (E)

     60,785       58,981       52,404       59,868       51,944  

Return on equity (%) (= A/D) (2)

     9.4       10.6       9.9       10.0       8.5  

Adjusted return on equity (%) (= C/D) (2)

     9.8       11.3       10.9       10.6       10.7  

Return on tangible common equity (%) (= B/E) (2)

     12.8       14.4       14.0       13.6       12.1  

Adjusted return on tangible common equity (%) (= C/E) (2)

     12.8       14.9       14.6       13.9       14.5  

 

 (1)

Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.

 (2)

Quarterly calculations are on an annualized basis.

 

10 BMO Financial Group Second Quarter Report 2025

 


Return on Equity by Operating Segment (1)

 

TABLE 5

  
     Q2-2025  

(Canadian $ in millions, except as noted)

   Canadian P&C      U.S. P&C      Total P&C      BMO Wealth
Management
     BMO Capital
Markets
     Corporate
Services
    Total Bank     U.S. Segment (2)
(US$ in millions)
 

Reported

                     

Net income (loss) available to common shareholders

     771        527        1,298        358        421        (259     1,818       512  

Total average common equity

     16,760        35,461        52,221        5,092        13,931        8,044       79,288       32,706  

Return on equity (%)

     18.9        6.1        10.2        28.9        12.4        na       9.4       6.4  

Adjusted (3)

                     

Net income (loss) available to common shareholders

     775        599        1,374        360        424        (256     1,902        568   

Total average common equity

     16,760        35,461        52,221        5,092        13,931        8,044       79,288       32,706  

Return on equity (%)

     19.0        6.9        10.8        29.1        12.5        na       9.8       7.1  
     Q1-2025  

(Canadian $ in millions, except as noted)

   Canadian P&C      U.S. P&C      Total P&C      BMO Wealth
Management
     BMO Capital
Markets
     Corporate
Services
    Total Bank     U.S. Segment (2)
(US$ in millions)
 

Reported

                     

Net income (loss) available to common shareholders

     882        565        1,447        367        577        (322     2,069       635  

Total average common equity

     16,515        36,068        52,583        5,009        13,555        6,546       77,693       32,650  

Return on equity (%)

     21.2        6.2        10.9        29.0        16.9        na       10.6       7.7  

Adjusted (3)

                     

Net income (loss) available to common shareholders

     885        635        1,520        369        581        (250     2,220       713  

Total average common equity

     16,515        36,068        52,583        5,009        13,555        6,546       77,693       32,650  

Return on equity (%)

     21.3        7.0        11.5        29.2        17.0        na       11.3       8.6  
     Q2-2024  

(Canadian $ in millions, except as noted)

   Canadian P&C      U.S. P&C      Total P&C      BMO Wealth
Management
     BMO Capital
Markets
     Corporate
Services
    Total Bank     U.S. Segment (2)
(US$ in millions)
 

Reported

                     

Net income (loss) available to common shareholders

     861        526        1,387        318        450        (436     1,719       550  

Total average common equity

     15,750        33,078        48,828        4,736        13,008        3,979       70,551       31,544  

Return on equity (%)

     22.3        6.5        11.6        27.2        14.1        na       9.9       7.1  

Adjusted (3)

                     

Net income (loss) available to common shareholders

     866        595        1,461        320        457        (352     1,886       667  

Total average common equity

     15,750        33,078        48,828        4,736        13,008        3,979       70,551       31,544  

Return on equity (%)

     22.4        7.3        12.2        27.4        14.3        na       10.9       8.6  
     YTD-2025  

(Canadian $ in millions, except as noted)

   Canadian P&C      U.S. P&C      Total P&C      BMO Wealth
Management
     BMO Capital
Markets
     Corporate
Services
    Total Bank     U.S. Segment (2)
(US $ in millions)
 

Reported

                     

Net income (loss) available to common shareholders

     1,653        1,092        2,745        725        998        (581     3,887       1,144  

Total average common equity

     16,636        35,769        52,405        5,049        13,739        7,285       78,478       32,677  

Return on equity (%)

     20.0        6.2        10.6        29.0        14.6        na       10.0       7.1  

Adjusted (3)

                     

Net income (loss) available to common shareholders

     1,660        1,234        2,894        729        1,005        (506     4,122       1,278  

Total average common equity

     16,636        35,769        52,405        5,049        13,739        7,285       78,478       32,677  

Return on equity (%)

     20.1        7.0        11.1        29.1        14.8        na       10.6       7.9  
     YTD-2024  

(Canadian $ in millions, except as noted)

   Canadian P&C      U.S. P&C      Total P&C      BMO Wealth
Management
     BMO Capital
Markets
     Corporate
Services
    Total Bank     U.S. Segment (2)
(US $ in millions)
 

Reported

                     

Net income (loss) available to common shareholders

     1,772        1,073        2,845        556        834        (1,266     2,969       728  

Total average common equity

     15,799        33,163        48,962        4,707        13,106        3,190       69,965       31,804  

Return on equity (%)

     22.6        6.5        11.7        23.7        12.8        na       8.5       4.6  

Adjusted (3)

                     

Net income (loss) available to common shareholders

     1,781        1,217        2,998        559        856        (676     3,737       1,284  

Total average common equity

     15,799        33,163        48,962        4,707        13,106        3,190       69,965       31,804  

Return on equity (%)

     22.7        7.4        12.3        23.9        13.1        na       10.7       8.1  

 

 (1)

Return on equity is based on allocated capital. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk weighted assets, compared with 11.5% in fiscal 2024. Capital is allocated to the operating segments based on the amount of regulatory capital required to support business activities, with unallocated capital reported in Corporate Services. Capital allocation methodologies are reviewed at least annually. For further information, refer to the How BMO Reports Operating Group Results section. Return on equity ratios are presented on an annualized basis.

 (2)

U.S. segment comprises reported and adjusted results and allocated capital recorded in U.S. P&C and our U.S. operations in BMO Wealth Management, BMO Capital Markets and Corporate Services.

 (3)

Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.

 na – not applicable

Caution

This Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

 

BMO Financial Group Second Quarter Report 2025 11

 


Foreign Exchange

 

TABLE 6

         
     Q2-2025            YTD-2025  

(Canadian $ in millions, except as noted)

   vs. Q2-2024     vs. Q1-2025            vs. YTD-2024  

Canadian/U.S. dollar exchange rate (average)

         

Current period

     1.4203       1.4203          1.4254  

Prior period

     1.3625       1.4303          1.3507  

Effects on U.S. segment reported results

         

Increased (Decreased) net interest income

     89       (17        240  

Increased (Decreased) non-interest revenue

     60       (11              139  

Increased (Decreased) total revenue

     149       (28        379  

Decreased (Increased) provision for credit losses

     (13     3          (34

Decreased (Increased) non-interest expense

     (95     17          (278

Decreased (Increased) provision for income taxes

     (9     2                (12

Increased (Decreased) net income

     32       (6              55  

Impact on earnings per share ($)

     0.04       (0.01              0.07  

Effects on U.S. segment adjusted results

         

Increased (Decreased) net interest income

     90       (17        242  

Increased (Decreased) non-interest revenue

     59       (11              148  

Increased (Decreased) total revenue

     149       (28        390  

Decreased (Increased) provision for credit losses

     (13     3          (34

Decreased (Increased) non-interest expense

     (87     16          (234

Decreased (Increased) provision for income taxes

     (10     2                (25

Increased (Decreased) net income

     39       (7              97  

Impact on earnings per share ($)

     0.05       (0.01              0.13  

 Adjusted results in this table are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

The table above indicates the relevant average Canadian/U.S. dollar exchange rates and the impact of changes in those rates on BMO’s U.S. segment reported and adjusted results. Our U.S. segment comprises reported and adjusted results recorded in U.S. P&C and our U.S. operations in BMO Wealth Management, BMO Capital Markets and Corporate Services.

The Canadian dollar equivalents of BMO’s U.S. segment results that are denominated in U.S. dollars decreased in the second quarter of fiscal 2025, relative to the first quarter of fiscal 2025 and increased relative to the second quarter of fiscal 2024, due to changes in the Canadian/U.S. dollar exchange rate. References in this document to the impact of the U.S. dollar do not include U.S. dollar-denominated amounts recorded outside of BMO’s U.S. segment.

Economically, our U.S. dollar income stream was not hedged against the risk of changes in foreign exchange rates during fiscal 2025 and fiscal 2024. Changes in exchange rates will affect future results measured in Canadian dollars, and the impact on those results is a function of the periods in which revenue, expenses and provisions for (or recoveries of) credit losses and income taxes arise.

Refer to the Enterprise-Wide Capital Management section of BMO’s 2024 Annual MD&A for a discussion of the impact that changes in foreign exchange rates can have on BMO’s capital position.

Net Income

Q2 2025 vs. Q2 2024

Reported net income was $1,962 million, an increase of $96 million or 5% from the prior year, and adjusted net income was $2,046 million, an increase of $13 million or 1%. The impact of the stronger U.S. dollar increased net income by 2% on both a reported basis and an adjusted basis. Reported earnings per share (EPS) was $2.50, an increase of $0.14 from the prior year, and adjusted EPS was $2.62, an increase of $0.03.

The increase in reported net income reflected the impact of the FDIC special assessment and higher acquisition and integration costs in the prior year. The increase in adjusted net income reflected strong revenue growth, partially offset by a higher provision for credit losses and higher expenses. Reported and adjusted net income increased in BMO Wealth Management and decreased in Canadian P&C and BMO Capital Markets. U.S. P&C net income increased due to the impact of the stronger U.S. dollar, and decreased on a source currency basis. Corporate Services recorded a lower net loss on both a reported and an adjusted basis.

Q2 2025 vs. Q1 2025

Reported net income decreased $176 million or 8% from the prior quarter, and adjusted net income decreased $243 million or 11%. Reported EPS decreased $0.33 from the prior quarter, and adjusted EPS decreased $0.42.

Reported net income in the prior quarter was impacted by the alignment of accounting policies for employee vacation across legal entities. The decrease in reported and adjusted net income reflected lower revenue and a higher provision for credit losses, partially offset by lower expenses. Reported and adjusted net income decreased across all operating segments. Corporate Services recorded a lower net loss on both a reported basis and an adjusted basis.

 

12 BMO Financial Group Second Quarter Report 2025

 


Q2 YTD 2025 vs. Q2 YTD 2024

Reported net income was $4,100 million, an increase of $942 million or 30% from the prior year, and adjusted net income was $4,335 million, an increase of $409 million or 10%. The impact of the stronger U.S. dollar increased net income by 2% on a reported basis and 3% on an adjusted basis. Reported EPS was $5.34, an increase of $1.26 from the prior year, and adjusted EPS was $5.66, an increase of $0.52.

The increase in reported results reflected the impact of the FDIC special assessment and the net accounting loss on the sale of a portfolio of recreation vehicles in the prior year, and lower acquisition and integration-related costs, partially offset by the impact of aligning accounting policies for employee vacation across legal entities in the current year. Adjusted results increased due to higher revenue, partially offset by a higher provision for credit losses and higher expenses. Reported and adjusted net income increased in BMO Wealth Management and BMO Capital Markets, partially offset by a decrease in Canadian P&C. U.S. P&C net income increased due to the impact of stronger U.S. dollar, and decreased on a source currency basis. Corporate Services recorded a lower net loss on both a reported basis and an adjusted basis.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Net Income section.

Revenue

Q2 2025 vs. Q2 2024

Reported and adjusted revenue was $8,679 million, an increase of $705 million or 9% from the prior year on a reported basis, and an increase of $691 million or 9% on an adjusted basis. The impact of the stronger U.S. dollar increased reported and adjusted revenue by 2%. Reported and adjusted revenue increased across all operating segments and in Corporate Services. The impact of the transition of bankers’ acceptances exposures to loans resulted in lower non-interest revenue, offset in net interest income.

Reported and adjusted net interest income was $5,097 million, an increase of $582 million or 13% from the prior year on a reported basis, and an increase of $568 million or 13% on an adjusted basis, driven by higher net interest margin, balance growth in Canadian P&C and BMO Wealth Management, higher trading-related net interest income and the impact of the stronger U.S. dollar. Trading-related net interest income was $64 million, an increase of $50 million from the prior year.

BMO’s overall reported net interest margin of 1.60% increased 9 basis points from the prior year. Adjusted net interest margin, excluding trading-related net interest income and trading and insurance assets was 1.97%, an increase of 15 basis points, primarily due to higher deposit and loan margins and higher net interest income in Corporate Services.

Non-interest revenue was $3,582 million, an increase of $123 million or 4% from the prior year, driven by higher trading revenue, wealth management fees, deposit fees and advisory fees, as well as the impact of the stronger U.S. dollar. These were partially offset by markdowns on fair value loans, lower lending fees, including the impact of bankers’ acceptances exposures noted above, and a loss of $51 million on the strategic sale of a non-relationship U.S. credit card portfolio related to balance sheet optimization, and lower net gains on investments recorded in net securities gains, other than trading and share of profit (loss) in joint ventures.

Q2 2025 vs. Q1 2025

Reported and adjusted revenue decreased $587 million or 6% from the prior quarter. Revenue decreased across all operating segments and was relatively unchanged in Corporate Services.

Net interest income decreased $301 million or 6% from the prior quarter, driven by lower trading-related net interest income and the impact of three fewer days in the current quarter, partially offset by higher non-trading net interest margin. Trading-related net interest income decreased $206 million from the prior quarter.

BMO’s overall reported net interest margin decreased 2 basis points from the prior quarter. Adjusted net interest margin, excluding trading-related net interest income and trading and insurance assets increased 4 basis points, primarily due to higher deposit margins and lower low-yielding assets in BMO Capital Markets and Corporate Services.

Non-interest revenue decreased $286 million or 7% from the prior quarter, with decreases across most categories, including the items noted above, lower lending fees, insurance-related revenue and wealth management fees, partially offset by higher advisory fees.

Q2 YTD 2025 vs. Q2 YTD 2024

Reported and adjusted revenue was $17,945 million, an increase of $2,299 million or 15% from the prior year on a reported basis, and $2,107 million or 13% on an adjusted basis. The impact of the stronger U.S. dollar increased revenue by 3% on both a reported and an adjusted basis. Reported revenue in the prior year was impacted by the net accounting loss on the sale of a portfolio of recreational vehicle loans. Revenue increased across all operating segments and in Corporate Services.

Reported and adjusted net interest income was $10,495 million, an increase of $1,259 million or 14% from the prior year on a reported basis, and an increase of $1,231 million or 13% on an adjusted basis. The increase was driven by higher non-trading interest margin, balance growth in Canadian P&C and BMO Wealth Management, higher trading-related net interest income, and higher net interest income in Corporate Services, as well as the impact of the stronger U.S. dollar. Trading-related net interest income was $334 million, an increase of $192 million from the prior year.

BMO’s overall reported net interest margin of 1.61% increased 7 basis points from the prior year. Adjusted net interest margin, excluding trading-related net interest income and trading and insurance assets of 1.95%, increased 12 basis points, primarily due to higher deposit and loan margins.

Reported and adjusted non-interest revenue was $7,450 million, an increase of $1,040 million or 16% from the prior year on a reported basis, and an increase of $876 million or 13% on an adjusted basis, with increases across most categories, including higher trading revenue, wealth management

 

BMO Financial Group Second Quarter Report 2025 13

 


fees, deposit fees and advisory fees, as well as the impact of the stronger U.S. dollar, partially offset by higher markdowns on fair value loans and lower lending fees as noted above.

Net interest income and non-interest revenue are detailed in the unaudited interim consolidated financial statements.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Revenue section.

Change in Net Interest Income, Average Earning Assets and Net Interest Margin (1)

 

TABLE 7

                     
    Net interest income (teb) (2)           Average earning assets (3)           Net interest margin (in basis points)  

(Canadian $ in millions, except as noted)

  Q2-2025     Q1-2025     Q2-2024           Q2-2025     Q1-2025     Q2-2024           Q2-2025     Q1-2025     Q2-2024  

Canadian P&C

    2,359       2,385       2,154         341,885       339,325       312,320         283       279       280  

U.S. P&C

    2,122       2,205       1,994         223,071       227,215       215,614         390       385       376  

Personal and Commercial Banking (P&C)

    4,481       4,590       4,148         564,956       566,540       527,934         325       321       319  

All other operating groups and Corporate Services

    616       808       367         743,818       753,001       688,645         na       na       na  

Total reported

    5,097       5,398       4,515         1,308,774       1,319,541       1,216,579         160       162       151  

Total adjusted

    5,097       5,398       4,529         1,308,774       1,319,541       1,216,579         160       162       151  

Trading net interest income and trading and insurance assets

    64       270       14         262,362       263,968       206,593         na       na       na  

Total reported, excluding trading and insurance

    5,033       5,128       4,501         1,046,412       1,055,573       1,009,986         197       193       181  

Total adjusted, excluding trading and insurance

    5,033       5,128       4,515         1,046,412       1,055,573       1,009,986         197       193       182  

U.S. P&C (US$ in millions)

    1,495       1,541       1,463               157,057       158,863       158,241               390       385       376  
    Net interest income (teb) (2)           Average earning assets (3)           Net interest margin (in basis points)  

(Canadian $ in millions, except as noted)

  YTD-2025            YTD-2024           YTD-2025            YTD-2024           YTD-2025            YTD-2024  

Canadian P&C

    4,744         4,295         340,584         309,883         281         279  

U.S. P&C

    4,327               4,052         225,177               213,955         388               381  

Personal and Commercial Banking (P&C)

    9,071         8,347         565,761         523,838         323         320  

All other operating groups and Corporate Services

    1,424               889         748,486               681,534         na               na  

Total reported

    10,495               9,236         1,314,247               1,205,372         161               154  

Total adjusted

    10,495               9,264         1,314,247               1,205,372         161               155  

Trading net interest income and trading and insurance assets

    334         142         263,178         203,220         na         na  

Total reported, excluding trading and insurance

    10,161         9,094         1,051,069         1,002,152         195         182  

Total adjusted, excluding trading and insurance

    10,161               9,122         1,051,069               1,002,152         195               183  

U.S. P&C (US$ in millions)

    3,036               3,000               157,975               158,398               388               381  

 

 (1)

Adjusted results and ratios in this table are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Operating group revenue is presented on a taxable equivalent basis (teb) in net interest income. For further information, refer to the How BMO Reports Operating Group Results section in BMO’s 2024 Annual MD&A.

 (3)

Average earning assets represents the daily average balance of interest-bearing deposits at central banks, deposits with other banks, securities borrowed or purchased under resale agreement, securities and loans over the period.

 na – not applicable

 Certain comparative figures have been reclassified to conform with the current period’s presentation.

Total Provision for Credit Losses

 

TABLE 8

                

(Canadian $ in millions)

   Canadian P&C      U.S. P&C     Total P&C      BMO Wealth
Management
    BMO Capital
Markets
    Corporate
Services
    Total Bank  

Q2-2025

                

Provision for credit losses on impaired loans

     476        247       723        2       28       12       765  

Provision for (recovery of) credit losses on performing loans

     132        87       219        6       73       (9     289  

Total provision for credit losses

     608        334       942        8       101       3       1,054  

Total PCL-to-average net loans and acceptances (%) (1)

     0.74        0.66       0.70        0.07       0.51       nm       0.63  

PCL on impaired loans-to-average net loans and acceptances (%) (1)

     0.58        0.49       0.54        0.01       0.13       nm       0.46  

Q1-2025

                

Provision for credit losses on impaired loans

     491        312       803        1       35       20       859  

Provision for (recovery of) credit losses on performing loans

     51        102       153        (1     11       (11     152  

Total provision for credit losses

     542        414       956        -       46       9       1,011  

Total PCL-to-average net loans and acceptances (%) (1)

     0.64        0.76       0.69        -       0.21       nm       0.58  

PCL on impaired loans-to-average net loans and acceptances (%) (1)

     0.58        0.58       0.58        0.01       0.16       nm       0.50  

Q2-2024

                

Provision for credit losses on impaired loans

     295        288       583        6       61       8       658  

Provision for (recovery of) credit losses on performing loans

     103        (7     96        (13     (9     (27     47  

Total provision for (recovery of) credit losses

     398        281       679        (7     52       (19     705  

Total PCL-to-average net loans and acceptances (%) (1)

     0.51        0.57       0.53        (0.07     0.25       nm       0.44  

PCL on impaired loans-to-average net loans and acceptances (%) (1)

     0.38        0.57       0.46        0.06       0.29       nm       0.41  

YTD-2025

                

Provision for credit losses on impaired loans

     967        559       1,526        3       63       32       1,624  

Provision for (recovery of) credit losses on performing loans

     183        189       372        5       84       (20     441  

Total provision for credit losses

     1,150        748       1,898        8       147       12       2,065  

Total PCL-to-average net loans and acceptances (%) (1)

     0.69        0.71       0.70        0.04       0.35       nm       0.61  

PCL on impaired loans-to-average net loans and acceptances (%) (1)

     0.58        0.53       0.56        0.01       0.15       nm       0.48  

YTD-2024

                

Provision for credit losses on impaired loans

     533        471       1,004        9       72       46       1,131  

Provision for (recovery of) credit losses on performing loans

     160        100       260        (3     (42     (14     201  

Total provision for credit losses

     693        571       1,264        6       30       32       1,332  

Total PCL-to-average net loans and acceptances (%) (1)

     0.44        0.57       0.49        0.03       0.07       nm       0.41  

PCL on impaired loans-to-average net loans and acceptances (%) (1)

     0.34        0.47       0.39        0.04       0.18       nm       0.35  

 

 (1)

PCL ratios are presented on an annualized basis.

 nm – not meaningful

 

14 BMO Financial Group Second Quarter Report 2025

 


Q2 2025 vs. Q2 2024

Total provision for credit losses was $1,054 million, compared with a provision of $705 million in the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was 63 basis points, compared with 44 basis points in the prior year. The provision for credit losses on impaired loans was $765 million, an increase of $107 million, primarily due to higher provisions in Canadian Commercial Banking and Canadian unsecured consumer lending, partially offset by lower provisions in U.S. Commercial Banking and BMO Capital Markets. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was 46 basis points, compared with 41 basis points in the prior year. There was a $289 million provision for credit losses on performing loans, compared with a $47 million provision in the prior year. The provision for credit losses on performing loans in the current quarter was largely driven by changes in the macro-economic outlook and portfolio credit migration, partially offset by lower balances in certain portfolios.

Q2 2025 vs. Q1 2025

Total provision for credit losses increased $43 million from the prior quarter. The provision for credit losses on impaired loans decreased $94 million, due to lower provisions across all operating groups, primarily reflecting decreases in U.S. Commercial Banking and U.S. Personal and Business Banking. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was 46 basis points, compared with 50 basis points. There was a $289 million provision for credit losses on performing loans, compared with a $152 million provision in the prior quarter.

Q2 YTD 2025 vs. Q2 YTD 2024

Total provision for credit losses was $2,065 million, compared with a provision of $1,332 million in the prior year. The total provision for credit losses ratio was 61 basis points, compared with 41 basis points in the prior year. The provision for credit losses on impaired loans was $1,624 million, an increase of $493 million from the prior year, primarily due to higher provisions in Canadian Commercial Banking and Canadian unsecured consumer lending. The provision for credit losses on impaired loans ratio was 48 basis points, compared with 35 basis points in the prior year. There was a $441 million provision for credit losses on performing loans in the current year, compared with a $201 million provision in the prior year.

Impaired Loans

 

TABLE 9

          

(Canadian $ in millions, except as noted)

      Q2-2025        Q1-2025        Q2-2024        YTD-2025        YTD-2024  

GIL, beginning of period

     6,954       5,843       4,259       5,843       3,960  

Classified as impaired during the period

     1,771       2,373       1,988       4,144       3,354  

Transferred to not impaired during the period

     (440     (364     (263     (804     (527

Net repayments

     (731     (616     (409     (1,347     (731

Amounts written-off

     (543     (424     (381     (967     (762

Disposals of loans

     (65     (2     -       (67     (21

Foreign exchange and other movements

     (207     144       66       (63     (13

GIL, end of period

     6,739       6,954       5,260       6,739       5,260  

GIL to gross loans and acceptances (%)

     0.99       1.00       0.79       0.99       0.79  

Total gross impaired loans and acceptances (GIL) were $6,739 million, a decrease from $6,954 million in the prior quarter, primarily due to the impact of the weaker U.S. dollar. GIL as a percentage of gross loans and acceptances decreased to 0.99% from 1.00% in the prior quarter.

Loans classified as impaired during the quarter were $1,771 million, a decrease from $2,373 million in the prior quarter, primarily due to lower business and government formations across several sectors.

Factors contributing to the change in GIL are outlined in the table above.

Non-Interest Expense

Q2 2025 vs. Q2 2024

Reported non-interest expense was $5,019 million, an increase of $175 million or 4% from the prior year, and adjusted non-interest expense was $4,907 million, an increase of $274 million or 6%. The impact of the stronger U.S. dollar increased non-interest expense by 2% on both a reported and an adjusted basis.

Reported results reflected the impact of a lower FDIC special assessment, amortization of acquisition-related intangible assets in both periods, and higher acquisition and integration costs in the prior year. Adjusted non-interest expense increased, primarily due to higher employee-related expenses, including performance-based compensation, higher computer and equipment costs, and the impact of the stronger U.S. dollar, partially offset by below-trend expenses in Corporate Services.

Reported efficiency ratio was 57.8%, compared with 60.7% in the prior year, and adjusted efficiency ratio was 56.5%, compared with 58.0%. Reported operating leverage was positive 5.2% and adjusted operating leverage was positive 2.7%.

Q2 2025 vs. Q1 2025

Reported non-interest expense decreased $408 million or 8% from the prior quarter, and adjusted non-interest expense decreased $315 million or 6%.

The decrease in reported non-interest expense included the impact of alignment of accounting policies for employee vacation across legal entities in the prior quarter. The decrease in adjusted non-interest expense was primarily due to lower employee-related expenses, including stock-based compensation and seasonal benefits that are expensed in the first quarter of each year.

 

BMO Financial Group Second Quarter Report 2025 15

 


Q2 YTD 2025 vs. Q2 YTD 2024

Reported non-interest expense was $10,446 million, an increase of $213 million or 2% from the prior year, and adjusted non-interest expense was $10,129 million, an increase of $713 million or 8%. The impact of the stronger U.S. dollar increased non-interest expense by 3% on both a reported and an adjusted basis.

Reported results reflected the impact of alignment of accounting policies for employee vacation across legal entities in the current year, partially offset by lower acquisition and integration costs and a FDIC special assessment expense. The increase in non-interest expense was driven by higher employee-related costs, including performance-based compensation, higher computer and equipment costs, premises costs, as well as the impact of the stronger U.S. dollar, partially offset by below-trend other expenses.

The reported efficiency ratio was 58.2%, compared with 65.4% in the prior year. The adjusted efficiency ratio was 56.4%, compared with 59.4% in the prior year.

Non-interest expense is detailed in the unaudited interim consolidated financial statements.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Non-Interest Expense section.

Provision for Income Taxes

The reported provision for income taxes was $644 million, an increase of $85 million from the prior year, and a decrease of $46 million from the prior quarter. The reported effective tax rate was 24.7%, compared with 23.1% in the prior year and 24.4% in the prior quarter. The adjusted provision for income taxes was $672 million, an increase of $55 million from the prior year, and a decrease of $72 million from the prior quarter. The adjusted effective tax rate was 24.7%, compared with 23.3% in the prior year and 24.5% in the prior quarter.

The change in the reported and adjusted effective tax rate relative to the prior year was primarily due to earnings mix and the impact of the Global Minimum Tax (GMT) Act in the current year. For further information on the GMT Act, refer to Note 11 of the unaudited interim consolidated financial statements.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Provision for Income Taxes section.

Balance Sheet

 

TABLE 10

     

(Canadian $ in millions)

   As at April 30, 2025      As at October 31, 2024  

Assets

     

Cash and cash equivalents and interest bearing deposits with banks

     68,577        68,738  

Securities

     400,025        396,880  

Securities borrowed or purchased under resale agreements

     119,487        110,907  

Net loans and acceptances

     676,142        678,375  

Derivative instruments

     49,726        47,253  

Other assets

     126,312        107,494  

Total assets

     1,440,269        1,409,647  

Liabilities and Equity

     

Deposits

     958,267        982,440  

Derivative instruments

     57,727        58,303  

Securities lent or sold under repurchase agreements

     118,949        110,791  

Other liabilities

     209,753        165,450  

Subordinated debt

     9,740        8,377  

Equity

     85,795        84,250  

Non-controlling interest in subsidiaries

     38        36  

Total liabilities and equity

     1,440,269        1,409,647  

 Certain comparative figures have been reclassified to conform with the current period’s presentation.

Total assets were $1,440.3 billion as at April 30, 2025, an increase of $30.6 billion from October 31, 2024. The impact of the weaker U.S. dollar decreased assets by $6.5 billion, excluding the impact on derivative assets.

Cash and cash equivalents and interest bearing deposits with banks were relatively unchanged.

Securities increased $3.1 billion, primarily due to higher levels of client activity in BMO Capital Markets, partially offset by the impact of the weaker U.S. dollar.

Securities borrowed or purchased under resale agreements increased $8.6 billion, due to higher levels of client activity in BMO Capital Markets.

Net loans and acceptances decreased $2.2 billion, due to the impact of the weaker U.S. dollar. Business and government loans and acceptances decreased $3.4 billion, primarily due to the impact of the weaker U.S. dollar, with lower balances in BMO Capital Markets and U.S. P&C largely offset by higher balances in Canadian P&C. Consumer instalment and other personal loans decreased $0.5 billion and credit card balances decreased $0.4 billion. Residential mortgages increased $2.7 billion.

Derivative assets increased $2.5 billion, driven by an increase in the fair value of foreign exchange contracts, partially offset by a decrease in the fair value of equity and interest rate contracts.

Other assets increased $18.8 billion, primarily in BMO Capital Markets, due to changes in the balance of unsettled securities transactions and higher cash collateral balances posted with counterparties.

 

16 BMO Financial Group Second Quarter Report 2025

 


Liabilities increased $29.1 billion from October 31, 2024. The impact of the weaker U.S. dollar decreased liabilities by $6.0 billion, excluding the impact on derivative liabilities.

Deposits decreased $24.2 billion. Customer deposits decreased $14.7 billion, with lower balances in U.S. P&C reflecting the impact of deposit optimization activities, Canadian P&C and the impact of the weaker U.S. dollar, partially offset by higher balances in BMO Wealth Management. Other deposits decreased $9.5 billion, due to lower wholesale funding in Corporate Services, lower balances in Global Markets and the impact of the weaker U.S. dollar.

Derivative liabilities decreased $0.6 billion, driven by a decrease in the fair value of equity and interest rate contracts, offset by an increase in the fair value of foreign exchange contracts.

Securities lent or sold under repurchase agreements increased $8.2 billion, due to higher levels of client activity in BMO Capital Markets.

Other liabilities increased $44.3 billion, primarily in BMO Capital Markets, due to an increase in securities sold but not yet purchased, changes in the balance of unsettled securities transactions and higher securitization liabilities, partially offset by lower balances in Corporate Services.

Subordinated debt increased $1.4 billion, reflecting an issuance in the quarter.

Equity increased $1.5 billion from October 31, 2024. Accumulated other comprehensive income increased $1.3 billion, primarily due to a decline in accumulated other comprehensive loss on cash flow hedges, partially offset by the impact of the weaker U.S. dollar on the translation of net foreign operations. Retained earnings increased $0.7 billion, as a result of net income earned in the year, partially offset by dividends and distributions on other equity instruments and the repurchase of common shares for cancellation under the normal course issuer bid (NCIB). Preferred shares and other equity instruments decreased $0.3 billion, due to the redemption of our Non-Cumulative 5-year Rate Reset Class B Preferred Shares, Series 31 (NVCC). Common shares decreased $0.2 billion, due to the repurchase of shares for cancellation under the NCIB, partially offset by the issuance of shares issued under the Amended and Restated Stock Option Plan.

Contractual obligations by year of maturity are outlined in the Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments table in the Risk Management section.

Capital Management

BMO continues to manage its capital within the framework described in the Enterprise-Wide Capital Management section of BMO’s 2024 Annual Report.

Second Quarter 2025 Regulatory Capital Review

BMO’s Common Equity Tier 1 (CET1) Ratio was 13.5% as at April 30, 2025, a decrease from 13.6% at the end of the first quarter of 2025, as internal capital generation was more than offset by the impact of the repurchase of common shares for cancellation under BMO’s normal course issuer bid and higher source currency risk-weighted assets (RWA).

CET1 Capital was $57.4 billion as at April 30, 2025, a decrease from $59.2 billion as at January 31, 2025, as internal capital generation was more than offset by the impact of the shares repurchased and foreign exchange movements.

RWA were $425.1 billion as at April 30, 2025, a decrease from $433.9 billion as at January 31, 2025. RWA decreased, primarily due to the impact of foreign exchange movements, as well as lower operational risk, partially offset by higher credit risk reflecting changes in asset quality and asset size, and higher market risk.

In calculating regulatory capital ratios, total RWA must be increased when a capital floor amount calculated under the standardized approaches, multiplied by a capital floor adjustment factor, is higher than a similar calculation using more risk-sensitive internal modelled approaches, where applicable. The capital floor was not operative as at April 30, 2025, unchanged from January 31, 2025.

The bank’s Tier 1 and Total Capital Ratios were 15.3% and 17.9%, respectively, as at April 30, 2025, compared with 15.4% and 17.6%, respectively, as at January 31, 2025. The Tier 1 Capital Ratio was lower due to the same factors noted for the CET1 Ratio. The Total Capital Ratio was higher, as factors impacting the Tier 1 Capital ratio were largely offset by the issuance of $1,250 million of subordinated notes.

BMO’s investments in foreign operations are primarily denominated in U.S. dollars, and the foreign exchange impact of U.S. dollar-denominated RWA and capital deductions may result in variability in the bank’s capital ratios. We manage the impact of foreign exchange movements on RWA and capital deductions on our capital ratios, and during the current quarter, this impact was largely offset.

Our Leverage Ratio was 4.4% as at April 30, 2025, unchanged from the first quarter of 2025, as lower Tier 1 Capital was offset by lower leverage exposures.

The bank’s risk-based Total Loss Absorbing Capacity (TLAC) Ratio and TLAC Leverage Ratio were 29.9% and 8.5%, respectively, as at April 30, 2025, compared with 29.8% and 8.5%, respectively, as at January 31, 2025.

 

BMO Financial Group Second Quarter Report 2025 17

 


Regulatory Capital Developments

On February 12, 2025, OSFI announced the deferral of increases to the capital floor adjustment factor, currently at 67.5%, until further notice. Banks will be notified at least two years prior to any increases in the capital floor adjustment factor being resumed.

On December 17, 2024, OSFI announced that the Domestic Stability Buffer (DSB) will remain at 3.5%.

Refer to the Enterprise-Wide Capital Management section of BMO’s 2024 Annual Report for discussion of regulatory developments.

Regulatory Capital, Leverage and Total Loss Absorbing Capacity

Regulatory capital requirements for BMO are determined in accordance with guidelines issued by OSFI, which are based on the Basel III framework developed by the Basel Committee on Banking Supervision (BCBS), and include OSFI’s CAR Guideline and the Leverage Requirements (LR) Guideline. TLAC requirements are determined in accordance with OSFI’s TLAC Guideline. For more information, refer to the Enterprise-Wide Capital Management section of BMO’s 2024 Annual Report.

OSFI’s capital, leverage and TLAC requirements are summarized in the following table.

 

TABLE 11

                 

(% of risk-weighted assets or leverage exposures)

   Minimum capital,
leverage and TLAC
requirements
     Total Pillar 1 Capital
buffer (1)
    

Tier 1 Capital

buffer (2)

     Domestic stability
buffer (3)
     Minimum capital,
leverage and TLAC
requirements including
capital buffers
     BMO capital, leverage
and TLAC ratios as at
April 30, 2025
 

Common Equity Tier 1 Ratio

     4.5%        3.5%        na        3.5%        11.5%        13.5%  

Tier 1 Capital Ratio

     6.0%        3.5%        na        3.5%        13.0%        15.3%  

Total Capital Ratio

     8.0%        3.5%        na        3.5%        15.0%        17.9%  

TLAC Ratio

     21.5%        na        na        3.5%        25.0%        29.9%  

Leverage Ratio

     3.0%        na        0.5%        na        3.5%        4.4%  

TLAC Leverage Ratio

     6.75%        na        0.5%        na        7.25%        8.5%  

 

 (1)

The minimum CET1 Ratio requirement of 4.5% is augmented by the 3.5% Total Pillar 1 Capital buffers, which can absorb losses during periods of stress. Pillar 1 Capital buffers, which will be met with CET1 Capital, include a capital conservation buffer of 2.5%, a Common Equity Tier 1 surcharge for domestic systemically important banks (D-SIBs) of 1.0% and a countercyclical buffer, as prescribed by OSFI (immaterial for the quarter). If a bank’s capital ratios fall within the range of this combined buffer, restrictions on discretionary distributions of earnings (such as dividends, share repurchases and discretionary compensation) would ensue, with the degree of such restrictions varying according to the position of the bank’s ratios within the buffer range.

 (2)

D-SIBs are required to meet a 0.5% Tier 1 Capital buffer requirement for the Leverage and TLAC Leverage Ratios.

 (3)

OSFI requires all D-SIBs to hold a DSB against Pillar 2 risks associated with systemic vulnerabilities. Breaches of the DSB do not result in a bank being subject to automatic constraints on capital distributions. In the event of a breach, OSFI would require a remediation plan, and would expect for the plan to be executed in a timely manner. Banks may be required to hold additional buffers that are applicable to capital, leverage and TLAC ratios.

 na – not applicable

Regulatory Capital and TLAC Position

 

TABLE 12

      

(Canadian $ in millions, except as noted)

      Q2-2025        Q1-2025        Q2-2024  

Gross common equity (1)

     78,008       79,772       71,225  

Regulatory adjustments applied to common equity

     (20,603     (20,575     (16,499

Common Equity Tier 1 Capital (CET1)

     57,405       59,197       54,726  

Additional Tier 1 Eligible Capital (2)

     7,787       7,787       7,464  

Regulatory adjustments applied to Tier 1 Capital

     (85     (135     (97

Additional Tier 1 Capital (AT1)

     7,702       7,652       7,367  

Tier 1 Capital (T1 = CET1 + AT1)

     65,107       66,849       62,093  

Tier 2 Eligible Capital (3)

     10,880       9,494       8,910  

Regulatory adjustments applied to Tier 2 Capital

     (6     (3     (74

Tier 2 Capital (T2)

     10,874       9,491       8,836  

Total Capital (TC = T1 + T2)

     75,981       76,340       70,929  

Other TLAC instruments (4)

     51,424       53,148       46,101  

Adjustments applied to Other TLAC

     (140     (113     (89

Other TLAC available after adjustments

     51,284       53,035       46,012  

TLAC

     127,265       129,375       116,941  

Risk-Weighted Assets (5)

     425,066       433,944       417,994  

Leverage Ratio Exposures

     1,490,551       1,529,299       1,453,472  

Capital, Leverage and TLAC Ratios (%)

    

CET1 Ratio

     13.5       13.6       13.1  

Tier 1 Capital Ratio

     15.3       15.4       14.9  

Total Capital Ratio

     17.9       17.6       17.0  

TLAC Ratio

     29.9       29.8       28.0  

Leverage Ratio

     4.4       4.4       4.3  

TLAC Leverage Ratio

     8.5       8.5       8.0  

 

 (1)

Gross Common Equity includes issued qualifying common shares, retained earnings, accumulated other comprehensive income and eligible common share capital issued by subsidiaries.

 (2)

Additional Tier 1 Eligible Capital includes directly and indirectly issued qualifying Additional Tier 1 instruments.

 (3)

Tier 2 Eligible Capital includes subordinated debentures and may include portion of expected credit loss provisions.

 (4)

Other TLAC includes senior unsecured debt subject to the Canadian Bail-In Regime.

 (5)

Institutions using one of the internal model-based approaches for credit risk, counterparty credit risk, or market risk are subject to a capital floor requirement that is applied to RWA, as prescribed in OSFI’s CAR Guideline.

 

18 BMO Financial Group Second Quarter Report 2025

 


Outstanding Shares and Securities Convertible into Common Shares (1)

 

TABLE 13

     

As at April 30, 2025

   Number of
shares
     Amount
  (in millions)
 

Common shares

     722,070,767          $23,730  

Class B Preferred shares (2)

     

Series 33

     8,000,000          $200  

Series 44

     16,000,000          $400  

Series 50

     500,000          $500  

Series 52

     650,000          $650  

Other Equity Instruments (2)

     

4.800% Additional Tier 1 Capital Notes (3)

        US$500  

4.300% Limited Recourse Capital Notes, Series 1 (LRCNs)

          $1,250  

5.625% Limited Recourse Capital Notes, Series 2 (LRCNs)

          $750  

7.325% Limited Recourse Capital Notes, Series 3 (LRCNs)

          $1,000  

7.700% Limited Recourse Capital Notes, Series 4 (LRCNs)

        US$1,000  

7.300% Limited Recourse Capital Notes, Series 5 (LRCNs)

        US$750  

Medium-Term Notes (3)

     

3.803% Subordinated Notes due 2032

        US$1,250  

Series J - Second Tranche

          $1,250  

Series K - First Tranche

          $1,000  

3.088% Subordinated Notes due 2037

        US$1,250  

Series L - First Tranche

          $750  

Series M - First Tranche

          $1,150  

Series M - Second Tranche

          $1,000  

Series N - First Tranche

          $1,250  

Stock options

     

Vested

     3,080,854     

Non-vested

     3,504,552           

 

 (1)

Details on the Medium-Term Notes are outlined in Note 16 of the audited consolidated financial statements of BMO’s 2024 Annual Report. Details on share capital and other equity instruments are outlined in Note 6 of the unaudited interim consolidated financial statements and Note 17 of the audited annual consolidated financial statements of BMO’s 2024 Annual Report.

 (2)

Convertible into common shares. For LRCNs, convertible into common shares by virtue of the recourse to the Preferred Shares Series 48, Preferred Shares Series 49, Preferred Shares Series 51, Preferred Shares 53, and Preferred Shares 54 for Series 1, Series 2, Series 3, Series 4, and Series 5 LRCNs, respectively, issued concurrently with the LRCNs, which currently comprise the limited recourse trust assets.

 (3)

The notes had an initial interest rate of 4.800% and reset on August 25, 2024 to 6.709%.

If a non-viability contingent capital (NVCC) trigger event were to occur, our NVCC instruments would be converted into BMO common shares pursuant to automatic conversion formulas, with a conversion price based on the greater of: (i) a floor price of $5.00; and (ii) the current market price of our common shares at the time of the trigger event (calculated using a 10-day weighted average). Based on a floor price of $5.00, these NVCC capital instruments would be converted into approximately 4.6 billion BMO common shares, assuming no accrued interest and no declared and unpaid dividends.

Other Capital Developments

On May 6, 2025, we announced our intention to redeem all of our outstanding $1,250 million 2.077% Series J Medium-Term Notes Second Tranche (NVCC) at par, plus accrued and unpaid interest to, but excluding, the redemption date on June 17, 2025.

On March 5, 2025, we issued $1,250 million 4.077% Series N Medium-Term Notes First Tranche (NVCC) through our Canadian Medium-Term Note Program.

On January 17, 2025, we announced a normal course issuer bid (NCIB) to purchase up to 20 million of our common shares for cancellation commencing on January 22, 2025, and ending no later than January 21, 2026. The timing and amount of purchases under the NCIB are determined by management, based on factors such as market conditions and capital levels. We also established an automatic securities purchase plan related to the NCIB under which our broker may purchase our common shares pursuant to the NCIB within a defined set of criteria. During the three months ended April 30, 2025, we purchased for cancellation 7 million common shares under the NCIB, at an average price of $137.52 per share for a total amount of $981 million, including tax. During the six months ended April 30, 2025, we purchased for cancellation 8.2 million common shares under the NCIB, at an average price of $138.53 per share for a total amount of $1,157 million, including tax. In addition, we repurchased 2 million common shares in May 2025 at an average price of $136.15.

On November 25, 2024, we redeemed all of our outstanding 12 million Non-Cumulative 5-year Rate Reset Class B Preferred Shares, Series 31 (NVCC) for an aggregate total of $300 million.

Dividends

On May 28, 2025, BMO announced that the Board of Directors had declared a quarterly dividend on common shares of $1.63 per share, a $0.04 increase from the prior quarter and a $0.08 increase from the prior year. The dividend is payable on August 26, 2025 to shareholders of record on July 30, 2025. Common shareholders may elect to have their cash dividends reinvested in common shares of BMO, in accordance with the Shareholder Dividend Reinvestment and Share Purchase Plan (DRIP).

Common shares under the DRIP are purchased on the open market without a discount.

For the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation, BMO designates all dividends paid or deemed to be paid on both its common and preferred shares as “eligible dividends”, unless indicated otherwise.

Caution

This Capital Management section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

 

BMO Financial Group Second Quarter Report 2025 19

 


Review of Operating Groups’ Performance

How BMO Reports Operating Group Results

BMO reports financial results for its three operating groups, one of which comprises two operating segments, all of which are supported by Corporate Units and Technology and Operations (T&O) within Corporate Services. Operating segment results include allocations from Corporate Services for treasury-related revenue, corporate and T&O costs, and capital.

BMO employs funds transfer pricing and liquidity transfer pricing between corporate treasury and the operating segments in order to assign cost or credit on assets and liabilities to facilitate effective pricing and business decision-making, and to help assess the profitability performance of each line of business. These practices also capture the cost of holding supplemental liquid assets to meet contingent liquidity requirements, as well as facilitating the management of interest rate and liquidity risk within our risk appetite framework and regulatory requirements. We review our transfer pricing methodologies at least annually in order to align with our interest rate, liquidity and funding risk management practices, and update these as appropriate.

The costs of Corporate Units and T&O services are largely allocated to the four operating segments, with any remaining amounts retained in Corporate Services. Certain expenses directly incurred to support a specific operating segment are generally allocated to that operating segment. Other expenses are generally allocated across the operating segments in amounts that are reasonably reflective of the level of support provided to each operating segment. We review our expense allocation methodologies at least annually and update these as appropriate.

Periodically, certain lines of business and units within our organizational structure are realigned within an operating segment or transferred between operating segments and Corporate Services to support our strategic priorities. Allocations of revenue, expenses, provisions for income taxes and capital from Corporate Services to the operating groups are updated to better align with these changes.

Capital is allocated to the operating segments based on the amount of regulatory capital required to support business activities. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk-weighted assets, compared with 11.5% in fiscal 2024. Unallocated capital is reported in Corporate Services. We review our capital allocation methodologies at least annually and update these as appropriate.

We analyze revenue at the consolidated level based on GAAP revenue as reported in the audited annual consolidated financial statements, rather than on a taxable equivalent basis (teb), which is consistent with our Canadian banking peer group. Like many banks, BMO analyzes revenue on a teb basis at the operating segment level. Revenue and the provision for income taxes in BMO Capital Markets and U.S. P&C are increased on tax-exempt securities to equivalent pre-tax amounts in order to facilitate comparisons of income from taxable and tax-exempt sources. The offset to the segment teb adjustments is reflected in Corporate Services revenue and provision for (recovery of) income taxes. In fiscal 2024, the Canadian government enacted legislation that, in certain circumstances, denies deductions for dividends that are received after 2023. As a result, beginning January 1, 2024, we did not take the deduction for certain Canadian dividends received by BMO Capital Markets, and we no longer report this revenue on a taxable equivalent basis. Refer to the Other Regulatory Developments section in BMO’s 2024 Annual Report for further details.

Personal and Commercial Banking (P&C) (1)

 

TABLE 14

              

(Canadian $ in millions, except as noted)

      Q2-2025         Q1-2025         Q2-2024         YTD-2025         YTD-2024  

Net interest income (teb) (2)

     4,481        4,590        4,148        9,071        8,347  

Non-interest revenue

     1,021        1,151        1,060        2,172        2,093  

Total revenue (teb) (2)

     5,502        5,741        5,208        11,243        10,440  

Provision for credit losses on impaired loans

     723        803        583        1,526        1,004  

Provision for credit losses on performing loans

     219        153        96        372        260  

Total provision for credit losses

     942        956        679        1,898        1,264  

Non-interest expense

     2,795        2,828        2,657        5,623        5,333  

Income before income taxes

     1,765        1,957        1,872        3,722        3,843  

Provision for income taxes (teb) (2)

     437        483        457        920        947  

Reported net income

     1,328        1,474        1,415        2,802        2,896  

Dividends on preferred shares and distributions on other equity instruments

     25        27        24        52        47  

Net income attributable to non-controlling interest in subsidiaries

     5        -        4        5        4  

Net income available to common shareholders

     1,298        1,447        1,387        2,745        2,845  

Acquisition and integration costs (3)

     -        -        2        -        3  

Amortization of acquisition-related intangible assets (4)

     76        73        72        149        150  

Adjusted net income

     1,404        1,547        1,489        2,951        3,049  

Adjusted net income available to common shareholders

     1,374        1,520        1,461        2,894        2,998  

 

 (1)

Adjusted results are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Taxable equivalent basis (teb) amounts of $8 million in Q2-2025, $9 million in Q1-2025, and $9 million in Q2-2024; and $17 million for YTD-2025 and $18 million for YTD-2024. These amounts were recorded in net interest income, revenue and in provision for income taxes.

 (3)

Acquisition and integration costs related to the acquisition of AIR MILES, recorded in non-interest expense.

 (4)

Amortization of acquisition-related intangible assets and any impairments, recorded in non-interest expense.

The Personal and Commercial Banking (P&C) operating group represents the sum of our two retail and commercial operating segments, Canadian Personal and Commercial Banking (Canadian P&C) and U.S. Personal and Commercial Banking (U.S. P&C). The P&C banking business reported net income was $1,328 million, a decrease of $87 million or 6% from the prior year, and a decrease of $146 million or 10% from the prior quarter. These operating segments are reviewed separately in the sections that follow.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Review of Operating Groups’ Performance section.

 

20 BMO Financial Group Second Quarter Report 2025

 


Canadian Personal and Commercial Banking (Canadian P&C) (1)

 

TABLE 15

             

(Canadian $ in millions, except as noted)

      Q2-2025       Q1-2025         Q2-2024         YTD-2025         YTD-2024  

Net interest income

     2,359       2,385        2,154        4,744        4,295  

Non-interest revenue

     615       680        665        1,295        1,302  

Total revenue

     2,974       3,065        2,819        6,039        5,597  

Provision for credit losses on impaired loans

     476       491        295        967        533  

Provision for credit losses on performing loans

     132       51        103        183        160  

Total provision for credit losses (PCL)

     608       542        398        1,150        693  

Non-interest expense

     1,289       1,290        1,216        2,579        2,426  

Income before income taxes

     1,077       1,233        1,205        2,310        2,478  

Provision for income taxes

     295       339        333        634        685  

Reported net income

     782       894        872        1,676        1,793  

Dividends on preferred shares and distributions on other equity instruments

     11       12        11        23        21  

Net income available to common shareholders

     771       882        861        1,653        1,772  

Acquisition and integration costs (2)

     -       -        2        -        3  

Amortization of acquisition-related intangible assets (3)

     4       3        3        7        6  

Adjusted net income

     786       897        877        1,683        1,802  

Adjusted net income available to common shareholders

     775       885        866        1,660        1,781  

Adjusted non-interest expense

     1,284       1,286        1,208        2,570        2,413  

Key Performance Metrics and Drivers

             

Personal and Business Banking revenue

     2,141       2,206        2,016        4,347        4,033  

Commercial Banking revenue

     833       859        803        1,692        1,564  

Return on equity (%) (4) (5)

     18.9       21.2        22.3        20.0        22.6  

Adjusted return on equity (%) (4) (5)

     19.0       21.3        22.4        20.1        22.7  

Operating leverage (%)

     (0.5     3.7        4.1        1.6        1.5  

Adjusted operating leverage (%)

     (0.8     3.6        4.5        1.4        2.0  

Efficiency ratio (%)

     43.3       42.1        43.2        42.7        43.4  

Adjusted efficiency ratio (%)

     43.2       42.0        42.9        42.6        43.1  

PCL on impaired loans to average net loans and acceptances (%) (5)

     0.58       0.58        0.38        0.58        0.34  

Net interest margin on average earning assets (%)

     2.83       2.79        2.80        2.81        2.79  

Average earning assets

     341,885       339,325        312,320        340,584        309,883  

Average gross loans and acceptances

     340,175       337,611        319,896        338,871        318,602  

Average deposits

     310,646       313,950        297,304        312,326        293,024  

 

 (1)

Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Acquisition and integration costs related to the acquisition of AIR MILES, recorded in non-interest expense.

 (3)

Amortization of acquisition-related intangible assets and any impairments, recorded in non-interest expense.

 (4)

Return on equity is based on allocated capital. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.

 (5)

Return on equity and PCL ratios are presented on an annualized basis.

 Certain comparative figures have been reclassified to conform with the current period’s presentation.

Q2 2025 vs. Q2 2024

Canadian P&C reported net income was $782 million, a decrease of $90 million or 10% from the prior year.

Total revenue was $2,974 million, an increase of $155 million or 6% from the prior year. Net interest income increased $205 million or 10%, primarily due to higher balances and net interest margin. Non-interest revenue decreased $50 million or 7%, primarily due to lower lending fee revenue, reflecting the impact of the transition of bankers’ acceptances exposures to loans, and lower card-related revenue, partially offset by higher deposit fee revenue. Net interest margin of 2.83% increased 3 basis points from the prior year, primarily due to higher deposit and loan margins, partially offset by loans growing faster than deposits.

Personal and Business Banking revenue increased $125 million or 6% and Commercial Banking revenue increased $30 million or 4%, both due to higher net interest income, partially offset by lower non-interest revenue.

Total provision for credit losses was $608 million, an increase of $210 million from the prior year. The provision for credit losses on impaired loans was $476 million, an increase of $181 million, due to higher provisions in Commercial Banking and Personal and Business Banking, driven by unsecured segments of the consumer portfolio. There was a $132 million provision for credit losses on performing loans in the current quarter, compared with a $103 million provision in the prior year.

Non-interest expense was $1,289 million, an increase of $73 million or 6% from the prior year, primarily driven by higher technology costs and employee-related expenses.

Average gross loans and acceptances increased $20.3 billion or 6% from the prior year to $340.2 billion. Personal and Business Banking loan balances increased 5%, primarily reflecting growth in residential mortgages, Commercial Banking loan balances increased 8% and credit card balances increased 6%. Average deposits increased $13.3 billion or 4% to $310.6 billion. Personal and Business Banking and Commercial Banking deposits both increased 4%.

 

BMO Financial Group Second Quarter Report 2025 21

 


Q2 2025 vs. Q1 2025

Reported net income decreased $112 million or 12% from the prior quarter.

Total revenue decreased $91 million or 3% from the prior quarter. Net interest income decreased $26 million or 1%, due to the impact of three fewer days in the current quarter, partially offset by higher net interest margin. Non-interest revenue decreased $65 million or 9%, primarily due to lower card-related revenue and lower gains on investments in our commercial business. Net interest margin increased 4 basis points from the prior quarter, primarily due to higher loan and deposit margins, partially offset by loans growing faster than deposits.

Personal and Business Banking revenue decreased $65 million or 3% and Commercial Banking revenue decreased $26 million or 3%, both due to lower net interest income and non-interest revenue.

Total provision for credit losses increased $66 million from the prior quarter. The provision for credit losses on impaired loans decreased $15 million, reflecting lower provisions in both Commercial Banking and Personal and Business Banking. There was a $132 million provision for credit losses on performing loans in the current quarter, compared with a $51 million provision in the prior quarter.

Non-interest expense was relatively unchanged from prior quarter, with lower operating costs partially offset by higher technology costs.

Average gross loans and acceptances increased $2.6 billion or 1% from the prior quarter. Personal and Business Banking loan balances were relatively unchanged from the prior quarter, Commercial Banking loan balances increased 2% and credit card balances decreased 2%. Average deposits decreased $3.3 billion or 1% from the prior quarter, with lower term deposits partially offset by higher operating deposits. Personal and Business Banking deposits were relatively unchanged and Commercial Banking decreased $2.7 billion or 3%.

Q2 YTD 2025 vs. Q2 YTD 2024

Canadian P&C reported net income was $1,676 million, a decrease of $117 million or 6% from the prior year.

Total revenue was $6,039 million, an increase of $442 million or 8% from the prior year. Net interest income increased $449 million or 10%, due to higher balances and net interest margin. Non-interest revenue decreased $7 million or 1%, primarily due to lower lending fee revenue reflecting the impact of the transition of bankers’ acceptances exposures to loans, partially offset by higher deposit fee revenue and gains on investments in our commercial business. Net interest margin of 2.81% increased 2 basis points from the prior year, due to higher loan and deposit margins, partially offset by loans growing faster than deposits.

Personal and Business Banking revenue increased $314 million or 8%, due to higher net interest income and non-interest revenue. Commercial Banking revenue increased $128 million or 8%, due to higher net interest income, partially offset by lower non-interest revenue.

Total provision for credit losses was $1,150 million, an increase of $457 million from the prior year. The provision for credit losses on impaired loans was $967 million, an increase of $434 million, reflecting higher provisions in both Commercial Banking and Personal and Business Banking, driven by unsecured segments of the consumer portfolio. There was a $183 million provision for credit losses on performing loans in the current year, compared with a $160 million provision in the prior year.

Non-interest expense was $2,579 million, an increase of $153 million or 6% from the prior year, driven by higher employee-related expenses, and higher technology and operating costs.

Average gross loans and acceptances increased $20.3 billion or 6% from the prior year. Personal and Business Banking loan balances increased 6%, Commercial Banking loan balances increased 8% and credit card balances increased 8%. Average deposits increased $19.3 billion or 7% from the prior year, Personal and Business Banking deposits increased 6% and Commercial Banking deposits increased 9%.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Review of Operating Groups’ Performance section.

 

22 BMO Financial Group Second Quarter Report 2025

 


U.S. Personal and Commercial Banking (U.S. P&C) (1)

 

TABLE 16

             

(Canadian $ in millions, except as noted)

      Q2-2025         Q1-2025         Q2-2024        YTD-2025         YTD-2024  

Net interest income (teb) (2)

     2,122        2,205        1,994       4,327        4,052  

Non-interest revenue

     406        471        395       877        791  

Total revenue (teb) (2)

     2,528        2,676        2,389       5,204        4,843  

Provision for credit losses on impaired loans

     247        312        288       559        471  

Provision for (recovery of) credit losses on performing loans

     87        102        (7     189        100  

Total provision for credit losses (PCL)

     334        414        281       748        571  

Non-interest expense

     1,506        1,538        1,441       3,044        2,907  

Income before income taxes

     688        724        667       1,412        1,365  

Provision for income taxes (teb) (2)

     142        144        124       286        262  

Reported net income

     546        580        543       1,126        1,103  

Dividends on preferred shares and distributions on other equity instruments

     14        15        13       29        26  

Net income attributable to non-controlling interest in subsidiaries

     5        -        4       5        4  

Net income available to common shareholders

     527        565        526       1,092        1,073  

Amortization of acquisition-related intangible assets (3)

     72        70        69       142        144  

Adjusted net income

     618        650        612       1,268        1,247  

Adjusted net income available to common shareholders

     599        635        595       1,234        1,217  

Adjusted non-interest expense

     1,409        1,444        1,348       2,853        2,714  

Average earning assets

     223,071        227,215        215,614       225,177        213,955  

Average gross loans and acceptances

     212,146        215,827        203,029       214,017        203,340  

Average deposits

     231,173        240,658        221,216       235,994        218,155  

(US$ equivalent in millions)

                                      

Net interest income (teb) (2)

     1,495        1,541        1,463       3,036        3,000  

Non-interest revenue

     286        330        290       616        586  

Total revenue (teb) (2)

     1,781        1,871        1,753       3,652        3,586  

Provision for credit losses on impaired loans

     175        217        211       392        348  

Provision for (recovery of) credit losses on performing loans

     63        70        (5     133        75  

Total provision for credit losses

     238        287        206       525        423  

Non-interest expense

     1,060        1,075        1,058       2,135        2,152  

Income before income taxes

     483        509        489       992        1,011  

Provision for income taxes (teb) (2)

     100        102        91       202        194  

Reported net income

     383        407        398       790        817  

Dividends on preferred shares and distributions on other equity instruments

     10        11        9       21        19  

Net income attributable to non-controlling interest in subsidiaries

     3        -        3       3        3  

Net income available to common shareholders

     370        396        386       766        795  

Amortization of acquisition-related intangible assets (3)

     50        49        51       99        107  

Adjusted net income

     433        456        449       889        924  

Adjusted net income available to common shareholders

     420        445        437       865        902  

Adjusted non-interest expense

     992        1,009        990       2,001        2,009  

Key Performance Metrics (US$ basis)

             

Personal and Business Banking revenue

     686        715        683       1,401        1,408  

Commercial Banking revenue

     1,095        1,156        1,070       2,251        2,178  

Return on equity (%) (4) (5)

     6.1        6.2        6.5       6.2        6.5  

Adjusted return on equity (%) (4) (5)

     6.9        7.0        7.3       7.0        7.4  

Operating leverage (%)

     1.4        3.8        (0.6     2.6        (11.1

Adjusted operating leverage (%)

     1.3        3.1        (1.0     2.2        (8.4

Efficiency ratio (%)

     59.5        57.5        60.3       58.5        60.0  

Adjusted efficiency ratio (%)

     55.7        54.0        56.4       54.8        56.0  

Net interest margin on average earning assets (%)

     3.90        3.85        3.76       3.88        3.81  

PCL on impaired loans to average net loans and acceptances (%) (5)

     0.49        0.58        0.57       0.53        0.47  

Average earning assets

     157,057        158,863        158,241       157,975        158,398  

Average gross loans and acceptances

     149,364        150,898        149,005       150,144        150,545  

Average deposits

     162,757        168,263        162,359       165,556        161,507  

 

 (1)

Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Taxable equivalent basis (teb) amounts of $8 million in Q2-2025, and $9 million in both Q1-2025 and Q2-2024; and $17 million for YTD-2025 and $18 million for YTD-2024. These amounts were recorded in net interest income revenue and provision for income taxes, and were reflected in the ratios. On a source currency basis: US$6 million in each of Q2-2025, Q1-2025, and Q2-2024; and US$12 million for YTD-2025 and US$13 million for YTD-2024.

 (3)

Amortization of acquisition-related intangible assets and any impairments, recorded in non-interest expense. On a source currency basis: US$68 million in Q2-2025, US$66 million in Q1-2025, and US $68 million in Q2-2024; and US$134 million for YTD-2025 and US$143 million for YTD-2024.

 (4)

Return on equity is based on allocated capital. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.

 (5)

Return on equity and PCL ratios are presented on an annualized basis.

 Certain comparative figures have been reclassified to conform with the current period’s presentation.

Q2 2025 vs. Q2 2024

U.S. P&C reported net income was $546 million, an increase of $3 million from the prior year. The impact of the stronger U.S. dollar increased revenue, expenses and net income by 4%, respectively. All amounts in the remainder of this section are presented on a U.S. dollar basis.

Reported net income was $383 million, a decrease of $15 million or 4% from the prior year.

Total revenue was $1,781 million, an increase of $28 million or 2% from the prior year. Net interest income increased $32 million or 2%, due to higher margins. Non-interest revenue decreased $4 million or 1% from the prior year, primarily due to the impact of a loss of $35 million on the strategic sale of a non-relationship credit card portfolio in the current quarter, partially offset by higher deposit fee revenue. Net interest margin of 3.90% increased 14 basis points, primarily due to higher deposit and loan margins.

 

BMO Financial Group Second Quarter Report 2025 23

 


Personal and Business Banking revenue increased $3 million, as higher net interest income was partially offset by lower non-interest revenue. Commercial Banking revenue increased $25 million or 2%, due to higher net interest income and non-interest revenue.

Total provision for credit losses was $238 million, an increase of $32 million from the prior year. The provision for credit losses on impaired loans was $175 million, a decrease of $36 million, with lower provisions in Commercial Banking, partially offset by higher provisions in Personal and Business Banking. There was a $63 million provision for credit losses on performing loans in the current quarter, compared with a recovery of $5 million in the prior year.

Non-interest expense was $1,060 million, relatively unchanged from the prior year, with higher employee-related expenses offset by lower operating costs.

Average gross loans and acceptances were relatively unchanged from the prior year at $149.4 billion. Personal and Business Banking loan balances increased 10% and Commercial Banking loan balances decreased 2%. Average total deposits were relatively unchanged at $162.8 billion. Personal and Business Banking deposits increased 1% and Commercial Banking deposits were relatively unchanged.

Q2 2025 vs. Q1 2025

Reported net income decreased $34 million or 6% from the prior quarter. The impact of the weaker U.S. dollar decreased revenue, expenses and net income by 1%, respectively. All amounts in the remainder of this section are presented on a U.S. dollar basis.

Reported net income decreased $24 million or 6% from the prior quarter.

Total revenue decreased $90 million or 5% from the prior quarter. Net interest income decreased $46 million or 3%, due to the impact of three fewer days in the current quarter and lower balances, partially offset by higher margins. Non-interest revenue decreased $44 million or 13%, primarily due to the loss on sale noted above and lower lending fee revenue, partially offset by higher deposit fee revenue. Net interest margin of 3.90% increased 5 basis points from the prior quarter, driven by higher deposit and loan margins, partially offset by deposits declining faster than loans, reflecting the impact of deposit optimization activities.

Personal and Business Banking revenue decreased $29 million or 4%, due to lower non-interest revenue, partially offset by higher net interest income. Commercial Banking revenue decreased $61 million or 5%, primarily due to lower net interest income and non-interest revenue.

Total provision for credit losses decreased $49 million from the prior quarter. The provision for credit losses on impaired loans decreased $42 million, due to lower provisions in both Commercial Banking and Personal and Business Banking. There was a $63 million provision for credit losses on performing loans in the current quarter, compared with a $70 million provision in the prior quarter.

Non-interest expense decreased $15 million or 1% from the prior quarter, primarily due to lower technology costs, partially offset by higher advertising costs.

Average gross loans and acceptances decreased $1.5 billion or 1% from the prior quarter. Commercial Banking loan balances decreased 1%, and Personal and Business Banking loan balances were relatively unchanged from the prior quarter. Average total deposits decreased $5.5 billion or 3% from the prior quarter. Commercial Banking deposits decreased 5% and Personal and Business Banking deposits decreased 1%.

Q2 YTD 2025 vs. Q2 YTD 2024

Reported net income was $1,126 million, an increase of $23 million or 2% from the prior year. The impact of the stronger U.S. dollar increased revenue by 6%, and increased expenses and net income by 5%, respectively. All amounts in the remainder of this section are on a U.S. dollar basis.

Reported net income was $790 million, a decrease of $27 million or 3% from the prior year.

Total revenue was $3,652 million, an increase of $66 million or 2% from the prior year. Net interest income increased $36 million or 1%, primarily due to higher deposit balances. Non-interest revenue increased $30 million or 5%, due to higher deposit and lending fee revenue, partially offset by the loss on sale noted above. Net interest margin of 3.88% increased 7 basis points, primarily due to deposits growing faster than loans and improved loan margin, partially offset by lower deposit margins.

Personal and Business Banking revenue decreased $7 million, due to lower non-interest revenue, partially offset by higher net interest income. Commercial Banking revenue increased $73 million or 3%, due to higher net interest income and non-interest revenue.

Total provision for credit losses was $525 million, an increase of $102 million from the prior year. The provision for credit losses on impaired loans was $392 million, an increase of $44 million, primarily due to higher Commercial Banking provisions. There was a $133 million provision for credit losses on performing loans in the current year, compared with a $75 million provision in the prior year.

Non-interest expense was $2,135 million, a decrease of $17 million from the prior year, reflecting lower operating costs, partially offset by higher employee-related expenses.

Average gross loans and acceptances were relatively unchanged from the prior year at $150.1 billion. Commercial loan balances decreased 2% and Personal and Business Banking balances increased 5%. Average total deposits increased $4.0 billion or 3% to $165.6 billion. Commercial Banking deposits increased 2% and Personal and Business Banking deposits increased 3%.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Review of Operating Groups’ Performance section.

 

24 BMO Financial Group Second Quarter Report 2025

 


BMO Wealth Management (1)

 

TABLE 17

            

(Canadian $ in millions, except as noted)

      Q2-2025         Q1-2025        Q2-2024        YTD-2025         YTD-2024  

Net interest income

     369        355       322       724        647  

Non-interest revenue

     1,159        1,231       1,071       2,390        2,074  

Total revenue

     1,528        1,586       1,393       3,114        2,721  

Provision for credit losses on impaired loans

     2        1       6       3        9  

Provision for (recovery of) credit losses on performing loans

     6        (1     (13     5        (3

Total provision for (recovery of) credit losses (PCL)

     8        -       (7     8        6  

Non-interest expense

     1,041        1,095       978       2,136        1,975  

Income before income taxes

     479        491       422       970        740  

Provision for income taxes

     118        122       102       240        180  

Reported net income

     361        369       320       730        560  

Dividends on preferred shares and distributions on other equity instruments

     3        2       2       5        4  

Net income available to common shareholders

     358        367       318       725        556  

Amortization of acquisition-related intangible assets (2)

     2        2       2       4        3  

Adjusted net income

     363        371       322       734        563  

Adjusted net income available to common shareholders

     360        369       320       729        559  

Adjusted non-interest expense

     1,039        1,092       975       2,131        1,971  

Key Performance Metrics

            

Wealth and Asset Management reported net income

     302        286       252       588        439  

Wealth and Asset Management adjusted net income

     304        288       254       592        442  

Insurance reported net income (loss)

     59        83       68       142        121  

Return on equity (%) (3) (4)

     28.9        29.0       27.2       29.0        23.7  

Adjusted return on equity (%) (3) (4)

     29.1        29.2       27.4       29.1        23.9  

Reported efficiency ratio (%)

     68.1        69.0       70.3       68.6        72.6  

Adjusted efficiency ratio (%)

     67.9        68.9       70.1       68.4        72.5  

Operating leverage (%)

     3.5        9.5       7.0       6.4        8.3  

Adjusted operating leverage (%)

     3.5        9.6       7.1       6.4        8.4  

PCL on impaired loans to average net loans and acceptances (%) (4)

     0.01        0.01       0.06       0.01        0.04  

Average assets

     71,033        70,005       63,673       70,511        63,093  

Average gross loans and acceptances

     46,592        45,953       42,310       46,267        42,063  

Average deposits

     68,956        67,019       60,564       67,971        60,321  

Assets under administration (5)

     389,320        406,313       341,422       389,320        341,422  

Assets under management

     437,911        450,617       385,936       437,911        385,936  

U.S. Business Select Financial Data (US$ in millions)

            

Total revenue

     202        201       184       403        379  

Non-interest expense

     146        150       141       296        292  

Reported net income

     38        39       36       77        65  

Adjusted non-interest expense

     144        148       139       292        289  

Adjusted net income

     40        40       37       80        67  

Average gross loans and acceptances

     11,804        11,360       10,435       11,578        10,353  

Average deposits

     11,754        11,942       11,346       11,849        11,452  

 

 (1)

Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Amortization of acquisition-related intangible assets and any impairments, recorded in non-interest expense.

 (3)

Return on equity is based on allocated capital. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.

 (4)

Return on equity and PCL ratios are presented on an annualized basis.

 (5)

Certain assets under management that are also administered by the bank are included in assets under administration.

Q2 2025 vs. Q2 2024

BMO Wealth Management reported net income was $361 million, an increase of $41 million or 13% from the prior year. Wealth and Asset Management reported net income was $302 million, an increase of $50 million or 20%, and Insurance net income was $59 million, a decrease of $9 million or 13%.

Total revenue was $1,528 million, an increase of $135 million or 10% from the prior year. Revenue in Wealth and Asset Management was $1,433 million, an increase of $142 million or 11%, primarily due to the impact of stronger global markets and net sales, strong growth in loan and deposit balances and the impact of the stronger U.S. dollar. Insurance revenue was $95 million, a decrease of $7 million or 6%, primarily due to unfavourable market movements in the current quarter.

Total provision for credit losses was $8 million, compared with a recovery of $7 million in the prior year.

Non-interest expense was $1,041 million, an increase of $63 million or 6%, primarily due to higher employee-related expenses, including higher revenue-based costs and investment in talent, and the impact of the stronger U.S. dollar.

Assets under management increased $52.0 billion or 13% from the prior year to $437.9 billion and assets under administration increased $47.9 billion or 14% to $389.3 billion, driven by stronger global markets and higher net client assets. Average gross loans increased 10% and average deposits increased 14%.

Q2 2025 vs. Q1 2025

Reported net income decreased $8 million or 2% from the prior quarter. Wealth and Asset Management reported net income increased $16 million or 6% from the prior quarter, and Insurance net income decreased $24 million or 30%.

Total revenue decreased $58 million or 4% from the prior quarter. Wealth and Asset Management revenue decreased $19 million or 1%, primarily due to the impact of three fewer days in the current quarter and the impact of weaker global markets, partially offset by the impact of net sales and balance growth.

 

BMO Financial Group Second Quarter Report 2025 25

 


Insurance revenue decreased $39 million or 28%, primarily due to unfavourable market movements in the current quarter relative to the prior quarter.

Total provision for credit losses increased $8 million from the prior quarter.

Non-interest expense decreased $54 million or 5%, primarily due to the impact of stock-based compensation for employees eligible to retire that is expensed in the first quarter of each year.

Assets under management decreased $12.7 billion or 3% from the prior quarter and assets under administration decreased $17.0 billion or 4%, driven by weaker global markets and the impact of foreign exchange movements, partially offset by higher net client assets. Average gross loans increased 1% and average deposits increased 3%.

Q2 YTD 2025 vs. Q2 YTD 2024

Reported net income was $730 million, an increase of $170 million or 30% from the prior year. Wealth and Asset Management reported net income was $588 million, an increase of $149 million or 34%, and Insurance net income was $142 million, an increase of $21 million or 18% from the prior year.

Total revenue was $3,114 million, an increase of $393 million or 14%. Revenue in Wealth and Asset Management was $2,885 million, an increase of $347 million or 14%, primarily due to the impact of stronger global markets and net sales, strong growth in loan and deposit balances, higher transaction revenue, as well as the impact of the stronger U.S. dollar. Insurance revenue was $229 million, an increase of $46 million or 25%, primarily due to favourable market movements in the current year.

Total provision for credit losses was $8 million, an increase of $2 million from the prior year.

Non-interest expense was $2,136 million, an increase of $161 million or 8%, primarily due to higher employee-related expenses, including higher revenue-based costs, investment in talent and the impact of the stronger U.S. dollar.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Review of Operating Groups’ Performance section.

BMO Capital Markets (1)

 

TABLE 18

            

(Canadian $ in millions, except as noted)

      Q2-2025        Q1-2025         Q2-2024        YTD-2025         YTD-2024  

Net interest income (teb) (2)

     474       699        358       1,173        863  

Non-interest revenue

     1,305       1,374        1,303       2,679        2,387  

Total revenue (teb) (2)

     1,779       2,073        1,661       3,852        3,250  

Provision for credit losses on impaired loans

     28       35        61       63        72  

Provision for (recovery of) credit losses on performing loans

     73       11        (9     84        (42

Total provision for credit losses (PCL)

     101       46        52       147        30  

Non-interest expense

     1,100       1,255        1,028       2,355        2,144  

Income before income taxes

     578       772        581       1,350        1,076  

Provision for income taxes (teb) (2)

     147       185        122       332        224  

Reported net income

     431       587        459       1,018        852  

Dividends on preferred shares and distributions on other equity instruments

     10       10        9       20        18  

Net income available to common shareholders

     421       577        450       998        834  

Acquisition and integration costs (3)

     -       -        2       -        12  

Amortization of acquisition-related intangible assets (4)

     3       4        5       7        10  

Adjusted net income

     434       591        466       1,025        874  

Adjusted net income available to common shareholders

     424       581        457       1,005        856  

Adjusted non-interest expense

     1,095       1,250        1,019       2,345        2,114  

Key Performance Metrics

            

Global Markets revenue

     1,150       1,361        1,008       2,511        1,960  

Investment and Corporate Banking revenue

     629       712        653       1,341        1,290  

Return on equity (%) (5) (6)

     12.4       16.9        14.1       14.6        12.8  

Adjusted return on equity (%) (5) (6)

     12.5       17.0        14.3       14.8        13.1  

Operating leverage (teb) (%)

     -       18.0        8.2       8.6        (0.5

Adjusted operating leverage (teb) (%)

     (0.5     16.4        8.1       7.6        -  

Efficiency ratio (teb) (%)

     61.9       60.5        61.9       61.2        66.0  

Adjusted efficiency ratio (teb) (%)

     61.6       60.3        61.3       60.9        65.0  

PCL on impaired loans to average net loans and acceptances (%) (6)

     0.13       0.16        0.29       0.15        0.18  

Average assets

     564,034       578,930        455,916       571,605        446,962  

Average gross loans and acceptances

     82,193       86,575        82,878       84,419        82,558  

U.S. Business Select Financial Data (US$ in millions)

            

Total revenue (teb)

     600       778        577       1,378        1,167  

Non-interest expense

     382       441        378       823        807  

Reported net income

     118       241        121       359        252  

Adjusted non-interest expense

     379       439        374       818        793  

Adjusted net income

     120       243        124       363        262  

Average assets

     200,885       201,230        149,206       201,060        145,430  

Average gross loans and acceptances

     30,898       31,763        31,760       31,338        31,637  

 

 (1)

Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Beginning January 1, 2024, we treated certain Canadian dividends as non-deductible for tax purposes, due to legislation that was enacted in the third quarter of fiscal 2024. As a result, we no longer report this revenue on a taxable equivalent basis (teb): $2 million in Q2-2025; $nil in Q1-2025, $2 million in Q2-2024; and $2 million for YTD-2025 and $21 million for YTD-2024. These amounts were recorded in net interest income and provision for income taxes, and reflected in the ratios. For further information, refer to the Other Regulatory Developments section of BMO’s 2024 Annual MD&A.

 (3)

Clearpool and Radicle pre-tax acquisition and integration costs, recorded in non-interest expense.

 (4)

Amortization of acquisition-related intangible assets and any impairments, recorded in non-interest expense.

 

26 BMO Financial Group Second Quarter Report 2025

 


 (5)

Return on equity is based on allocated capital. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.

 (6)

Return on equity and PCL ratios are presented on an annualized basis.

Q2 2025 vs. Q2 2024

BMO Capital Markets reported net income was $431 million, a decrease of $28 million or 6% from the prior year.

Total revenue was $1,779 million, an increase of $118 million or 7% from the prior year. Global Markets revenue increased $142 million or 14%, reflecting strong performance in trading revenue, primarily in commodities, and the impact of the stronger U.S. dollar. Investment and Corporate Banking revenue decreased $24 million or 4% from the prior year, primarily due to higher markdowns on fair value loans and lower net gains on investments, partially offset by higher advisory fee revenue, corporate banking revenue and the impact of the stronger U.S. dollar.

Total provision for credit losses was $101 million, an increase of $49 million from the prior year. The provision for credit losses on impaired loans was $28 million, a decrease of $33 million. There was a provision of $73 million for credit losses on performing loans, compared with a recovery of $9 million in the prior year.

Non-interest expense was $1,100 million, an increase of $72 million or 7% from the prior year, driven by higher employee-related expenses and the impact of the stronger U.S. dollar.

Average gross loans and acceptances of $82.2 billion, decreased $0.7 billion or 1% from the prior year.

Q2 2025 vs. Q1 2025

Reported net income decreased $156 million or 27% from the prior quarter.

Total revenue decreased $294 million or 14% from the prior quarter. Global Markets revenue decreased $211 million or 16%, primarily due to lower equities and interest rate trading revenue. Investment and Corporate Banking revenue decreased $83 million or 12%, primarily due to higher markdowns on fair value loans, lower net gains on investments and lower corporate banking revenue, partially offset by higher advisory fee revenue.

Total provision for credit losses was $101 million, an increase of $55 million from the prior quarter. The provision for credit losses on impaired loans was $28 million, a decrease of $7 million. There was a provision of $73 million for credit losses on performing loans, compared with a $11 million provision in the prior quarter.

Non-interest expense decreased $155 million or 12% from the prior quarter, driven by lower performance-based compensation and the impact of stock-based compensation for employees eligible to retire that is expensed in the first quarter of each year.

Average gross loans and acceptances decreased $4.4 billion or 5% from the prior quarter.

Q2 YTD 2025 vs. Q2 YTD 2024

Reported net income was $1,018 million, an increase of $166 million or 20% from the prior year.

Total revenue was $3,852 million, an increase of $602 million or 19% from the prior year. Global Markets revenue increased $551 million or 28%, reflecting strong trading performance across all products and the impact of the stronger U.S. dollar. Investment and Corporate Banking revenue increased $51 million or 4% from the prior year, reflecting higher advisory fee revenue, corporate banking revenue and the impact of the stronger U.S. dollar, partially offset by higher markdowns on fair value loans and lower net gains on investments.

Total provision for credit losses was $147 million, an increase of $117 million from the prior year. The provision for credit losses on impaired loans was $63 million, a decrease of $9 million. There was a provision of $84 million for credit losses on performing loans, compared with a recovery of $42 million in the prior year.

Non-interest expense was $2,355 million, an increase of $211 million or 10% from the prior year, driven by higher performance-based compensation and technology costs, and the impact of the stronger U.S. dollar.

Average gross loans and acceptances of $84.4 billion increased $1.9 billion or 2% from the prior year.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Review of Operating Groups’ Performance section.

 

BMO Financial Group Second Quarter Report 2025 27

 


Corporate Services (1)

 

TABLE 19

          

(Canadian $ in millions, except as noted)

      Q2-2025        Q1-2025        Q2-2024        YTD-2025        YTD-2024  

Net interest income before group teb offset

     (217     (237     (302     (454     (582

Group teb offset

     (10     (9     (11     (19     (39

Net interest income (teb)

     (227     (246     (313     (473     (621

Non-interest revenue

     97       112       25       209       (144

Total revenue (teb)

     (130     (134     (288     (264     (765

Provision for credit losses on impaired loans

     12       20       8       32       46  

Provision for (recovery of) credit losses on performing loans

     (9     (11     (27     (20     (14

Total provision for (recovery of) credit losses

     3       9       (19     12       32  

Non-interest expense

     83       249       181       332       781  

Income (loss) before income taxes

     (216     (392     (450     (608     (1,578

Provision for (recovery of) income taxes (teb)

     (58     (100     (122     (158     (428

Reported net income (loss)

     (158     (292     (328     (450     (1,150

Dividends on preferred shares and distributions on other equity instruments

     104       26       108       130       114  

Net income (loss) attributable to non-controlling interest in subsidiaries

     (3     4       -       1       2  

Net loss available to common shareholders

     (259     (322     (436     (581     (1,266

Acquisition and integration costs/reversal (2)

     (1     7       22       6       68  

Legal provision/reversal (including related interest expense and legal fees)

     -       -       12       -       23  

Impact of loan portfolio sale

     -       -       -       -       136  

FDIC special assessment

     4       (5     50       (1     363  

Impact of alignment of accounting policies

     -       70       -       70       -  

Adjusted net loss

     (155     (220     (244     (375     (560

Adjusted net loss available to common shareholders

     (256     (250     (352     (506     (676

Adjusted total revenue (teb) (3)

     (130     (134     (274     (264     (573

Adjusted non-interest expense

     80       150       83       230       204  

U.S. Business Select Financial Data (US$ in millions)

          

Total revenue

     16       (19     57       (3     (49

Total provision for (recovery of) credit losses

     (2     4       (16     2       3  

Non-interest expense

     57       57       70       114       475  

Provision for (recovery of) income taxes (teb)

     (15     (32     (1     (47     (136

Reported net income (loss)

     (24     (48     4       (72     (391

Adjusted total revenue

     16       (19     68       (3     94  

Adjusted non-interest expense

     55       21       (1     76       50  

Adjusted net income (loss)

     (22     (22     66       (44     46  

 

 (1)

Adjusted results are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

 (2)

Acquisition and integration costs/reversal related to the acquisition of Bank of the West, recorded in non-interest expense.

 (3)

Group taxable equivalent basis (teb) offset amounts recorded in revenue and provision for (recovery of) income taxes: $10 million in Q2-2025; $9 million in Q1-2025 and $11 million in Q2-2024; and $19 million for YTD-2025 and $39 million for YTD-2024.

Q2 2025 vs. Q2 2024

Corporate Services reported net loss was $158 million, compared with reported net loss of $328 million in the prior year, and adjusted net loss was $155 million, compared with adjusted net loss of $244 million in the prior year.

The lower reported net loss was primarily due to the impact of a higher FDIC special assessment and acquisition and integration costs in the prior year. The lower adjusted net loss, which excluded the above items, was driven by higher revenue, primarily due to the impact of treasury-related activities.

Q2 2025 vs. Q1 2025

Reported net loss was $158 million, compared with reported net loss of $292 million in the prior quarter, and adjusted net loss was $155 million, compared with adjusted net loss of $220 million in the prior quarter.

Reported net income in the prior quarter included the impact of alignment of accounting policies for employee vacation across legal entities. On an adjusted basis, the lower net loss was primarily driven by lower expenses, due to the seasonal impact of employee benefits that are expensed in the first quarter of each year.

Q2 YTD 2025 vs. Q2 YTD 2024

Reported net loss was $450 million, compared with reported net loss of $1,150 million in the prior year. The lower reported net loss primarily reflected the net accounting loss related to the sale of a portfolio of recreational vehicle loans in the prior year, partially offset by the impact of alignment of accounting policies for employee vacation across legal entities in the current year, lower acquisition and integration costs, and a lower impact of the FDIC special assessment.

Adjusted net loss was $375 million, compared with adjusted net loss of $560 million in the prior year. Adjusted net loss excluded the items noted above, with the decrease driven by higher revenue reflecting the impact of treasury-related activities, partially offset by higher expenses, including the impact of the consolidation of certain U.S. retirement benefit plans in the prior year.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Review of Operating Groups’ Performance section.

 

28 BMO Financial Group Second Quarter Report 2025

 


Summary Quarterly Earnings Trends (1)

 

TABLE 20

                

(Canadian $ in millions, except as noted)

   Q2-2025     Q1-2025     Q4-2024     Q3-2024     Q2-2024     Q1-2024     Q4-2023     Q3-2023  

Net interest income

     5,097       5,398       5,438       4,794       4,515       4,721       4,941       4,905  

Non-interest revenue

     3,582       3,868       3,519       3,398       3,459       2,951       3,378       3,147  

Revenue

     8,679       9,266       8,957       8,192       7,974       7,672       8,319       8,052  

Provision for credit losses on impaired loans

     765       859       1,107       828       658       473       408       333  

Provision for credit losses on performing loans

     289       152       416       78       47       154       38       159  

Total provision for credit losses

     1,054       1,011       1,523       906       705       627       446       492  

Non-interest expense

     5,019       5,427       4,427       4,839       4,844       5,389       5,679       5,572  

Income before income taxes

     2,606       2,828       3,007       2,447       2,425       1,656       2,194       1,988  

Provision for income taxes

     644       690       703       582       559       364       484       423  

Reported net income (see below)

     1,962       2,138       2,304       1,865       1,866       1,292       1,710       1,565  

Acquisition and integration costs/reversal

     (1     7       27       19       26       57       433       370  

Amortization of acquisition-related intangible assets

     81       79       92       79       79       84       88       85  

Legal provision/reversal (including related interest expense and legal fees)

     -       -       (870     13       12       11       12       (3

Impact of loan portfolio sale

     -       -       -       -       -       136       -       -  

FDIC special assessment

     4       (5     (11     5       50       313       -       -  

Impact of Canadian tax measures

     -       -       -       -       -       -       -       131  

Impact of alignment of accounting policies

     -       70       -       -       -       -       -       -  

Adjusted net income

     2,046       2,289       1,542       1,981       2,033       1,893       2,243       2,148  

Operating Group Reported Revenue

                

Canadian P&C

     2,974       3,065       2,934       2,908       2,819       2,778       2,796       2,716  

U.S. P&C

     2,528       2,676       2,468       2,453       2,389       2,454       2,488       2,414  

BMO Wealth Management

     1,528       1,586       1,486       1,439       1,393       1,328       1,465       1,525  

BMO Capital Markets

     1,779       2,073       1,600       1,666       1,661       1,589       1,651       1,463  

Corporate Services

     (130     (134     469       (274     (288     (477     (81     (66

Total revenue

     8,679       9,266       8,957       8,192       7,974       7,672       8,319       8,052  

Key Performance Metrics

                

Diluted earnings per share ($) (2)

     2.50       2.83       2.94       2.48       2.36       1.73       2.19       2.12  

Adjusted diluted earnings per share ($)

     2.62       3.04       1.90       2.64       2.59       2.56       2.93       2.94  

PCL-to-average net loans and acceptances (annualized) (%)

     0.63       0.58       0.91       0.54       0.44       0.38       0.27       0.30  

Effective tax rate (%)

     24.70       24.39       23.37       23.80       23.07       21.95       22.07       21.31  

Adjusted effective tax rate (%)

     24.73       24.52       21.71       23.89       23.27       22.43       22.95       22.08  

Canadian/U.S. dollar average exchange rate ($)

     1.4203       1.4303       1.3641       1.3705       1.3625       1.3392       1.3648       1.3331  

 

 (1)

Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Management assesses performance on a reported basis and an adjusted basis, and considers both to be useful. For further information on adjusting items, refer to the Non-GAAP and Other Financial Measures sections in both this document and BMO’s 2024 Annual Report. For details on the composition of non-GAAP amounts, measures and ratios, as well as supplementary financial measures, refer to the Glossary of Financial Terms.

 (2)

Net income and earnings from our business operations are attributable to shareholders by way of EPS and diluted EPS. Adjusted EPS and adjusted diluted EPS are non-GAAP measures. For further information, refer to the Non-GAAP and Other Financial Measures section.

 Certain comparative figures have been reclassified to conform with the current period’s presentation and for changes in accounting policy.

Earnings in certain quarters are impacted by seasonal factors, such as higher employee expenses related to employee benefits and stock-based compensation for employees eligible to retire which are recorded in the first quarter of each year, as well as the impact of fewer days in the second quarter relative to other quarters. Results are also impacted by foreign currency translation, primarily changes in the U.S. dollar relative to the Canadian dollar. Quarterly EPS is impacted by the semi-annual payment of dividends on certain equity instruments. The table above outlines summary results for the third quarter of fiscal 2023 through the second quarter of fiscal 2025.

A number of specified items impacted reported results in certain quarters. The first quarter of fiscal 2025 included the impact of aligning accounting policies for employee vacation across legal entities. The fourth quarter of fiscal 2024 included a reversal of a fiscal 2022 legal provision, including accrued interest, associated with a predecessor bank, M&I Marshall and Ilsley Bank. Fiscal 2024 and fiscal 2025 included the impact of a FDIC special assessment in each quarter. The first quarter of fiscal 2024 included a loss on the sale of a portfolio of recreational vehicle loans related to balance sheet optimization. The third quarter of fiscal 2023 included the impact of certain tax measures enacted by the Canadian government. All periods included acquisition and integration costs, as well as the amortization of acquisition-related intangible assets and any impairments.

Financial performance benefitted from the strength and diversification of our businesses.

Revenue growth in Canadian P&C reflected good customer acquisition and volume growth, with higher net interest margin. U.S. P&C revenue performance has been impacted by muted industry loan demand over the period with the last three quarters benefitting from higher net interest margin. In BMO Wealth Management, revenue in Wealth and Asset Management benefitted from stronger global markets and steady growth in client assets, while high interest rates resulted in a shift in deposit mix to term deposits and reduced margins, a trend that abated in the first quarter of fiscal 2025 with reductions in the Bank of Canada rate policy. Insurance revenue is subject to variability resulting from market-related impacts. BMO Capital Markets’ revenue is largely driven by market conditions that affect client activity. Trading activity reflected strong performance in the first half of 2025, driven by stronger client flows, while underwriting and advisory activity has improved moderately.

Credit outcomes in both wholesale and consumer portfolios included the impact of a higher interest rate environment, resulting in higher provisions on impaired loans. Impaired provisions have decreased since the fourth quarter of fiscal 2024. Provisions on performing loans have been impacted by credit migration, uncertain credit conditions and changes in the macro-economic outlook.

Non-interest expense reflected strong expense management, while we continue to invest in our business to drive revenue growth. The first quarter of fiscal 2025 included the impact of aligning accounting policies for employee vacation across legal entities. The fourth quarter of fiscal 2024 benefitted from the reversal of the fiscal 2022 legal provision. The third quarter of fiscal 2023 included severance costs associated with accelerating operational efficiencies across

 

BMO Financial Group Second Quarter Report 2025 29

 


the enterprise, which combined with the benefit of realized cost synergies related to the acquisition of Bank of the West, have tempered expense growth in recent quarters.

The effective tax rate has varied with legislative changes; changes in tax policy, including their interpretation by tax authorities and the courts; earnings mix, including the relative proportion of earnings attributable to the different jurisdictions in which we operate, the level of pre-tax income, and the level of investments or securities which generate tax credits, or tax-exempt income from securities. The reported effective tax rate was impacted by the elimination of the income tax deduction for certain Canadian dividends in fiscal 2024 and the implementation of the global minimum tax rules beginning the first quarter of fiscal 2025.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Summary Quarterly Earnings Trend section.

Transactions with Related Parties

In the ordinary course of business, we provide banking services to our key management personnel on the same terms that we offer to our preferred customers for those services. Key management personnel are defined as those persons having authority and responsibility for planning, directing and/or controlling the activities of an entity, being the directors and most senior executives of the bank. We provide banking services to our joint ventures and associates on the same terms offered to our customers for these services. We also offer employees a subsidy on annual credit card fees.

The bank’s policies and procedures for related party transactions did not materially change from October 31, 2024, as described in Note 28 of the audited annual consolidated financial statements of BMO’s 2024 Annual Report.

Off-Balance Sheet Arrangements

We enter into a number of off-balance sheet arrangements in the normal course of operations. The most significant of these are structured entities, credit instruments and guarantees, which are described in the Off-Balance Sheet Arrangements section of BMO’s 2024 Annual Report. We consolidate our own securitization vehicles, certain capital and funding vehicles, and other structured entities created to meet our own, as well as our customers’ needs. We do not consolidate our customer securitization vehicles, certain capital vehicles, various BMO-managed funds or various other structured entities where investments are held. There have been no significant changes to the bank’s off-balance sheet arrangements since October 31, 2024.

Accounting Policies and Critical Accounting Estimates and Judgments

Material accounting policies are described in BMO’s 2024 Annual Report and in the notes to our annual consolidated financial statements for the year ended October 31, 2024, and in Note 1 of the unaudited interim consolidated financial statements, together with a discussion of certain accounting estimates that are considered particularly important as they require management to make significant judgments, some of which relate to matters that are inherently uncertain. Readers are encouraged to review the discussion in Note 1 of the audited annual consolidated financial statements of BMO’s 2024 Annual Report, as well as the updates provided in Note 1 of the unaudited interim consolidated financial statements.

Allowance for Credit Losses

The allowance for credit losses (ACL) consists of allowances on impaired loans, which represent estimated losses related to impaired loans provided for but not yet written off, and allowances on performing loans, which is the bank’s best estimate of impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Expected credit losses (ECL) are calculated on a probability-weighted basis, based on the economic scenarios described below, and are calculated for each exposure in the portfolio as a function of the probability of default (PD), exposure at default (EAD) and loss given default (LGD), with the timing of the loss also considered. Where there has been a significant increase in credit risk, remaining lifetime ECL is recorded; otherwise, 12 months of ECL is generally recorded. A significant increase in credit risk considers many different factors and will vary by product and risk segment. The main factors considered in making this determination are the change in PD since origination and certain other criteria, such as delinquency and watchlist status. We may apply experienced credit judgment to reflect factors not captured in the results produced by the ECL models, as we deem necessary. In the current quarter, we applied experienced credit judgment to reflect the impact of the uncertain environment on credit conditions and the economy. We have controls and processes in place to govern the ECL process, including judgments and assumptions used in determining the allowance on performing loans. These judgments and assumptions may change over time, and the impact of any such change will be recorded in future periods.

In establishing our allowance for performing loans, we attach probability weightings to economic scenarios which are representative of our view of economic and market conditions at the reporting date. The base scenario represents our view of the most probable outcome, as well as upside, downside, and severe downside scenarios, all developed by our Economics group.

When changes in economic performance are assessed, we use real GDP as the basis, which acts as the key driver for movements in many of the other economic and market variables used, including equity market and volatility indices, corporate credit spreads, unemployment rates, housing prices and consumer credit. In addition, we also consider industry-specific variables, where applicable. Many of the variables have a high degree of interdependency, and as such, there is no single variable to which the allowance is sensitive.

Our total allowance for credit losses as at April 30, 2025, was $5,616 million ($4,936 million as at October 31, 2024) and comprised an allowance on performing loans of $4,638 million and an allowance on impaired loans of $978 million ($4,205 million and $731 million, respectively, as at October 31, 2024). The allowance on performing loans increased $433 million from the fourth quarter of 2024, largely driven by changes in the macro-economic outlook, portfolio credit migration, and the impact of the uncertain economic environment on future credit conditions, partially offset by lower balances in certain portfolios and movements in foreign exchange rates.

 

30 BMO Financial Group Second Quarter Report 2025

 


Information on the Provision for Credit Losses for the three and six months ended April 30, 2025, can be found in the Total Provision for Credit Losses section.

For additional information, refer to the Risk Management section, Allowance for Credit Losses section of BMO’s 2024 Annual Report, Note 4 of the audited annual consolidated financial statements, as well as Note 3 of the unaudited interim consolidated financial statements.

This Accounting Policies and Critical Accounting Estimates and Judgments section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Future Changes in Accounting Policies

We monitor the potential changes proposed by the International Accounting Standards Board (IASB) and analyze the effect that changes in the standards may have on BMO’s financial reporting and accounting policies. New standards and amendments to existing standards, which are effective for the bank in the future, can be found in Note 1 of the audited annual consolidated financial statements of BMO’s 2024 Annual Report.

Other Regulatory Developments

We continue to monitor and prepare for regulatory developments, including those referenced elsewhere in this document.

For a comprehensive discussion of other regulatory developments, refer to the Enterprise-Wide Capital Management section, the Risks That May Affect Future Results section, the Liquidity and Funding Risk section, and the Legal and Regulatory Risk section of BMO’s 2024 Annual Report.

Sustainability-Related Regulatory Developments

In March 2025, OSFI released updates to Guideline B-15, Climate Risk Management, to align with the requirements of the Canadian Sustainability Standards Board standards. Key updates include delaying the implementation date for disclosing Scope 3 greenhouse gas emissions and industry-based metrics by three years to fiscal 2028. We have incorporated these updates into our implementation plans accordingly.

Risk Management

BMO’s risk management policies and processes to identify, measure, manage, monitor, mitigate and report its credit and counterparty, market, insurance, liquidity and funding, operational non-financial, including artificial intelligence, cyber, information and other technology-related risks, legal and regulatory, strategic, environmental and social, and reputation risks are outlined in the Enterprise-Wide Risk Management section of BMO’s 2024 Annual Report.

Top and Emerging Risks That May Affect Future Results

BMO’s top and emerging risks and other factors that may affect future results are described in the Enterprise-Wide Risk Management section of BMO’s 2024 Annual Report. These risks have the potential to materially impact BMO’s financial results, our operational efficiency, strategic direction or reputation. We continue to monitor the environment in which the bank operates, in order to identify and respond to any adverse developments, such as changes in general economic conditions and trade disputes, as well as potential changes to U.S. tax legislation, and take appropriate steps to reduce the impact on our results. For developments on general economic conditions and trade disputes, refer to the Economic Developments and Outlook section.

Real Estate Secured Lending

Real Estate Secured Lending includes residential mortgage and home equity line of credit (HELOC) exposures. The following tables provide a breakdown of residential mortgages and home equity lines of credit by geographic region, as well as insured and uninsured balances. Residential mortgages and home equity lines of credit are secured by residential properties.

Canadian Real Estate Secured Lending

 

TABLE 22

                          

(Canadian $ in millions, except as noted)

  

Residential

mortgages

            

Amortizing

home equity

lines of credit

            

Total amortizing

real estate

secured lending

            

Non-amortizing

real estate

secured lending

            

Total Canadian

real estate

secured lending

 

As at April 30, 2025

     160,938           36,774           197,712           13,784           211,496  

As at January 31, 2025

     160,123                 36,360                 196,483                 13,548                 210,031  

 

BMO Financial Group Second Quarter Report 2025 31

 


Residential Mortgages (1)

 

TABLE 23

                     
    As at April 30, 2025           As at January 31, 2025  

(Canadian $ in millions, except as noted)

  Outstanding Balances     For the three
months ended
          Outstanding Balances     For the three
months ended
 

Region (2)

    Insured (3)     Uninsured           Total     % of total    

   Average LTV

uninsured (4)

        Insured (3)     Uninsured         Total     % of total        Average LTV
uninsured (4)
 

Atlantic

    3,233       3,924       7,157       3.7%       70%         3,304       3,838       7,142       3.7%       69%  

Quebec

    8,501       13,608       22,109       11.4%       71%         8,738       13,580       22,318       11.5%       71%  

Ontario

    14,166       66,762       80,928       41.7%       70%         14,243       65,436       79,679       41.0%       71%  

Alberta

    9,397       8,372       17,769       9.2%       73%         9,532       8,232       17,764       9.1%       73%  

British Columbia

    4,412       24,790       29,202       15.1%       68%         4,488       24,927       29,415       15.1%       68%  

All other Canada

    2,131       1,642       3,773       1.9%       72%               2,167       1,638       3,805       2.0%       72%  

Total Canada

    41,840       119,098       160,938       83.0%       70%               42,472       117,651       160,123       82.4%       70%  

United States

    61       32,815       32,876       17.0%       72%               64       34,106       34,170       17.6%       71%  

Total

    41,901       151,913       193,814       100%       70%               42,536       151,757       194,293       100%       71%  

 

 (1)

Reporting methodologies are in accordance with OSFI’s Residential Mortgage Underwriting Practices and Procedures (B-20) Guideline.

 (2)

Region is based upon address of the property mortgaged.

 (3)

Insured mortgages are defined as mortgages that are insured individually or in bulk through an eligible insurer (i.e., CMHC, Sagen MI CanadaTM).

 (4)

Loan-to-value (LTV) is based on original outstanding balances for mortgages and authorized amounts for HELOCs, divided by the value of the collateral at point of origination.

Home Equity Lines of Credit (1)

 

TABLE 24

                     
    As at April 30, 2025           As at January 31, 2025  

(Canadian $ in millions, except as noted)

  Portfolio     For the three
months ended
          Portfolio     For the three
months ended
 

Region (2)

  Outstanding
Balances
    %     Authorizations     %     Average LTV (4)           Outstanding
Balances
    %     Authorizations     %     Average LTV (4)  

Atlantic

    1,088       1.9%       2,098       1.8%       64%         1,072       1.9%       2,064       1.7%       63%  

Quebec

    9,170       16.0%       18,675       15.8%       69%         9,145       16.1%       18,513       15.7%       67%  

Ontario

    25,619       44.9%       48,003       40.7%       63%         25,288       44.6%       47,540         40.3%       62%  

Alberta

    3,206       5.6%       7,239       6.1%       62%         3,171       5.6%       7,171       6.1%       60%  

British Columbia

    10,752       18.8%       20,479       17.3%       62%         10,513       18.5%       20,113       17.0%       61%  

All other Canada

    723       1.3%       1,484       1.3%       70%               719       1.3%       1,481       1.3%       67%  

Total Canada

    50,558       88.5%       97,978       83.0%       64%               49,908       88.0%       96,882       82.1%       62%  

United States

    6,578       11.5%       20,092       17.0%       57%               6,806       12.0%       21,095       17.9%       58%  

Total

    57,136          100%       118,070         100%       62%               56,714         100%       117,977       100%       62%  

 Refer to footnote references in the Residential Mortgages table above.

Residential Mortgages by Remaining Term of Amortization (1) (2)

 

TABLE 25

                       
     As at April 30, 2025  
     Amortization period  
      < 5 Years %      6-10 Years %      11-15 Years %      16-20 Years %      21-25 Years %      26-30 Years %      31-35 Years %      > 35 Years %  

Canada (3)

     0.7%        2.8%        7.4%        18.3%        36.0%        25.3%        2.5%        7.0%  

United States (4)

     0.3%        1.6%        3.7%        2.5%        9.1%        82.6%        0.1%        0.1%  

Total

     0.7%        2.6%        6.8%        15.6%        31.4%        35.0%        2.1%        5.8%  
     As at January 31, 2025  
     Amortization period  
      < 5 Years %      6-10 Years %      11-15 Years %      16-20 Years %      21-25 Years %      26-30 Years %      31-35 Years %      > 35 Years %  

Canada (3)

     0.7%        2.7%        7.2%        18.1%        35.7%        25.5%        2.4%        7.7%  

United States (4)

     0.3%        1.7%        3.8%        2.5%        8.9%        82.6%        0.1%        0.1%  

Total

     0.7%        2.5%        6.6%        15.3%        31.0%        35.6%        2.0%        6.3%  

 

 (1)

In Canada, the remaining amortization is based on the current balance, interest rate, customer payment amount and payment frequency. The contractual payment schedule is used in the United States.

 (2)

Reporting methodologies are in accordance with OSFI’s B-20 Guideline.

 (3)

As a result of increases in interest rates, the portfolio included $0.1 billion ($2.6 billion as at January 31, 2025) of variable-rate mortgages in negative amortization, with all of the contractual payments in the current period being applied to interest, and the portion of interest due that is not met by each payment added to the principal.

 (4)

A large proportion of U.S.-based mortgages in the longer-amortization band are primarily associated with modification programs for troubled borrowers and regulator-initiated mortgage refinancing programs.

 

32 BMO Financial Group Second Quarter Report 2025

 


International Exposures

BMO’s geographic exposures outside of Canada and the United States are subject to a risk management framework that incorporates assessments of the economic and political risk in each region or country. These exposures are also managed within limits based on product, entity and country of ultimate risk. Our total net exposure to these regions is set out in the table below.

The table outlines total net exposure for funded lending and undrawn commitments, securities (including cash products, traded credit and credit default swap activity), repo-style transactions and derivatives. Repo-style transactions and derivatives exposure are reported at fair value. Derivatives exposures incorporate transaction netting where master netting agreements with counterparties have been entered into, and collateral offsets for counterparties where a Credit Support Annex is in effect.

Exposure by Region

 

TABLE 26

                                   
    As at April 30, 2025          

As at

January 31, 2025

 

(Canadian $ in millions)

  Funded Lending and Commitments           Securities           Repo-Style Transactions and
Derivatives
          Total Net
Exposure
         

Total Net
Exposure

 

Region

  Bank     Corporate     Sovereign     Total           Bank     Corporate     Sovereign     Total           Bank     Corporate     Sovereign     Total        

Europe (excluding United Kingdom)

    709       2,974       -       3,683         948       172       5,837       6,957         982       318       63       1,363         12,003         7,879  

United Kingdom

    46       6,599       549       7,194         177       124       1,348       1,649         198       678       52       928         9,771         9,464  

Latin America

    2,589       5,238       -       7,827         -       46       -       46         6       198       12       216         8,089         8,694  

Asia-Pacific

    2,378       2,453       142       4,973         654       10       1,834       2,498         406       223       128       757         8,228         10,868  

Africa and Middle East

    1,488       924       104       2,516         -       17       10       27         3       1       1,725       1,729         4,272         4,134  

Other (1)

    -       1       14       15         175       -       3,961       4,136         8       -       521       529         4,680         5,932  

Total

    7,210       18,189       809       26,208               1,954       369       12,990       15,313               1,603       1,418       2,501       5,522               47,043               46,971  

 

 (1)

Primarily exposure to supranational entities.

Caution

This Risk Management section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Market Risk

BMO’s market risk management practices and key measures are outlined in the Market Risk section of BMO’s 2024 Annual Report.

Linkages between Balance Sheet Items and Market Risk Disclosures

The table below presents items reported in our Consolidated Balance Sheet that are subject to market risk, comprising balances that are subject to either traded risk or non-traded risk measurement techniques.

 

TABLE 27

                     
    As at April 30, 2025           As at October 31, 2024            
   

Consolidated

Balance
Sheet

    Subject to market risk    

Not subject

to market
risk

         

Consolidated

Balance
Sheet

    Subject to market risk    

Not subject

to market
risk

         

Primary risk factors for

non-traded risk
balances

(Canadian $ in millions)

  Traded
risk (1)
    Non-traded
risk (2)
           Traded
risk (1)
    Non-traded
risk (2)
        

Assets Subject to Market Risk

                     

Cash and cash equivalents

    65,362       -       65,362       -         65,098       -       65,098       -       Interest rate

Interest bearing deposits with banks

    3,215       257       2,958       -         3,640       201       3,439       -       Interest rate

Securities

    400,025       150,273       249,752       -         396,880       153,833       243,047       -       Interest rate, credit spread, equity

Securities borrowed or purchased under resale agreements

    119,487       -       119,487       -         110,907       -       110,907       -       Interest rate

Loans and acceptances (net of allowance for credit losses)

    675,704       5,132       670,572       -         678,016       6,085       671,931       -       Interest rate, foreign exchange

Derivative instruments

    49,726       43,464       6,262       -         47,253       42,879       4,374       -       Interest rate, foreign exchange

Customers’ liabilities under acceptances

    438       -       438       -         359       -       359       -       Interest rate

Other assets

    126,312       11,345       11,930       103,037               107,494       9,783       11,001       86,710             Interest rate

Total assets

    1,440,269       210,471       1,126,761       103,037               1,409,647       212,781       1,110,156       86,710              

Liabilities Subject to Market Risk

                     

Deposits

    958,267       46,909       911,358       -         982,440       45,223       937,217       -       Interest rate, foreign exchange

Derivative instruments

    57,727       54,088       3,639       -         58,303       54,713       3,590       -       Interest rate, foreign exchange

Acceptances

    438       -       438       -         359       -       359       -       Interest rate

Securities sold but not yet purchased

    53,422       53,422       -       -         35,030       35,030       -       -       Interest rate

Securities lent or sold under repurchase agreements

    118,949       -       118,949       -         110,791       -       110,791       -       Interest rate

Other liabilities

    155,893       -       90,011       65,882         130,061       -       78,583       51,478       Interest rate

Subordinated debt

    9,740       -       9,740       -               8,377       -       8,377       -             Interest rate

Total liabilities

    1,354,436       154,419       1,134,135       65,882               1,325,361       134,966       1,138,917       51,478              

 

 (1)

Primarily comprises balance sheet items that are subject to the trading and underwriting risk management framework and recorded at fair value through profit or loss.

 (2)

Primarily comprises balance sheet items that are subject to the structural balance sheet insurance risk management framework and secured financing transactions.

 Certain comparative figures have been reclassified to conform with the current period’s presentation.

 

BMO Financial Group Second Quarter Report 2025 33

 


Trading Market Risk Measures

Average Total Trading Value at Risk (VaR) decreased quarter-over-quarter, primarily due to lower equity exposures, partially offset by higher market volatility and changes in commodity exposures.

Total Trading Value at Risk (1)

 

TABLE 28

                    
     For the quarter ended April 30, 2025             January 31, 2025            April 30, 2024  
      Quarter-end        Average        High         Low                Average               Average  

Commodity VaR

     5.7       8.7       15.1        5.7           3.4          3.5  

Equity VaR

     20.9       20.6       35.7        14.5           26.1          15.7  

Foreign exchange VaR

     1.8       2.1       5.1        0.8           1.6          0.8  

Interest rate VaR (2)

     28.0       28.5       33.1        22.8           29.2          28.5  

Diversification

     (18.0     (22.5     nm        nm           (21.0        (16.5

Total Trading VaR

     38.4       37.4       46.7        31.5                 39.3                32.0  

 

 (1)

One-day measure using a 99% confidence interval. Gains are presented in brackets and losses are presented as positive numbers.

 (2)

Interest rate VaR includes general credit spread risk.

 nm – not meaningful

Structural (Non-Trading) Market Risk

Our structural market risk strategy and profile remains consistent with prior periods. The net balance sheet is fully invested in an intermediate duration target interest rate profile. Structural economic value exposure to rising rates remained relatively unchanged relative to January 31, 2025. Structural economic value benefit to falling rates decreased, compared with January 31, 2025, primarily due to modelled deposit pricing being less rate-sensitive at lower projected interest rate levels following the decrease in U.S. term market rates during the current quarter.

Structural earnings benefit to rising interest rates decreased modestly, compared with January 31, 2025, reflecting lower asset sensitivity. Structural earnings exposure to falling interest rates remained relatively unchanged, relative to January 31, 2025.

Structural Interest Rate Sensitivity (1) (2)

 

TABLE 29

                     
    Economic value sensitivity           Earnings sensitivity over the next 12 months  

(Pre-tax Canadian $ equivalent in millions)

               

April 30,

2025

   

January 31,

2025

   

April 30,

2024

                       

April 30,

2025

   

January 31,

2025

   

April 30,

2024

 
     Canada (3)     United States     Total     Total     Total           Canada (3)     United States     Total     Total     Total  

100 basis point increase

    (734     (869     (1,603     (1,627     (2,008       112       193       305       357       257  

100 basis point decrease

    655       93       747       842       1,447               (84     (158     (242     (236     (270

 

 (1)

Losses are presented in brackets and gains are presented as positive numbers.

 (2)

Interest rate sensitivities assume an immediate and sustained parallel shift in assumed interest rates across the entire yield curve as at the end of the period, using a constant balance sheet.

 (3)

Includes Canadian dollar and other currencies.

Insurance Market Risk

Insurance market risk includes interest rate and equity market risk arising from the activities of our BMO Insurance business. We entered into hedging arrangements to mitigate the impact of changes in interest rates on our earnings. The impact of insurance market risk on earnings is reflected in insurance investment results on our Consolidated Statement of Income. The impact of insurance market risk is not reflected in the Structural Interest Rate Sensitivity table above.

The table below reflects the estimated immediate impact on, or sensitivity of, our income before tax to changes in interest rates, including the estimated impact of the above hedging arrangements, and our exposure to equity price risk arising from our investment in equity securities.

 

TABLE 30

               

(Pre-tax Canadian $ in millions)

                                                       As at April 30, 2025            As at January 31, 2025  

Interest Rate Sensitivity (1) (2)

               

50 basis point increase

              -         3  

50 basis point decrease

                                        (1       (3

Equity Market Sensitivity (3)

               

10% increase

              28         28  

10% decrease

                                        (26         (29

 

 (1)

Estimated impact on, or sensitivity of, income before tax to a 50 basis point increase or decrease in interest rates.

 (2)

Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at the end of the period with no change in the ultimate risk-free rate.

 (3)

Estimated impact on, or sensitivity of, income before tax to a 10% increase or decrease in our exposure to equity price risk arising from our investment in equity securities at the reporting date, assuming all other variables remain constant.

Caution

This Market Risk section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

 

34 BMO Financial Group Second Quarter Report 2025

 


Liquidity and Funding Risk

Liquidity and funding risk is managed under a robust risk management framework. There were no material changes in the framework during the quarter.

BMO continued to maintain a strong liquidity position in the second quarter of 2025. Customer loans and deposits and wholesale funding declined, primarily due to the impact of the weaker U.S. dollar. BMO’s liquidity metrics, including the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), remained well above internal targets and regulatory requirements.

BMO’s liquid assets are primarily held in our trading businesses, as well as in liquidity portfolios that are maintained for contingent liquidity risk management purposes and as investments of excess structural liquidity. Liquid assets include unencumbered, high-quality assets that are marketable, can be pledged as security for borrowings, and can be converted to cash in a time frame that meets our liquidity and funding requirements. BMO’s liquid assets are summarized in the table below.

In the normal course of business, we may encumber a portion of cash and securities holdings as collateral in support of trading activities and participation in clearing and payment systems in Canada, the United States and abroad. In addition, we may receive liquid assets as collateral and may re-pledge these assets in exchange for cash or as collateral in support of trading activities. Net unencumbered liquid assets, defined as on-balance sheet assets, such as BMO-owned cash and securities and securities borrowed or purchased under resale agreements, plus other off-balance sheet eligible collateral received, less assets encumbered as collateral, totalled $370.1 billion as at April 30, 2025, compared with $395.0 billion as at January 31, 2025. The decrease in unencumbered liquid assets was due to lower cash and securities balances, and the impact of the weaker U.S. dollar.

Net unencumbered liquid assets are primarily held at the parent bank level, at BMO Bank N.A., and in our broker/dealer operations. In addition to liquid assets, BMO has access to the Bank of Canada’s lending assistance programs, the Federal Reserve Bank discount window in the United States, the Bank of England’s Sterling Monetary Framework, and European Central Bank standby liquidity facilities. We do not consider central bank facilities as a source of available liquidity when assessing the soundness of our liquidity position.

In addition to cash and securities holdings, we may also pledge other assets, including mortgages and loans, to raise long-term secured funding. BMO’s total encumbered assets and unencumbered liquid assets are summarized in the Asset Encumbrance table.

Liquid Assets

 

TABLE 31

                    
     As at April 30, 2025              As at January 31, 2025  

(Canadian $ in millions)

   Bank-owned
assets
     Other cash &
securities
received
     Total gross
assets (1)
     Encumbered
assets
     Net
unencumbered
assets (2)
            Net
unencumbered
assets (2)
 

Cash and cash equivalents

     65,362        -        65,362        82        65,280           76,367  

Deposits with other banks

     3,215        -        3,215        -        3,215           3,339  

Securities and securities borrowed or purchased under resale agreements

                    

Sovereigns/Central banks/Multilateral development banks

     185,176        106,463        291,639        148,967        142,672           139,559  

NHA mortgage-backed securities and U.S. agency mortgage-backed securities and collateralized mortgage obligations

     119,326        11,310        130,636        68,088        62,548           67,011  

Corporate and other debt

     37,052        20,620        57,672        19,785        37,887           45,965  

Corporate equity

     58,471        62,906        121,377        83,679        37,698           42,264  

Total securities and securities borrowed or purchased under resale agreements

     400,025        201,299        601,324        320,519        280,805           294,799  

NHA mortgage-backed securities (reported as loans at amortized cost) (3)

     26,092        -        26,092        5,297        20,795           20,529  

Total liquid assets

     494,694        201,299        695,993        325,898        370,095                 395,034  

 

 (1)

Gross assets include bank-owned assets and cash and securities received from third parties.

 (2)

Net unencumbered assets are defined as total gross assets less encumbered assets.

 (3)

Under IFRS, National Housing Act (NHA) mortgage-backed securities that include mortgages owned by BMO as the underlying collateral are classified as loans. Unencumbered NHA mortgage-backed securities have liquidity value and are included as liquid assets under BMO’s Liquidity and Funding Risk Management Framework. This amount is shown as a separate line item, NHA mortgage-backed securities.

 

BMO Financial Group Second Quarter Report 2025 35

 


Asset Encumbrance

 

TABLE 32

                    
                   Encumbered (2)             Net unencumbered  

(Canadian $ in millions)

As at April 30, 2025

   Total gross
assets (1)
             Pledged as
collateral
     Other
encumbered
             Other
unencumbered (3)
     Available as
collateral (4)
 

Cash and deposits with other banks

     68,577           -        82           -        68,495  

Securities (5)

     627,416           240,980        84,836           24,925        276,675  

Loans

     649,612           65,022        1,828           431,366        151,396  

Other assets

                    

Derivative instruments

     49,726           -        -           49,726        -  

Customers’ liability under acceptances

     438           -        -           438        -  

Premises and equipment

     6,161           -        -           6,161        -  

Goodwill

     16,630           -        -           16,630        -  

Intangible assets

     4,824           -        -           4,824        -  

Current tax assets

     1,620           -        -           1,620        -  

Deferred tax assets

     2,641           -        -           2,641        -  

Receivable from brokers, dealers and clients

     48,401           -        -           48,401        -  

Other

     46,035                 10,991        -                 35,044        -  

Total other assets

     176,476                 10,991        -                 165,485        -  

Total assets

     1,522,081                 316,993        86,746                 621,776        496,566  
                   Encumbered (2)             Net unencumbered  

(Canadian $ in millions)

As at January 31, 2025

   Total gross
assets (1)
             Pledged as
collateral
     Other
encumbered
             Other
unencumbered (3)
     Available as
collateral (4)
 

Cash and deposits with other banks

     79,799           -        93           -        79,706  

Securities (5)

     635,527           249,990        70,209           25,855        289,473  

Loans

     662,890           67,558        1,728           439,422        154,182  

Other assets

                    

Derivative instruments

     52,513           -        -           52,513        -  

Customers’ liability under acceptances

     521           -        -           521        -  

Premises and equipment

     6,312           -        -           6,312        -  

Goodwill

     17,485           -        -           17,485        -  

Intangible assets

     5,002           -        -           5,002        -  

Current tax assets

     2,105           -        -           2,105        -  

Deferred tax assets

     2,916           -        -           2,916        -  

Receivable from brokers, dealers and clients

     38,057           -        -           38,057        -  

Other

     52,969                 15,136        -                 37,833        -  

Total other assets

     177,880                 15,136        -                 162,744        -  

Total assets

     1,556,096                 332,684        72,030                 628,021        523,361  

 

 (1)

Gross assets includes on-balance sheet and off-balance sheet assets.

 (2)

Pledged as collateral refers to the portion of on-balance sheet assets and other cash and securities that is pledged through repurchase agreements, securities lending, derivative contracts and requirements associated with participation in clearing houses and payment systems. Other encumbered assets include assets that are restricted for legal or other reasons, such as minimum required deposits at central banks, short sales and certain U.S. agency securities that have been sold to third parties but are consolidated under IFRS.

 (3)

Other unencumbered assets include select liquid asset holdings that management believes are not readily available to support BMO’s liquidity requirements. These include securities of $24.9 billion as at April 30, 2025, and include securities held at BMO’s insurance subsidiary, seller financing securities and certain investments held at our merchant banking business. Other unencumbered assets include mortgages and loans that may be securitized to access secured funding.

 (4)

Loans included in available as collateral represent loans currently lodged at central banks that may be used to access central bank funding. Loans available for pledging as collateral do not include other sources of additional liquidity that may be realized from BMO’s loan portfolio, such as incremental securitization, covered bond issuances and U.S. Federal Home Loan Bank (FHLB) advances.

 (5)

Includes securities, securities borrowed or purchased under resale agreements and NHA mortgage-backed securities (reported as loans at amortized cost).

Net Unencumbered Liquid Assets by Legal Entity

 

TABLE 33

     

(Canadian $ in millions)

   As at April 30, 2025      As at January 31, 2025  

BMO (parent)

     218,200        239,323  

BMO Bank N.A.

     120,117        132,135  

Broker dealers

     31,778        23,576  

Total net unencumbered liquid assets by legal entity

     370,095        395,034  

Funding Strategy

BMO’s funding strategy requires that secured and unsecured wholesale funding used to support loans and less liquid assets must have a term (typically maturing in two to ten years) that will support the effective term to maturity of these assets. Secured and unsecured wholesale funding for liquid trading assets is largely shorter term (maturing in one year or less), aligned with the liquidity of the assets being funded, and is subject to limits on aggregate maturities that are permitted across different periods. Supplemental liquidity pools are funded largely with wholesale term funding.

We maintain a large and stable base of customer deposits that, in combination with our strong capital position, is a source of strength. This supports the maintenance of a sound liquidity position and reduces reliance on wholesale funding. Customer deposits totalled $697.0 billion as at April 30, 2025, decreasing from $722.7 billion as at January 31, 2025, primarily driven by the impact of the weaker U.S. dollar.

Total secured and unsecured wholesale funding outstanding, which largely consists of negotiable marketable securities, was $258.8 billion as at April 30, 2025, with $71.7 billion sourced as secured funding and $187.1 billion sourced as unsecured funding. Wholesale funding outstanding decreased from $263.4 billion as at January 31, 2025, primarily due to the impact of the weaker U.S. dollar. The mix and maturities of BMO’s wholesale term funding are outlined in the following table. Additional information on deposit maturities can be found in the Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments section. We maintain a sizeable portfolio of unencumbered liquid assets, totalling $370.1 billion as at April 30, 2025, that can be monetized to meet potential funding requirements, as described in the Unencumbered Liquid Assets section above.

 

36 BMO Financial Group Second Quarter Report 2025

 


Wholesale Funding Maturities (1)

 

TABLE 34

                   
     As at April 30, 2025         As at January 31, 2025  

(Canadian $ in millions)

 

Less than

1 month

   

1 to 3

  months

   

3 to 6

  months

    6 to 12
  months
     Subtotal less
than 1 year
   

1 to 2

  years

   

Over

  2 years

    Total         Total  

Deposits from banks

    1,662       1,546       892       552       4,652       -       -       4,652         4,887  

Certificates of deposit and commercial paper

    12,336       21,001       18,576       36,156       88,069       1,529       -       89,598         93,233  

Bearer deposit notes

    1,269       1,004       900       500       3,673       -       -       3,673         3,320  

Asset-backed commercial paper (ABCP)

    1,886       3,992       6,694       1,070       13,642       -       -       13,642         12,038  

Senior unsecured medium-term notes

    2,068       5,152       5,264       2,893       15,377       16,821       31,551       63,749         66,938  

Senior unsecured structured notes (2)

    156       169       3       382       710       833       14,194       15,737         16,304  

Secured funding

                   

Mortgage and HELOC securitizations

    -       1,320       154       1,075       2,549       2,396       14,097       19,042         19,140  

Covered bonds

    -       3,446       618       5,190       9,254       12,859       5,469       27,582         27,157  

Other asset-backed securitizations (3)

    -       -       -       802       802       875       4,814       6,491         6,939  

Federal Home Loan Bank advances

    -       -       1,447       10       1,457       2,068       1,379       4,904         4,863  

Subordinated debt

    -       -       -       25       25       -       9,713       9,738         8,553  

Total

    19,377       37,630       34,548       48,655       140,210       37,381       81,217       258,808         263,372  

Of which:

                   

Secured

    1,886       8,758       8,913       8,147       27,704       18,198       25,759       71,661         70,137  

Unsecured

    17,491       28,872       25,635       40,508       112,506       19,183       55,458       187,147         193,235  

Total (4)

    19,377       37,630       34,548       48,655       140,210       37,381       81,217       258,808           263,372  

 

 (1)

Wholesale unsecured funding primarily includes funding raised through the issuance of negotiable marketable securities. Wholesale funding excludes repo transactions which are disclosed in the Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments section, and also excludes ABCP issued by certain ABCP conduits that are not consolidated for financial reporting purposes.

 (2)

Includes structured notes issued to institutional investors and exchange-traded notes.

 (3)

Includes credit card loan securitizations.

 (4)

Total wholesale funding comprised Canadian-dollar-denominated funding totalling $53.0 billion and U.S.-dollar-denominated and other foreign-currency-denominated funding totalling $205.8 billion as at April 30, 2025.

Diversification of our wholesale funding sources is an important part of our overall liquidity management strategy. BMO’s wholesale funding activities are well-diversified by jurisdiction, currency, investor segment, instrument type and maturity profile. BMO maintains ready access to long-term wholesale funding through various borrowing programs, including a European Note Issuance Program, Canadian, Australian and U.S. Medium-Term Note programs, Canadian and U.S. mortgage securitizations, Canadian credit card loans and home equity line of credit (HELOC) securitizations, covered bonds, and Canadian and U.S. senior unsecured deposits.

Our wholesale funding plan seeks to ensure sufficient funding capacity is available to execute our business strategies. The funding plan considers expected maturities, as well as asset and liability growth projected for our businesses in our forecasting and planning processes, and assesses funding needs in relation to the sources available. The funding plan is reviewed annually by the senior management committees with specific related responsibilities and approved by the Risk Review Committee, and is regularly updated to reflect actual results and incorporate updated forecast information.

Additional information on Liquidity and Funding Risk governance can be found in the Liquidity and Funding Risk section of BMO’s 2024 Annual Report. Please also see the Risk Management section.

Credit Ratings

The credit ratings assigned to BMO’s short-term and senior long-term debt securities by external rating agencies are important in raising both capital and funding to support the bank’s business operations. Maintaining strong credit ratings allows us to access the wholesale markets at competitive pricing levels. Should BMO’s credit ratings experience a downgrade, our cost of funding may increase and our access to funding and capital through the wholesale markets could be constrained. A material downgrade of BMO’s ratings could also have other consequences, including those set out in Note 8 of the audited annual consolidated financial statements of BMO’s 2024 Annual Report.

The credit ratings assigned to BMO’s senior debt by rating agencies are indicative of high-grade, high-quality issues.

 

TABLE 35

              

As at April 30, 2025

Rating agency (1)

   Short-term debt    Senior debt (2)    Long-term
deposits/legacy
senior debt (3)
  

Subordinated

debt (NVCC)

   Outlook  

Moody’s

   P-1    A2    Aa2    Baa1 (hyb)    Stable

S&P

   A-1    A-    A+    BBB+    Stable

Fitch

   F1+    AA-    AA    A    Stable

DBRS

   R-1 (high)    AA (low)    AA    A (low)    Stable

 

 (1)

Credit ratings are not recommendations to purchase, hold or sell a financial obligation and do not address the market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization.

 (2)

Subject to conversion under the Bank Recapitalization (Bail-In) Regime.

 (3)

Long-term deposits / Legacy senior debt includes senior debt issued prior to September 23, 2018 and senior debt issued on or after September 23, 2018 that is excluded from the Bank Recapitalization (Bail-In) Regime.

We are required to deliver collateral to certain counterparties in the event of a downgrade of BMO’s current credit rating. The incremental collateral required is based on mark-to-market exposure, collateral valuations and collateral threshold arrangements, as applicable. As at April 30, 2025, we would be required to provide additional collateral to counterparties totalling $254 million, $561 million and $1,399 million, as a result of a one-notch, two-notch and three-notch downgrade, respectively.

 

BMO Financial Group Second Quarter Report 2025 37

 


Liquidity Coverage Ratio

The Liquidity Coverage Ratio (LCR) is calculated in accordance with OSFI’s LAR Guideline and is summarized in the following table. The LCR is calculated on a daily basis as the ratio of the stock of High-Quality Liquid Assets (HQLA) held to total net stressed cash outflows over the next 30 calendar days. BMO’s HQLA primarily comprises cash, highly-rated debt issued or backed by governments, highly-rated covered bonds and non-financial corporate debt, and non-financial equities that are part of a major stock index. Net cash flows include outflows from deposits, secured and unsecured wholesale funding, commitments and potential collateral requirements, offset by permitted inflows from loans, securities lending activities and other non-HQLA debt maturing over a 30-day horizon. Weightings prescribed by OSFI are applied to cash flows and HQLA to arrive at the weighted values and the LCR. The LCR does not reflect liquidity in BMO Financial Corp. (BFC) in excess of 100%, because of limitations on the transfer of liquidity between BFC and the parent bank. Canadian domestic systemically important banks (D-SIBs), including BMO, are required to maintain a minimum LCR of 100%. The average daily LCR for the quarter ended April 30, 2025 was 134%, equivalent to a surplus of $65.2 billion above the regulatory minimum. The LCR increased 6% from 128% in the prior quarter, due to a decrease in net cash outflows. While banks are required to maintain an LCR of greater than 100% in normal conditions, they are also expected to be able to utilize HQLA during a period of stress, which may result in an LCR of less than 100% during such a period. The LCR is only one measure of a bank’s liquidity position and does not fully capture all of its liquid assets or the funding alternatives that may be available during a period of stress. BMO’s total liquid assets are shown in the Liquid Assets table.

 

TABLE 36

             
     For the quarter ended April 30, 2025  

(Canadian $ in billions, except as noted)

   Total unweighted value
(average) (1) (2)
     Total weighted value
(average) (2) (3)
 

High-Quality Liquid Assets

     

Total high-quality liquid assets (HQLA)

     *        258.7  

Cash Outflows

     

Retail deposits and deposits from small business customers, of which:

     315.0        22.7  

Stable deposits

     144.6        4.3  

Less stable deposits

     170.4        18.4  

Unsecured wholesale funding, of which:

     321.6        141.2  

Operational deposits (all counterparties) and deposits in networks of cooperative banks

     157.4        38.9  

Non-operational deposits (all counterparties)

     141.5        79.6  

Unsecured debt

     22.7        22.7  

Secured wholesale funding

     *        25.4  

Additional requirements, of which:

     258.5        54.8  

Outflows related to derivatives exposures and other collateral requirements

     39.9        9.8  

Outflows related to loss of funding on debt products

     2.6        2.6  

Credit and liquidity facilities

     216.0        42.4  

Other contractual funding obligations

     0.6        -  

Other contingent funding obligations

     580.9        12.3  

Total cash outflows

     -        256.4  

Cash Inflows

     

Secured lending (e.g., reverse repos)

     167.6        28.4  

Inflows from fully performing exposures

     20.1        11.2  

Other cash inflows

     23.3        23.3  

Total cash inflows

     211.0        62.9  

For the quarter ended April 30, 2025

           Total adjusted value (4)  

Total HQLA

        258.7  

Total net cash outflows

              193.5  

Liquidity Coverage Ratio (%) (2)

              134  

For the quarter ended January 31, 2025

           Total adjusted value (4)  

Total HQLA

        259.5  

Total net cash outflows

              203.2  

Liquidity Coverage Ratio (%)

              128  

 

*

Disclosure is not required under the LCR disclosure standard.

 (1)

Unweighted values are calculated at market value (for HQLA) or as outstanding balances maturing or callable within 30 days (for inflows and outflows).

 (2)

Values are calculated based on the simple average of the daily LCR over 61 business days in the second quarter of fiscal 2025.

 (3)

Weighted values are calculated after the application of the weights prescribed under OSFI’s LAR Guideline for HQLA and cash inflows and outflows.

 (4)

Adjusted values are calculated based on total weighted values after applicable caps, as defined by the LAR Guideline.

 

38 BMO Financial Group Second Quarter Report 2025

 


Net Stable Funding Ratio

The Net Stable Funding Ratio (NSFR) is a regulatory liquidity metric that assesses the stability of a bank’s funding profile in relation to the liquidity value of its assets and is calculated in accordance with OSFI’s LAR Guideline. Unlike the LCR, which is a short-term metric, the NSFR assesses a bank’s medium-term and long-term resilience. The NSFR is defined as the ratio of the amount of available stable funding (ASF) to the amount of required stable funding (RSF). ASF represents the proportion of own and third-party resources that are expected to be reliably available over a one-year horizon (including customer deposits, long-term wholesale funding, and capital). The stable funding requirements for each institution are set by OSFI based on the liquidity and maturity characteristics of its on-balance sheet assets and off-balance sheet exposures. Weightings prescribed by OSFI are applied to notional asset and liability balances to determine ASF and RSF and the NSFR. Canadian domestic systemically important banks (D-SIBs), including BMO, are required to maintain a minimum NSFR of 100%. BMO’s NSFR was 117% as at April 30, 2025, equivalent to a surplus of $113.8 billion above the regulatory minimum. The NSFR increased from 116% in the prior quarter, as lower available stable funding was more than offset by a decrease in required stable funding.

 

TABLE 37

  
     For the quarter ended April 30, 2025  
     Unweighted Value by Residual Maturity     

Weighted

Value (2)

 

(Canadian $ in billions, except as noted)

  

No

maturity (1)

     Less than 6
months
    

6 to 12

months

     Over 1 year  

Available Stable Funding (ASF) Item

              

Capital:

     -        -        -        97.2        97.2  

Regulatory capital

     -        -        -        97.2        97.2  

Other capital instruments

     -        -        -        -        -  

Retail deposits and deposits from small business customers:

     236.3        66.9        38.5        63.5        371.7  

Stable deposits

     116.6        27.7        15.7        13.4        165.4  

Less stable deposits

     119.7        39.2        22.8        50.1        206.3  

Wholesale funding:

     316.7        281.3        61.0        101.3        279.5  

Operational deposits

     144.4        -        -        0.4        72.6  

Other wholesale funding

     172.3        281.3        61.0        100.9        206.9  

Liabilities with matching interdependent assets

     -        0.6        1.0        15.0        -  

Other liabilities:

     13.4        *        *        98.5        36.0  

NSFR derivative liabilities

     *        *        *        7.0        *  

All other liabilities and equity not included in the above categories

     13.4        54.7        1.5        35.3        36.0  

Total ASF

     *        *        *        *        784.4  

Required Stable Funding (RSF) Item

              

Total NSFR high-quality liquid assets (HQLA)

     *        *        *        *        14.5  

Deposits held at other financial institutions for operational purposes

     -        0.2        -        -        0.1  

Performing loans and securities:

     195.4        218.4        68.3        353.5        522.9  

Performing loans to financial institutions secured by Level 1 HQLA

     -        101.2        2.3        -        3.5  

Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured performing loans to financial institutions

     32.0        59.9        8.8        18.4        61.8  

Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and public sector entities, of which:

     124.9        38.0        33.9        170.2        286.0  

With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk

     -        -        -        -        -  

Performing residential mortgages, of which:

     13.8        16.7        22.9        138.2        126.4  

With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk

     13.8        16.7        22.9        138.2        126.4  

Securities that are not in default and do not qualify as HQLA, including exchange-traded equities

     24.7        2.6        0.4        26.7        45.2  

Assets with matching interdependent liabilities

     -        0.6        1.0        15.0        -  

Other assets:

     52.5        *        *        129.2        111.7  

Physical traded commodities, including gold

     11.3        *        *        *        9.6  

Assets posted as initial margin for derivative contracts and contributions to default funds of central clearing parties

     *        *        *        19.3        16.4  

NSFR derivative assets

     *        *        *        2.7        -  

NSFR derivative liabilities before deduction of variation margin posted

     *        *        *        15.9        0.8  

All other assets not included in the above categories

     41.2        56.4        0.4        34.5        84.9  

Off-balance sheet items

     *        *        *        616.4        21.4  

Total RSF

     *        *        *        *        670.6  

Net Stable Funding Ratio (%)

     *        *        *        *        117  

For the quarter ended January 31, 2025

                                  

Weighted

Value (2)

 

Total ASF

                 800.3  

Total RSF

                                         688.7  

Net Stable Funding Ratio (%)

                                         116  

 

*

Disclosure is not required under the NSFR disclosure standard.

 (1)

Items in the no maturity column do not have a stated maturity. These may include, but are not limited to, non-maturity deposits, short positions, open maturity positions, non-HQLA equities, physical traded commodities and demand loans.

 (2)

Weighted values are calculated after the application of the weights prescribed under the OSFI LAR Guideline for ASF and RSF.

 

BMO Financial Group Second Quarter Report 2025 39

 


Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments

The tables below show the remaining contractual maturities of on-balance sheet assets and liabilities and off-balance sheet commitments. The contractual maturity of financial assets and liabilities is an input to, but is not necessarily consistent with, the expected maturity of assets and liabilities that is used in the management of liquidity and funding risk. We forecast asset and liability cash flows, under both normal market conditions and a number of stress scenarios, to manage liquidity and funding risk. Stress scenarios incorporate assumptions for loan repayments, deposit withdrawals, credit commitment and liquidity facility drawdowns by counterparty and product type. Stress scenarios also consider the time horizon over which liquid assets can be monetized and the related discounts (“haircuts”) and potential collateral requirements that may arise from both market volatility and credit rating downgrades, among other assumptions.

 

TABLE 38

     
              April 30, 2025  

(Canadian $ in millions)

   0 to 1
month
     1 to 3
months
     3 to 6
months
     6 to 9
months
     9 to 12
months
     1 to 2
years
     2 to 5
years
     Over 5
years
     No specific
maturity
    Total  

Assets

                            

Cash and cash equivalents

     63,050        -        -        -        -        -        -        -        2,312       65,362  

Interest bearing deposits with banks

     2,756        379        67        2        1        10        -        -        -       3,215  

Securities

     5,169        6,968        11,857        8,015        8,173        34,699        77,932        188,741        58,471       400,025  

Securities borrowed or purchased under resale agreements

     94,342        16,618        6,293        1,574        660        -        -        -        -       119,487  

Loans (1)

                            

Residential mortgages

     1,857        3,946        8,745        10,377        11,291        48,370        74,527        34,493        208       193,814  

Consumer instalment and other personal

     531        991        2,485        2,768        3,387        14,592        21,504        18,891        26,997       92,146  

Credit cards

     -        -        -        -        -        -        -        -        13,221       13,221  

Business and government

     11,416        16,229        19,241        15,518        16,885        59,816        102,775        33,824        105,779       381,483  

Allowance for credit losses

     -        -        -        -        -        -        -        -        (4,960     (4,960

Total loans, net of allowance

     13,804        21,166        30,471        28,663        31,563        122,778        198,806        87,208        141,245       675,704  

Other assets

                            

Derivative instruments

     5,819        7,375        4,444        4,286        3,269        6,472        10,302        7,759        -       49,726  

Customers’ liability under acceptances

     438        -        -        -        -        -        -        -        -       438  

Receivable from brokers, dealers and clients

     48,401        -        -        -        -        -        -        -        -       48,401  

Other

     3,498        1,278        409        29        20        15        10        7,672        64,980       77,911  

Total other assets

     58,156        8,653        4,853        4,315        3,289        6,487        10,312        15,431        64,980       176,476  

Total assets

     237,277        53,784        53,541        42,569        43,686        163,974        287,050        291,380        267,008       1,440,269  

TABLE 39

     
              April 30, 2025  

(Canadian $ in millions)

   0 to 1
month
     1 to 3
months
     3 to 6
months
     6 to 9
months
     9 to 12
months
     1 to 2
years
     2 to 5
years
     Over 5
years
     No specific
maturity
    Total  

Liabilities and Equity

                            

Deposits (2) (3)

     41,667        69,777        70,656        60,937        44,134        58,350        73,879        26,716        512,151       958,267  

Other liabilities

                            

Derivative instruments

     6,594        9,442        6,383        5,607        3,467        6,698        9,949        9,587        -       57,727  

Acceptances

     438        -        -        -        -        -        -        -        -       438  

Securities sold but not yet purchased (4)

     53,422        -        -        -        -        -        -        -        -       53,422  

Securities lent or sold under repurchase agreements (4)

     104,107        11,474        703        -        985        1,680        -        -        -       118,949  

Securitization and structured entities’ liabilities

     25        2,207        151        2,315        198        2,882        10,150        34,008        -       51,936  

Insurance-related liabilities

     84        81        18        20        30        86        210        740        18,069       19,338  

Payable to brokers, dealers and clients

     48,732        -        -        -        -        -        -        -        -       48,732  

Other

     12,899        416        1,646        1,670        181        2,982        2,566        2,703        10,824       35,887  

Total other liabilities

     226,301        23,620        8,901        9,612        4,861        14,328        22,875        47,038        28,893       386,429  

Subordinated debt

     -        -        -        25        -        -        25        9,690        -       9,740  

Total equity

     -        -        -        -        -        -        -        -        85,833       85,833  

Total liabilities and equity

     267,968        93,397        79,557        70,574        48,995        72,678        96,779        83,444        626,877       1,440,269  

 

 (1)

Loans receivable on demand have been included under no specific maturity.

 (2)

Deposits payable on demand and payable after notice have been included under no specific maturity.

 (3)

Deposits totalling $28,685 million as at April 30, 2025, have a fixed maturity date; however, they can be redeemed early (either fully or partially) by customers without penalty. These are classified as payable on a fixed date due to their stated contractual maturity date.

 (4)

These are presented based on their earliest maturity date.

 

TABLE 40

                          
                                                                      April 30, 2025  

(Canadian $ in millions)

   0 to 1
month
     1 to 3
months
     3 to 6
months
     6 to 9
months
     9 to 12
months
     1 to 2
years
     2 to 5
years
     Over 5
years
     No specific
maturity
    Total  

Off-Balance Sheet Commitments

                                                                                                                                    

Commitments to extend credit (1)

       3,850         9,711        12,437        8,862        14,510         52,281        124,942          7,865        -         234,458   

Letters of credit (2)

     3,200        4,975        5,844        5,715        6,185        2,638        3,340        74        -       31,971  

Backstop liquidity facilities

     1,009        1,040        1,462        837        1,069        9,981        1,506        874        -       17,778  

Other commitments (3)

     55        84        130        221        143        453        807        333        -       2,226  

 

 (1)

Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments.

 (2)

Letters of credit can be drawn down at any time. These are classified based on their stated contractual maturity.

 (3)

Other commitments comprise purchase obligations and lease commitments for leases signed but not yet commenced.

 

40 BMO Financial Group Second Quarter Report 2025

 


TABLE 41

                          
                                                                      October 31, 2024  

(Canadian $ in millions)

   0 to 1
month
     1 to 3
months
     3 to 6
months
     6 to 9
months
     9 to 12
months
     1 to 2
years
     2 to 5
years
     Over 5
years
     No specific
maturity
    Total  

Assets

                            

Cash and cash equivalents

     62,827        -        -        -        -        -        -        -        2,271       65,098  

Interest bearing deposits with banks

     2,513        628        481        18        -        -        -        -        -       3,640  

Securities

     6,787        14,011        7,840        6,707        9,720        21,264        84,775        172,886        72,890       396,880  

Securities borrowed or purchased under resale agreements

     85,185        16,803        5,701        2,330        888        -        -        -        -       110,907  

Loans (1)

                            

Residential mortgages

     1,683        3,284        6,413        6,653        9,252        52,489        77,867        33,227        212       191,080  

Consumer instalment and other personal

     581        974        1,703        1,827        2,671        14,815        24,595        18,830        26,691       92,687  

Credit cards

     -        -        -        -        -        -        -        -        13,612       13,612  

Business and government

     8,647        14,418        16,461        19,448        21,828        63,613        105,740        32,444        102,394       384,993  

Allowance for credit losses

     -        -        -        -        -        -        -        -        (4,356     (4,356

Total loans, net of allowance

     10,911        18,676        24,577        27,928        33,751        130,917        208,202        84,501        138,553       678,016  

Other assets

                            

Derivative instruments

     5,573        7,996        7,211        2,482        1,660        6,365        8,374        7,592        -       47,253  

Customers’ liability under acceptances

     359        -        -        -        -        -        -        -        -       359  

Receivable from brokers, dealers and clients

     31,916        -        -        -        -        -        -        -        -       31,916  

Other

     3,847        1,012        948        31        14        13        13        7,717        61,983       75,578  

Total other assets

     41,695        9,008        8,159        2,513        1,674        6,378        8,387        15,309        61,983       155,106  

Total assets

     209,918        59,126        46,758        39,496        46,033        158,559        301,364        272,696        275,697       1,409,647  

TABLE 42

                          
                                                                      October 31, 2024  

(Canadian $ in millions)

   0 to 1
month
     1 to 3
months
     3 to 6
months
     6 to 9
months
     9 to 12
months
     1 to 2
years
     2 to 5
years
     Over 5
years
     No specific
maturity
    Total  

Liabilities and Equity

                            

Deposits (2) (3)

     47,637        74,759        69,479        68,110        48,835        51,789        87,297        25,602        508,932       982,440  

Other liabilities

                            

Derivative instruments

     6,769        10,541        10,828        3,311        2,160        6,470        9,112        9,112        -       58,303  

Acceptances

     359        -        -        -        -        -        -        -        -       359  

Securities sold but not yet purchased (4)

     35,030        -        -        -        -        -        -        -        -       35,030  

Securities lent or sold under repurchase agreements (4)

     99,364        7,777        721        106        1,016        1,807        -        -        -       110,791  

Securitization and structured entities’ liabilities

     44        981        1,072        2,183        152        4,353        9,913        21,466        -       40,164  

Insurance-related liabilities

     93        89        18        18        30        83        195        701        17,543       18,770  

Payable to brokers, dealers and clients

     34,407        -        -        -        -        -        -        -        -       34,407  

Other

     12,409        2,968        805        144        1,611        2,492        4,058        2,799        9,434       36,720  

Total other liabilities

     188,475        22,356        13,444        5,762        4,969        15,205        23,278        34,078        26,977       334,544  

Subordinated debt

     -        -        -        -        -        25        25        8,327        -       8,377  

Total equity

     -        -        -        -        -        -        -        -        84,286       84,286  

Total liabilities and equity

     236,112        97,115        82,923        73,872        53,804        67,019        110,600        68,007        620,195       1,409,647  

 

 (1)

Loans receivable on demand have been included under no specific maturity.

 (2)

Deposits payable on demand and payable after notice have been included under no specific maturity.

 (3)

Deposits totalling $29,136 million as at October 31, 2024, have a fixed maturity date; however, they can be redeemed early (either fully or partially) by customers without penalty. These are classified as payable on a fixed date due to their stated contractual maturity date.

 (4)

These are presented based on their earliest maturity date.

 

TABLE 43

                          
                                                                      October 31, 2024  

(Canadian $ in millions)

   0 to 1
month
     1 to 3
months
     3 to 6
months
     6 to 9
months
     9 to 12
months
     1 to 2
years
     2 to 5
years
     Over 5
years
     No specific
maturity
    Total  

Off-Balance Sheet Commitments

                            

Commitments to extend credit (1)

       3,720         5,220        10,229        16,052        16,284         47,054        130,664          7,048        -          236,271   

Letters of credit (2)

     2,109        5,235        6,113        6,761        6,163        2,310        3,689        36        -       32,416  

Backstop liquidity facilities

     283        213        213        3,408        1,132        3,047        9,110        818        -       18,224  

Other commitments (3)

     30        78        94        87        187        399        486        98        -       1,459  

 

 (1)

Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments.

 (2)

Letters of credit can be drawn down at any time. These are classified based on their stated contractual maturity.

 (3)

Other commitments comprise purchase obligations and lease commitments for leases signed but not yet commenced.

Caution

This Liquidity and Funding Risk section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

 

BMO Financial Group Second Quarter Report 2025 41

 


Glossary of Financial Terms

 

Adjusted Earnings and Measures are non-GAAP and exclude certain specified items from revenue, non-interest expense, provision for credit losses and income taxes that may not be reflective of ongoing business performance. Management considers both reported and adjusted results to be useful in assessing underlying ongoing performance, as set out in the Non-GAAP and Other Financial Measures section.

Allowance for Credit Losses represents an amount deemed appropriate by management to absorb credit-related losses on loans and acceptances and other credit instruments, in accordance with applicable accounting standards. Allowance on Performing Loans is maintained to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Allowance on Impaired Loans is maintained to reduce the carrying value of individually identified impaired loans to the expected recoverable amount.

Allowance for Credit Losses on Impaired Loans Ratio is calculated as the allowance for credit losses on impaired loans as a percentage of gross impaired loans and acceptances.

Assets under Administration and Assets under Management refers to assets administered or managed by a financial institution that are beneficially owned by clients and therefore not reported on the balance sheet of the administering or managing financial institution.

Asset-Backed Commercial Paper (ABCP) is backed by assets such as trade receivables, and is generally used for short-term financing needs.

Average Earning Assets represents the daily average balance of deposits at central banks, deposits with other banks, securities borrowed or purchased under resale agreements, securities, and loans over the period.

Bankers’ Acceptances (BAs) are bills of exchange or negotiable instruments drawn by a borrower for payment at maturity and accepted by a bank. BAs constitute a guarantee of payment by the issuer’s bank for a fee and can be traded in the money market.

Basis Point is one one-hundredth of a percentage point.

Book Value per Share represents common shareholders’ equity divided by the number of common shares at the end of a period.

Collateral is assets pledged as security to secure loans or other obligations.

Collateralized Mortgage Obligations (CMOs) are debt securities with multiple tranches, issued by structured entities and collateralized by a pool of mortgages. Each tranche offers different terms, interest rates, and risks.

Common Equity Tier 1 (CET1) Capital comprises common shareholders’ equity, including applicable contractual service margin, net of deductions for goodwill, intangible assets, pension assets, certain deferred tax assets and other items, which may include a portion of expected credit loss provisions or a shortfall in allowances or other specified items.

Common Equity Tier 1 (CET1) Ratio is calculated as CET1 Capital divided by risk-weighted assets. The CET1 Ratio is calculated in accordance with OSFI’s Capital Adequacy Requirements (CAR) Guideline.

Common Shareholders’ Equity is the most permanent form of capital. For regulatory capital purposes, common shareholders’ equity comprises common shareholders’ equity, net of capital deductions.

Contractual Service Margin (CSM) represents the unearned profit of a group of insurance contracts that we expect to recognize in the income statement as services provided.

Credit Valuation Adjustment (CVA) represents fair value adjustments to capture counterparty credit risk in our derivative valuations.

Derivatives are contracts, requiring no or little initial investment, with a value that is derived from movements in underlying interest or foreign exchange rates, equity or commodity prices or other indices. Derivatives are used to transfer, modify or reduce current or expected risks from changes in rates and prices.

Dividend Payout Ratio represents common share dividends as a percentage of net income available to common shareholders. It is calculated by dividing dividends per share by basic earnings per share.

Dividend Yield is calculated as dividends per common share divided by the closing share price.

Earnings per Share (EPS) is calculated by dividing net income available to common shareholders, after deducting preferred share dividends and distributions on other equity instruments, by the average number of common shares outstanding. Diluted EPS, which is BMO’s basis for measuring performance, adjusts for possible conversions of financial instruments into common shares if those conversions would reduce EPS.

Earnings Sensitivity is a measure of the impact of potential changes in interest rates on the projected 12-month pre-tax net income from a portfolio of assets, liabilities and off-balance sheet positions in response to prescribed parallel interest rate movements, with interest rates floored at zero.

Economic Capital is an expression of the enterprise’s capital demand requirement relative to its view of the economic risks in its underlying business activities. It represents management’s estimation of the likely magnitude of economic losses that could occur should severely adverse situations arise. Economic capital is calculated for various types of risk, including credit, market (trading and non-trading), operational non-financial, business and insurance, based on a one-year time horizon using a defined confidence level.

Economic Value Sensitivity is a measure of the impact of potential changes in interest rates on the market value of a portfolio of assets, liabilities and off-balance sheet positions in response to prescribed parallel interest rate movements, with interest rates floored at zero.

Effective Tax Rate is a percentage calculated as provision for income taxes divided by income before provision for income taxes.

Efficiency Ratio (or Expense-to-Revenue Ratio) is a measure of productivity. It is a percentage calculated as non-interest expense divided by total revenue (on a taxable equivalent basis in the operating groups).

Fair Value is the amount of consideration that would be agreed upon in an arm’s-length transaction between knowledgeable, willing parties who are under no compulsion to act in an orderly market transaction.

Forwards and Futures are contractual agreements to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a specified price and date in the future. Forwards are customized contracts transacted in the over-the-counter market. Futures are transacted in standardized amounts on regulated exchanges and are subject to daily cash margin requirements.

Gross Impaired Loans and Acceptances (GIL) is calculated as the credit impaired balance of loans and customers’ liability under acceptances.

Gross Impaired Loans and Acceptances (GIL) Ratio is calculated as gross impaired loans and acceptances as a percentage of gross loans and acceptances.

Guarantees and Standby Letters of Credit represent our obligation to make payments to third parties on behalf of a customer if the customer is unable to make the required payments or meet other contractual requirements.

Hedging is a risk management technique used to neutralize, manage or offset interest rate, foreign currency, equity, commodity or credit risk exposures arising from normal banking activities.

High-Quality Liquid Assets (HQLA) are cash or assets that can be converted into cash with little or no loss in value to meet short-term liquidity needs.

Impaired Loans are loans for which there is no longer a reasonable assurance of the timely collection of principal or interest.

Insurance Investment Results represent net returns on insurance-related assets and the impact of the change in discount rates and financial assumptions on insurance contract liabilities.

Insurance Service Results represent insurance revenue, insurance service expenses and reinsurance results.

Leverage Exposures (LE) consist of on-balance sheet items and specified off-balance sheet items, net of specified adjustments.

Leverage Ratio is a Basel III regulatory measure calculated as Tier 1 Capital divided by LE, in accordance with OSFI’s Capital Adequacy Requirements (CAR) Guideline.

Liquidity and Funding Risk is the potential risk that we are unable to meet our financial commitments in a timely manner at reasonable prices as they come due. Financial commitments include liabilities to depositors and suppliers, as well as lending, investment and pledging commitments.

Liquidity Coverage Ratio (LCR) is a Basel III regulatory metric calculated as the ratio of high-quality liquid assets to total net stressed cash outflows over a thirty-day period under a stress scenario, in accordance with guidelines issued by OSFI.

 

 

42 BMO Financial Group Second Quarter Report 2025

 


Market Risk is the potential for adverse changes in the value of our assets and liabilities resulting from changes in market variables such as interest rates, foreign exchange rates, credit spreads, equity and commodity prices and their implied volatilities.

Mark-to-Market represents the valuation of financial instruments at fair value as of the balance sheet date.

Master Netting Agreements are agreements between two parties designed to reduce the credit risk of multiple derivative transactions through the provision of a legal right to offset exposure in the event of default.

Net Interest Income comprises earnings on assets, such as loans and securities, including interest and certain dividend income, less interest expense paid on liabilities, such as deposits. Net interest income, excluding trading, is presented on a basis that excludes trading-related interest income.

Net Interest Margin is the ratio of net interest income to average earning assets, expressed as a percentage or in basis points. Net interest margin, excluding trading net interest income, and trading and insurance average assets is calculated in the same manner, excluding trading-related interest income, and trading and insurance earning assets.

Net Stable Funding Ratio (NSFR) is a regulatory liquidity measure that assesses the stability of a bank’s funding profile in relation to the liquidity value of its assets, and is calculated in accordance with OSFI’s Liquidity Adequacy Requirements (CAR) Guideline.

Notional Amount refers to the principal amount used to calculate interest and other payments under derivative contracts. The principal amount does not change hands under the terms of a derivative contract, except in the case of cross-currency swaps.

Off-Balance Sheet Financial Instruments comprises a variety of financial arrangements offered to clients, which include credit derivatives, written put options, backstop liquidity facilities, standby letters of credit, performance guarantees, credit enhancements, commitments to extend credit, securities lending, documentary and commercial letters of credit, and other indemnifications.

Office of the Superintendent of Financial Institutions (OSFI) is the government agency responsible for regulating banks, insurance companies, trust companies, loan companies and pension plans in Canada.

Operating Leverage is the difference between the growth rates of revenue and non-interest expense.

Options are contractual agreements that convey to the purchaser the right but not the obligation to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a fixed future date or at any time within a fixed future period.

Pre-Provision, Pre-Tax Earnings (PPPT) is calculated as income before the provision for income taxes and provision for (recovery of) credit losses. We use PPPT on both a reported and an adjusted basis to assess our ability to generate sustained earnings growth excluding credit losses, which are impacted by the cyclical nature of a credit cycle.

Provision for Credit Losses (PCL) is a charge to income that represents an amount deemed adequate by management to provide for impairment in a portfolio of loans and acceptances and other credit instruments, given the composition of the portfolio, the probability of default, the economic outlook and the allowance for credit losses already established. PCL can comprise both a provision for credit losses on impaired loans and a provision for credit losses on performing loans.

Provision for Credit Losses (PCL) Ratio is calculated as the annualized total provision for credit losses as a percentage of average net loans and acceptances.

Return on Equity or Return on Common Shareholders’ Equity (ROE) is calculated as net income, less preferred dividends and distributions on other equity instruments, as a percentage of average common shareholders’ equity. Common shareholders’ equity comprises common share capital, contributed surplus, accumulated other comprehensive income (loss) and retained earnings.

Return on Tangible Common Equity (ROTCE) is calculated as net income available to common shareholders, adjusted for the amortization of acquisition-related intangible assets and any impairments, as a percentage of average tangible common equity.

Risk-Weighted Assets (RWA) are on- and off-balance sheet exposures adjusted by a regulatory risk-weighted factor to a comparable risk level, in accordance with guidelines issued by OSFI.

Securities Borrowed or Purchased under Resale Agreements are low-cost, low-risk instruments, often supported by the pledge of cash collateral, which arise from transactions that involve the borrowing or purchasing of securities.

Securities Lent or Sold under Repurchase Agreements are low-cost, low-risk liabilities, often supported by cash collateral, which arise from transactions that involve the lending or selling of securities.

Securitization is the practice of selling pools of contractual debts, such as residential mortgages and credit card debt obligations, to third parties or trusts, which then typically issue a series of asset-backed securities to investors to fund the purchase of the contractual debts.

Structured Entities (SEs) include entities for which voting or similar rights are not the dominant factor in determining control of the entity. BMO is required to consolidate a SE if it controls the entity by having power over the entity, exposure to variable returns as a result of its involvement and the ability to exercise power to affect the amount of those returns.

Structural (Non-Trading) Market Risk comprises interest rate risk arising from banking activities (loans and deposits) and foreign exchange risk arising from foreign currency operations and exposures.

Swaps are contractual agreements between two parties to exchange a series of cash flows based on notional amounts over a specified period.

Tangible Common Equity is calculated as common shareholders’ equity, less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities.

Taxable Equivalent Basis (teb): Operating segment revenue is presented on a taxable equivalent basis (teb). Revenue and the provision for income taxes in BMO Capital Markets and U.S. P&C are increased on tax-exempt securities to an equivalent pre-tax basis to facilitate comparisons of income between taxable and tax-exempt sources. The offset to operating segment teb adjustments is reflected in Corporate Services revenue and provision for (recovery of) income taxes.

Tier 1 Capital comprises CET1 Capital and Additional Tier 1 (AT1) Capital. AT1 Capital consists of preferred shares, limited recourse capital notes and other qualifying capital instruments issued by a subsidiary to third parties.

Tier 2 Capital comprises subordinated debentures and may include certain credit loss provisions, less regulatory deductions.

Total Capital comprises Tier 1 and Tier 2 Capital.

Total Loss Absorbing Capacity (TLAC) comprises Total Capital and senior unsecured debt subject to the Canadian Bail-In Regime, less regulatory deductions, in accordance with guidelines issued by OSFI.

Total Loss Absorbing Capacity (TLAC) Ratio is calculated as TLAC divided by risk-weighted assets.

Total Loss Absorbing Capacity (TLAC) Leverage Ratio is calculated as TLAC divided by leverage exposures.

Total Shareholder Return: The annual total shareholder return (TSR) represents the average annual total return earned on an investment in BMO common shares made at the beginning of the respective period. The return includes the change in share price and assumes dividends received were reinvested in additional common shares.

Trading-Related Revenue comprises net interest income and non-interest revenue earned from on-balance sheet and off-balance sheet positions undertaken for trading purposes. The management of these positions typically includes marking them to market on a daily basis.

Value-at-Risk (VaR) measures the maximum loss likely to be experienced in the trading and underwriting portfolios, measured at a 99% confidence level over a one-day holding period. VaR is calculated for specific classes of risk in BMO’s trading and underwriting activities related to interest rates, foreign exchange rates, credit spreads, equity and commodity prices and their implied volatilities.

 

 

 

BMO Financial Group Second Quarter Report 2025 43

 


Investor and Media Information

Investor Presentation Materials

Interested parties are invited to visit BMO’s website at www.bmo.com/investorrelations to review the 2024 Annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call on Wednesday, May 28, 2025, at 8:00 a.m. (ET). The call may be accessed by telephone at 416-340-2217 (from within Toronto) or 1-800-806-5484 (toll-free outside Toronto), entering Passcode: 9768240#. A replay of the conference call can be accessed until June 25, 2025, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering Passcode: 9180754#.

A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.

Media Relations Contact

Jeff Roman, Director, Enterprise Media Relations, jeff.roman@bmo.com, 416-867-3996

Investor Relations Contacts

Christine Viau, Head, Investor Relations, christine.viau@bmo.com, 416-867-6956

Bill Anderson, Managing Director, Investor Relations, bill2.anderson@bmo.com, 416-867-7834

 

 

 

Shareholder Dividend Reinvestment and Share Purchase
Plan (DRIP)

Common shareholders may elect to have their cash dividends reinvested in common shares of the bank, in accordance with the bank’s DRIP. More information about the Plan and how to enrol can be found at www.bmo.com/investorrelations.

 

For dividend information, change in shareholder address
or to advise of duplicate mailings, please contact

Computershare Trust Company of Canada

100 University Avenue, 8th Floor

Toronto, Ontario M5J 2Y1

Telephone: 1-800-340-5021 (Canada and the United States)

Telephone: (514) 982-7800 (international)

Fax: 1-888-453-0330 (Canada and the United States)

Fax: (416) 263-9394 (international)

E-mail: service@computershare.com

  

For other shareholder information, please contact

Bank of Montreal

Shareholder Services

Corporate Secretary’s Department

One First Canadian Place, 9th Floor

Toronto, Ontario M5X 1A1

Telephone: (416) 867-6785

E-mail: corp.secretary@bmo.com

 

For further information on this document, please contact

Bank of Montreal

Investor Relations Department

P.O. Box 1, One First Canadian Place, 37th Floor

Toronto, Ontario M5X 1A1

 

To review financial results and regulatory filings and disclosures online, please visit BMO’s website at www.bmo.com/investorrelations.

 

 

BMO’s 2024 Annual MD&A, audited consolidated financial statements, annual information form and annual report on Form 40-F (filed with the U.S. Securities and Exchange Commission) are available online at www.bmo.com/investorrelations and at www.sedarplus.ca. Printed copies of the bank’s complete 2024 audited consolidated financial statements are available free of charge upon request at 416-867-6785 or corp.secretary@bmo.com.

 

 

® Registered trademark of Bank of Montreal

 

68 BMO Financial Group Second Quarter Report 2025

 

Interim Consolidated Financial Statements
Consolidated Statement of Income
 
(Unaudited) (Canadian $ in millions, except as noted)
  
For the three months ended
 
 
For the six months ended
 
  
  
April 30,
2025
 
 
January 31,
2025
 
 
April 30,
2024
 
 
April 30,
2025
   
April 30,
2024
 
Interest, Dividend and Fee Income
  
 
 
 
 
Loans
  
$
9,501
 
  $ 10,121      $ 9,745    
$
19,622
    $ 19,577  
Securities (Note 2)
  
 
3,978
 
    4,120       3,716    
 
8,098
      7,155  
Securities borrowed or purchased under resale agreements
  
 
1,448
 
    1,565       1,672    
 
3,013
 
    3,229  
Deposits with banks
  
 
727
 
    817       1,031    
 
1,544
 
    2,057  
    
 
15,654
 
    16,623       16,164    
 
32,277
 
    32,018  
Interest Expense
          
Deposits
  
 
7,268
 
    8,124       8,454    
 
15,392
 
    16,838  
Securities sold but not yet purchased and securities lent or sold under repurchase agreements
  
 
2,374
 
    2,189       2,282    
 
4,563
 
    4,158  
Subordinated debt
  
 
115
 
    111       111    
 
226
 
    222  
Other liabilities
  
 
800
 
    801       802    
 
1,601
 
    1,564  
    
 
10,557
 
    11,225       11,649    
 
21,782
 
    22,782  
Net Interest Income
  
 
5,097
 
    5,398       4,515    
 
10,495
 
    9,236  
Non-Interest
Revenue
          
Securities commissions and fees
  
 
275
 
    288       271    
 
563
 
    540  
Deposit and payment service charges
  
 
456
 
    442       398    
 
898
 
    794  
Trading revenues
  
 
819
 
    802       599    
 
1,621
 
    1,059  
Lending fees
  
 
324
 
    362       388    
 
686
 
    773  
Card fees
  
 
201
 
    219       212    
 
420
 
    426  
Investment management and custodial fees
  
 
556
 
    574       501    
 
1,130
 
    984  
Mutual fund revenues
  
 
353
 
    363       323    
 
716
 
    638  
Underwriting and advisory fees
  
 
415
 
    380       371    
 
795
 
    715  
Securities gains, other than trading (Note 2)
  
 
66
 
    58       81    
 
124
 
    94  
Foreign exchange gains, other than trading
  
 
62
 
    76       65    
 
138
 
    129  
Insurance service results (Note 5)
  
 
123
 
    91       99    
 
214
 
    198  
Insurance investment results (Notes 2 and 5)
  
 
(4
    60       25    
 
56
 
    16  
Share of profit (loss) in associates and joint ventures
  
 
(2
)
    49       67    
 
47
 
    105  
Other revenues (losses)
  
 
(62
)
    104       59    
 
42
 
    (61
    
 
3,582
 
    3,868       3,459    
 
7,450
 
    6,410  
Total Revenue
  
 
8,679
 
    9,266       7,974    
 
17,945
 
    15,646  
Provision for Credit Losses
(Note 3)
  
 
1,054
 
    1,011       705    
 
2,065
 
    1,332  
Non-Interest
Expense
          
Employee compensation
  
 
2,850
 
    3,235       2,619    
 
6,085
 
    5,489  
Premises and equipment
  
 
1,086
 
    1,086       1,032    
 
2,172
 
    2,008  
Amortization of intangible assets
  
 
296
 
    288       276    
 
584
 
    555  
Advertising and business development
  
 
210
 
    174       202    
 
384
 
    393  
Communications
  
 
95
 
    86       100    
 
181
 
    201  
Professional fees
  
 
141
 
    146       132    
 
287
 
    270  
Association, clearing and annual regulator fees
  
 
85
 
    76       72    
 
161
 
    141  
Other
  
 
256
 
    336       411    
 
592
 
    1,176  
    
 
5,019
 
    5,427       4,844    
 
10,446
 
    10,233  
Income Before Provision for Income Taxes
  
 
2,606
 
    2,828       2,425    
 
5,434
 
    4,081  
Provision for income taxes (Note 11)
  
 
644
 
    690       559    
 
1,334
 
    923  
Net Income
  
$
1,962
 
  $ 2,138     $ 1,866    
$
4,100
 
  $        3,158   
Attributable to:
          
Bank shareholders
  
$
       1,960
 
  $        2,134      $        1,862     
$
       4,094
 
  $ 3,152  
Non-controlling
interest in subsidiaries
  
 
2
 
    4       4    
 
6
 
    6  
Net Income
  
$
1,962
 
  $ 2,138     $ 1,866    
$
4,100
 
  $ 3,158  
Earnings Per Common Share (Canadian $)
(Note 10)
          
Basic
  
$
2.51
 
  $ 2.84     $ 2.36    
$
5.34
    $ 4.09  
Diluted
  
 
2.50
 
    2.83       2.36    
 
5.34
 
    4.08  
Dividends per common share
  
 
1.59
 
    1.59       1.51    
 
3.18
      3.02  
 The accompanying notes are an integral part of these interim consolidated financial statements.
 
44
BMO Financial Group Second Quarter Report 2025
 


Interim
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
 
(Unaudited) (Canadian $ in millions)
  
For the three months ended
 
 
For the six months ended
 
  
  
April 30,
2025
 
 
January 31,
2025
 
 
April 30,
2024
 
 
April 30,
2025
 
 
April 30,
2024
 
Net Income
  
$
      1,962
  
  $ 2,138     $ 1,866    
$
4,100
 
  $ 3,158  
Other Comprehensive Income (Loss), net of taxes
          
Items that will subsequently be reclassified to net income
          
Net change in unrealized gains (losses) on fair value through OCI debt securities
          
Unrealized gains (losses) on fair value through OCI debt securities arising during the period (1)
  
 
(137
)
    120       40    
 
(17
)
 
    311  
Reclassification to earnings of (gains) during the period (2)
  
 
(15
)
    (6     (40 )  
 
(21
)
 
    (45
    
 
(152
)
    114       -    
 
(38
)
 
    266  
Net change in unrealized gains (losses) on cash flow hedges
          
Gains (losses) on derivatives designated as cash flow hedges arising during the period (3)
  
 
818
 
    375       (1,443  
 
1,193
 
    471  
Reclassification to earnings of losses on derivatives
designated as cash flow hedges during the period (4)
  
 
184
 
    341       379    
 
525
 
    768  
    
 
1,002
 
    716       (1,064  
 
1,718
 
    1,239  
Net gains (losses) on translation of net foreign operations
          
Unrealized gains (losses) on translation of net foreign operations
  
 
(3,205
)
    2,612       1,482    
 
(593
)
 
    (398
Unrealized gains (losses) on hedges of net foreign operations (5)
  
 
747
 
    (541     (266  
 
206
 
    61  
    
 
(2,458
)
    2,071       1,216    
 
(387
)
 
    (337
Items that will not be subsequently reclassified to net income
          
Net unrealized gains (losses) on fair value through OCI equity securities arising during the period (6)
  
 
-
 
    (11     -    
 
(11
)
    8  
Net gains (losses) on remeasurement of pension and other employee future benefit plans (7)
  
 
(28
)
    22       43    
 
(6
)
    (48
Net gains (losses) on remeasurement of own credit risk on financial liabilities
designated at fair value (8)
  
 
146
 
    (88     (356  
 
58
 
    (783
    
 
118
 
    (77     (313  
 
41
 
    (823
Other Comprehensive Income (Loss), net of taxes
  
 
(1,490
)
    2,824       (161  
 
1,334
 
    345  
Total Comprehensive Income
  
$
472
  $ 4,962     $ 1,705    
$
5,434
 
  $ 3,503  
Attributable to:
          
Bank shareholders
  
$
470
  $ 4,958     $ 1,701    
$
5,428
 
  $ 3,497  
Non-controlling
interest in subsidiaries
  
 
2
 
    4       4    
 
6
 
    6  
Total Comprehensive Income
  
$
472
  $       4,962      $       1,705     
$
      5,434
  
  $       3,503   
 
 (1)
Net of income tax (provision) recovery of $50 million, $(45) million, $(14) million for the three months ended and $5 million and $(113) million for the six months ended, respectively.
 (2)
Net of income tax provision of $6 million, $2 million, $15 million for the three months ended and $8 million and $17 million for the six months ended, respectively.
 (3)
Net of income tax (provision)
recovery 
of $(302) million, $(148) million, $547 million for the three months ended and $(450) million and $(182) million for the six months ended, respectively.
 (4)
Net of income tax (recovery) of $(70) million, $(129) million, $(144) million for the three months ended and $(199) million and $(291) million for the six months ended, respectively.
 (5)
Net of income tax (provision) recovery of $(287) million, $208 million, $103 million for the three months ended and $(79) million and $(23) million for the six months ended, respectively.
 (6)
Net of income tax (provision) recovery of $nil million, $4 million, $nil million for the three months ended and $4 million and $(3) million for the six months ended, respectively.
 (7)
Net of income tax (provision) recovery of $11 million, $(8) million, $(17) million for the three months ended and $3 million and $18 million for the six months ended, respectively.
 (8)
Net of income tax (provision) recovery of $(56) million, $34 million, $137 million for the three months ended and $(22) million and $300 million for the six months ended, respectively.
 The accompanying notes are an integral part of these interim consolidated financial statements.
 
BMO Financial Group Second Quarter Report 2025
45
 

Interim Consolidated Financial Statements
Consolidated Balance Sheet
 
(Unaudited) (Canadian $ in millions)
  
  As at
 
  
  
April 30,
2025
 
 
October 31,
2024
 
Assets
  
 
Cash and Cash Equivalents
  
$
65,362
 
  $ 65,098  
Interest Bearing Deposits with Banks
  
 
3,215
 
    3,640  
Securities
(Note 2)
    
Trading
  
 
173,889
 
    168,926  
Fair value through profit or loss
  
 
19,929
 
    19,064  
Fair value through other comprehensive income
  
 
105,938
 
    93,702  
Debt securities at amortized cost
  
 
100,269
 
    115,188  
    
 
400,025
 
    396,880  
Securities Borrowed or Purchased Under Resale Agreements
  
 
119,487
 
    110,907  
Loans
(Note 3)
    
Residential mortgages
  
 
193,814
 
    191,080  
Consumer instalment and other personal
  
 
92,146
 
    92,687  
Credit cards
  
 
13,221
 
    13,612  
Business and government
  
 
381,483
 
    384,993  
  
 
680,664
 
    682,372  
Allowance for credit losses (Note 3)
  
 
(4,960
    (4,356
    
 
675,704
 
    678,016  
Other Assets
    
Derivative instruments
  
 
49,726
 
    47,253  
Customers’ liability under acceptances
  
 
438
 
    359  
Premises and equipment
  
 
6,161
 
    6,249  
Goodwill
  
 
16,630
 
    16,774  
Intangible assets
  
 
4,824
 
    4,925  
Current tax assets
  
 
1,620
 
    2,219  
Deferred tax assets
  
 
2,641
 
    3,024  
Receivable from brokers, dealers and clients
  
 
48,401
 
    31,916  
Other
  
 
46,035
 
    42,387  
    
 
176,476
 
    155,106  
Total Assets
  
$
  1,440,269
    $   1,409,647   
Liabilities and Equity
      
Deposits
(Note 4)
  
$
958,267
 
  $ 982,440  
Other Liabilities
    
Derivative instruments
  
 
57,727
 
    58,303  
Acceptances
  
 
438
 
    359  
Securities sold but not yet purchased
  
 
53,422
 
    35,030  
Securities lent or sold under repurchase agreements
  
 
118,949
 
    110,791  
Securitization and structured entities’ liabilities
  
 
51,936
 
    40,164  
Insurance-related liabilities (Note 5)
  
 
19,338
 
    18,770  
Payable to brokers, dealers and clients
  
 
48,732
 
    34,407  
Other
  
 
35,887
 
    36,720  
    
 
386,429
 
    334,544  
Subordinated Debt
(Note 4)
  
 
9,740
 
    8,377  
Total Liabilities
  
 
1,354,436
 
    1,325,361  
Equity
    
Preferred shares and other equity instruments (Note 6)
  
 
7,787
 
    8,087  
Common shares (Note 6)
  
 
23,730
 
    23,921  
Contributed surplus
  
 
367
 
    354  
Retained earnings
  
 
47,158
 
    46,469  
Accumulated other comprehensive income
  
 
6,753
 
    5,419  
Total shareholders’ equity
  
 
85,795
 
    84,250  
Non-controlling
interest in subsidiaries (Note 6)
  
 
38
 
    36  
Total Equity
  
 
85,833
 
    84,286  
Total Liabilities and Equity
  
$
1,440,269
 
  $ 1,409,647  
 The accompanying notes are an integral part of these interim consolidated financial statements.
 
46
BMO Financial Group Second Quarter Report 2025
 


Interim Consolidated Financial Statements
Consolidated Statement of Changes in Equity
 
(Unaudited) (Canadian $ in millions)
 
For the three months ended
 
 
For the six months ended
 
  
 
April 30,
2025
 
 
April 30,
2024
 
 
April 30,
2025
 
 
April 30,
2024
 
Preferred Shares and Other Equity Instruments
(Note 6)
 
 
 
 
Balance at beginning of period
 
$
7,787
 
  $ 6,958    
$
8,087
 
  $ 6,958  
Issued during the period
 
 
-
 
    1,356    
 
-
 
    1,356  
Redeemed during the period
 
 
-
 
    -    
 
(300
)
    -  
Balance at end of period
 
 
7,787
 
    8,314    
 
7,787
 
    8,314  
Common Shares
(Note 6)
       
Balance at beginning of period
 
 
23,923
 
    23,412    
 
23,921
 
    22,941  
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan
 
 
-
 
    466    
 
-
 
    905  
Issued under the Stock Option Plan
 
 
22
 
    9    
 
71
 
    42  
Treasury shares sold
 
 
14
 
 
  9    
 
7
 
    8  
Repurchased for cancellation
 
 
(229
)
 
  -    
 
(269
)
    -  
Balance at end of period
 
 
23,730
 
 
  23,896    
 
23,730
 
    23,896  
Contributed Surplus
 
 
   
Balance at beginning of period
 
 
363
 
 
  351    
 
354
 
    328  
Stock option expense, net of options exercised
 
 
(3
)
 
  (1  
 
5
 
    11  
Net premium on sale of treasury shares
 
 
7
 
 
  -    
 
8
 
    11  
Balance at end of period
 
 
367
 
 
  350    
 
367
 
    350  
Retained Earnings
 
 
   
Balance at beginning of period
 
 
47,243
 
 
  44,161    
 
46,469
 
    44,006  
Net income attributable to bank shareholders
 
 
1,960
 
 
  1,862    
 
4,094
 
    3,152  
Dividends on preferred shares and distributions payable on other equity instruments
 
 
(142
)
 
  (143  
 
(207
)
 
    (183
Dividends on common shares
 
 
(1,151
)
 
  (1,102  
 
(2,310
)

    (2,197
Equity issue expense
 
 
-
 
 
  (6  
 
-
 
    (6
Common shares repurchased for cancellation (Note 6)
 
 
(752
)
 
  -      
(888
)
    -  
Balance at end of period
 
 
47,158
 
 
  44,772    
 
47,158
 
    44,772  
Accumulated Other Comprehensive (Loss) on Fair Value through OCI Securities, net of taxes
 
 
   
Balance at beginning of period
 
 
(218
)
 
  (190  
 
(321
    (464
Unrealized gains (losses) on fair value through OCI debt securities arising during the period
 
 
(137
)
 
  40    
 
(17
)

    311  
Unrealized gains (losses) on fair value through OCI equity securities arising during the period
 
 
-
 
 
  -    
 
(11
)

    8  
Reclassification to earnings of (gains) during the period
 
 
(15
)
 
  (40  
 
(21
)
 
    (45
Balance at end of period
 
 
(370
)
 
  (190  
 
(370
)
    (190
Accumulated Other Comprehensive Income (Loss) on Cash Flow Hedges, net of taxes
 
 
   
Balance at beginning of period
 
 
(803
)
 
  (3,145  
 
(1,519
    (5,448
Gains (losses) on derivatives designated as cash flow hedges arising during the period
 
 
818
 
 
  (1,443  
 
1,193
 
    471  
Reclassification to earnings of losses on derivatives designated as cash flow hedges during the period
 
 
184
 
 
  379    
 
525
 
    768  
Balance at end of period
 
 
199
 
 
  (4,209  
 
199
 
    (4,209
Accumulated Other Comprehensive Income on Translation of Net Foreign Operations, net of taxes
 
 
   
Balance at beginning of period
 
 
8,452
 
 
  4,641    
 
6,381
 
    6,194  
Unrealized gains (losses) on translation of net foreign operations
 
 
(3,205
)
 
  1,482    
 
(593
)
 
    (398
Unrealized gains (losses) on hedges of net foreign operations
 
 
747
 
 
  (266  
 
206
 
    61  
Balance at end of period
 
 
5,994
 
 
  5,857    
 
5,994
 
    5,857  
Accumulated Other Comprehensive Income on Pension and Other Employee
Future Benefit Plans, net of taxes
 
 
   
Balance at beginning of period
 
 
896
 
 
  852    
 
874
 
    943  
Gains (losses) on remeasurement of pension and other employee future benefit plans
 
 
(28
)
 
  43    
 
(6
)
 
    (48
Balance at end of period
 
 
868
 
 
  895    
 
868
 
    895  
Accumulated Other Comprehensive Income (Loss) on Own Credit Risk on Financial Liabilities
Designated at Fair Value, net of taxes
 
 
   
Balance at beginning of period
 
 
(84
)
 
  210    
 
4
 
    637  
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value
 
 
146
 
 
  (356  
 
58
 
    (783
Balance at end of period
 
 
62
 
 
  (146  
 
62
 
    (146
Total Accumulated Other Comprehensive Income
 
 
6,753
 
 
  2,207    
 
6,753
 
    2,207  
Total Shareholders’ Equity
 
 
85,795
 
 
  79,539    
 
85,795
 
    79,539  
Non-Controlling
Interest in Subsidiaries (Note 6)
 
 
   
Balance at beginning of period
 
 
41
 
 
  29    
 
36
 
    28  
Net income attributable to
non-controlling
interest in subsidiaries
 
 
2
 
 
  4    
 
6
 
    6  
Dividends to
non-controlling
interest in subsidiaries
 
 
(3
)
 
  (3  
 
(3
)
 
    (3
Other
 
 
(2
)
 
  1    
 
(1
)
 
    -  
Balance at end of period
 
 
38
 
    31    
 
38
 
    31  
Total Equity
 
$
      85,833
  
  $       79,570     
$
      85,833
  
  $       79,570   
 The accompanying notes are an integral part of these interim consolidated financial statements.
 
BMO Financial Group Second Quarter Report 2025
47


Interim Consolidated Financial Statements
Consolidated Statement of Cash Flows
 
(Unaudited) (Canadian $ in millions)
 
   For the three months ended
 
 
   For the six months ended
 
  
 
  April 30,
2025
 
 
  April 30,
2024
 
 
  April 30,
2025
 
 
  April 30,
2024
 
Cash Flows Provided by (Used in) Operating Activities
 
 
 
 
Net Income
 
$
    1,962
  
  $     1,866    
$
4,100
 
  $     3,158  
Adjustments to determine net cash flows provided by operating activities:
     
 
Securities (gains), other than trading (Note 2)
 
 
(66
)
    (81  
 
(124
)
 
  (94
Depreciation of premises and equipment
 
 
245
 
    240    
 
498
 
 
  484  
Depreciation of other assets
 
 
3

 
    8    
 
7
 
 
  17  
Amortization of intangible assets
 
 
296
 
    276    
 
584
 
 
  555  
Provision for credit losses (Note 3)
 
 
1,054
 
    705    
 
2,065
 
 
  1,332  
Deferred taxes
 
 
65
 
    (376  
 
236
 
 
  (264
Share of (profit) loss in associates and joint ventures
 
 
2
 
    (67  
 
(47
)
 
  (105
Changes in operating assets and liabilities:
     
 
Trading securities
 
 
2,722
 
    (18,684  
 
(5,370
)
 
  (35,759
Derivative assets
 
 
7,520
 
    (9,197  
 
(782
)
 
  5,730  
Derivative liabilities
 
 
(10,570
)
    9,189    
 
(2,187
)
 
  (4,759
Current income taxes
 
 
146
 
    (203  
 
170
 
 
  124  
Accrued interest receivable and payable
 
 
(166
)
    427    
 
(415
)
 
  839  
Insurance-related liabilities
 
 
(203
)
    (141  
 
568
 
 
  1,901  
Brokers, dealers and clients receivable and payable
 
 
(2,899
)
    1,595    
 
(2,216
)
 
  4,368  
Other items and accruals, net
 
 
6,473
 
    1,818    
 
(2,698
)
 
  (3,408 )
Deposits
 
 
(12,363
)
    9,621    
 
(21,405
)
 
  29,208  
Loans
 
 
(3,307
)
    (7,825  
 
(2,001
)
 
  (4,152
Securities sold but not yet purchased
 
 
10,577
 
    (1,965  
 
18,635
 
 
  (1,367
Securities lent or sold under repurchase agreements
 
 
769
 
    10,392    
 
9,029
 
 
  15,051  
Securities borrowed or purchased under resale agreements
 
 
(12,182
)
    (440  
 
(9,271
)
 
  (2,576
Securitization and structured entities’ liabilities
 
 
6,729
 
    6,830    
 
12,303
 
 
  9,687  
Net Cash Provided by (Used in) Operating Activities
 
 
(3,193
)
    3,988    
 
    1,679
 
 
  19,970  
Cash Flows (Used in) Financing Activities
     
 
Net increase (decrease) in liabilities of subsidiaries
 
 
279
 
    (2,433  
 
(715
)
 
  (6,768
Proceeds from issuance of subordinated debt
 
 
1,250
 
    -    
 
1,250
 
 
  -  
Proceeds from issuance of preferred shares, net of issuance costs (Note 6)
 
 
-
 
    1,350    
 
-
 
 
  1,350  
Redemption of preferred shares (Note 6)
 
 
-
 
    -    
 
(300
)
 
  -  
Net proceeds from issuance of common shares (Note 6)
 
 
20
 
    10    
 
64
 
 
  31  
Net sale of treasury shares
 
 
22
 
    9    
 
15
 
 
  8  
Common shares repurchased for cancellation (Note 6)
 
 
(963
)
    -    
 
(1,136
)
 
  -  
Cash dividends and distributions paid
 
 
(1,224
)
    (669  
 
(2,507
)
 
  (1,414
Cash dividends paid to
non-controlling
interest
 
 
(3
)
 
    (3  
 
(3
)
 
  (3
Repayment of lease liabilities
 
 
(78
)
 
    (93  
 
(138
)
 
  (185
Net Cash (Used in) Financing Activities
 
 
(697
)
    (1,829  
 
(3,470
)
 
  (6,981
Cash Flows Provided by (Used in) Investing Activities
     
 
Interest bearing deposits with banks
 
 
(20
)
 
    (35  
 
432
 
 
  (238
Purchases of securities, other than trading
 
 
(16,819
)
 
    (15,917  
 
(35,375
)
 
  (40,218
Maturities of securities, other than trading
 
 
8,682
 
    6,000    
 
25,382
 
 
  13,089  
Proceeds from sales of securities, other than trading
 
 
3,984
 
    12,078    
 
13,111
 
 
  17,267  
Net purchases of premises and equipment and software
 
 
(439
)
 
    (327  
 
(825
)
 
  (719
Net Cash Provided by (Used in) Investing Activities
 
 
(4,612
)
    1,799    
 
2,725
 
 
  (10,819
Effect of Exchange Rate Changes on Cash and Cash Equivalents
 
 
(2,596
)
    1,252    
 
(670
)
 
  (235
Net increase (decrease) in Cash and Cash Equivalents
 
 
(11,098
)
 
    5,210    
 
264
 
 
  1,935  
Cash and Cash Equivalents at Beginning of Period
 
 
76,460
 
    74,659    
 
65,098
 
 
  77,934  
Cash and Cash Equivalents at End of Period
 
$
65,362
 
  $ 79,869    
$
65,362
 
  $ 79,869  
Supplemental Disclosure of Cash Flow Information
       
Net cash provided by operating activities includes:
       
Interest paid in the period (1)
 
$
10,423
 
  $ 10,808    
$
22,100
 
  $ 21,481  
Income taxes paid in the period
 
 
826
 
    658    
 
1,306
 
    1,077  
Interest received in the period
 
 
14,807
 
    15,151    
 
30,920
 
    30,476  
Dividends received in the period
 
 
637
 
    642    
 
1,363
 
    1,191  
 
 (1)
Includes dividends paid on securities sold but not yet purchased.
 The accompanying notes are an integral part of these interim consolidated financial statements.
 
48
BMO Financial Group Second Quarter Report 2025
 


Notes to Interim Consolidated Financial Statements
April 30, 2025 (Unaudited)
Note 1: Basis of Presentation
Bank of Montreal (the bank or BMO) is a chartered bank under the
Bank Act (Canada)
and is a public company incorporated in Canada. We are a highly diversified financial services company, providing a broad range of personal and commercial banking, wealth management and investment banking products and services. The bank’s head office is at 129 rue Saint Jacques, Montreal, Quebec. Our executive offices are at 100 King Street West, 1 First Canadian Place, Toronto, Ontario. Our common shares are listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange.
These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34,
Interim Financial Reporting
as issued by the International Accounting Standards Board (IASB) using the same accounting policies as disclosed in our annual consolidated financial statements for the year ended October 31, 2024, except as outlined below. These condensed interim consolidated financial statements should be read in conjunction with the notes to our annual consolidated financial statements for the year ended October 31, 2024. We also comply with interpretations of International Financial Reporting Standards (IFRS) by our regulator, the Office of the Superintendent of Financial Institutions (OSFI). These interim consolidated financial statements were authorized for issue by the Board of Directors on May 28, 2025.
Use of Estimates and Judgments
The preparation of the interim consolidated financial statements requires management to make estimates and judgments that affect the carrying amounts of certain assets and liabilities, certain amounts reported in net income and other related disclosures.
The most significant assets and liabilities for which we must make estimates and judgments include the allowance for credit losses (ACL); financial instruments measured at fair value; pension and other employee future benefits; impairment of securities and investments in associates and joint ventures; income taxes and deferred tax assets; goodwill and intangible assets; insurance contract liabilities; provisions including legal proceedings and severance charges; transfers of financial assets and consolidation of structured entities. We make judgments in assessing the business model for financial assets as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control structured entities. If actual results were to differ from the estimates, the impact would be recorded in future periods.
The economic outlook is subject to several risks that could lead to a less favourable outcome for the North American economy. The most immediate threat is from a possible escalation of the trade war, such as a resumption of reciprocal tariffs by the United States on many countries beyond July 2025. In addition, investors could lose confidence in holding U.S. assets, including Treasury securities, risking renewed weakness in financial markets. Canadian businesses face longer-term risks in the event of an unsuccessful renegotiation of the Canada-United States-Mexico Trade Agreement. Other risks stem from the continued conflict in Ukraine and the Middle East, and ongoing diplomatic tensions between Canada and India. The impact on our business, results of operations, reputation, financial performance and condition, including the potential for credit, counterparty and
mark-to-market
losses, our credit ratings and regulatory capital and liquidity ratios, as well as the impacts to our customers and competitors, will depend on future developments, which remain uncertain. By their very nature, the estimates and judgments we make for the purposes of preparing our consolidated financial statements relate to matters that are inherently uncertain. However, we have detailed policies and internal controls in place that are intended to ensure the judgments made in estimating these amounts are well controlled and independently reviewed, and that our policies are consistently applied from period to period. We believe that our estimates of the value of our assets and liabilities are appropriate as at April 30, 2025.
Allowance for Credit Losses
As detailed further in Note 1 of our annual consolidated financial statements for the year ended October 31, 2024, ACL consists of allowances on impaired loans, which represent estimated losses related to impaired loans in the portfolio provided for but not yet written off, and allowances on performing loans, which is our best estimate of impairment in the existing portfolio for loans that have not yet been individually identified as impaired.
The expected credit losses (ECL) model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination.
The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The bank’s methodology for determining a significant increase in credit risk is based on the change in probability of default between origination, and reporting date, assessed using probability-weighted scenarios as well as certain other criteria, such as 30 days past due and watchlist status. The assessment of a significant increase in credit risk requires experienced credit judgment.
In determining whether there has been a significant increase in credit risk and in calculating the amount of ECL, we must rely on estimates and exercise judgment, based on what we know at the end of the reporting period, regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or a decrease in the ACL. The calculation of ECL includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include our primary operating markets of Canada, the United States and regional markets, where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise
experienced
credit judgment to incorporate multiple economic forecasts, which are probability-weighted, in the determination of the final ECL. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario.
Additional information regarding the ACL is included in Note 3.
 
BMO Financial Group Second Quarter Report 2025
49


Note 2: Securities
Classification of Securities
The following table summarizes the carrying amounts of the bank’s securities by classification:
 
(Canadian $ in millions)
  
April 30, 2025
 
  
October 31, 2024
 
Trading securities (1)
  
$
173,889
 
   $ 168,926  
Fair value through profit or loss securities (FVTPL)
     
FVTPL securities mandatorily measured at fair value
  
 
7,141
 
     6,850  
FVTPL investment securities held by Insurance subsidiaries designated at fair value
  
 
12,788
 
     12,214  
Total FVTPL securities
  
 
19,929
 
     19,064  
Fair value through other comprehensive income (FVOCI) securities (2)
  
 
105,938
 
     93,702  
Amortized cost securities (3)
  
 
100,269
 
     115,188  
Total
  
$
  400,025
 
   $   396,880  
 
 (1)
Trading securities include interests of $35,823 million as at April 30, 2025 ($21,485 million as at October 31, 2024) in Collateralized Mortgage Obligations (CMO). We receive CMO in return for our sales of Mortgage Backed Securities (MBS) to certain structured vehicles that we do not consolidate. When we subsequently sell these CMO to third parties, but do not transfer substantially all risks and rewards of ownership to the third-party investor, or we maintain an interest in the sold instrument, we retain these CMO on our Consolidated Balance Sheet. Refer to Note 7 of our annual consolidated financial statements for the year ended October 31, 2024 for further discussion on these vehicles.
 (2)
Amounts are net of ACL of $5 million ($4 million as at October 31, 2024).
 (3)
Amounts are net of ACL of $3 million ($3 million as at October 31, 2024).
Amortized Cost Securities
The following table summarizes the carrying value and fair value of amortized cost debt securities:
 
(Canadian $ in millions)
  
April 30, 2025
 
  
October 31, 2024
 
  
  
Carrying value
 
  
Fair value
 
  
Carrying value
 
  
Fair value
 
Issued or guaranteed by:
  
  
  
  
Canadian federal government
  
$
1,469
 
  
$
1,458
 
   $ 2,465      $ 2,403  
Canadian provincial and municipal governments
  
 
5,756
 
  
 
5,754
 
     4,488        4,216  
U.S. federal government
  
 
44,184
 
  
 
40,603
 
     55,421        51,319  
U.S. states, municipalities and agencies
  
 
168
 
  
 
170
 
     182        180  
Other governments
  
 
528
 
  
 
527
 
     681        675  
NHA MBS, U.S. agency MBS and CMO (1)
  
 
40,105
 
  
 
36,629
 
     42,773        38,619  
Corporate debt
  
 
8,059
 
  
 
7,858
 
     9,178        9,049  
Total
  
$
  100,269
 
  
$
  92,999
 
   $   115,188      $   106,461  
 
 (1)
These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act.
 The carrying value of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts.
Unrealized Gains and Losses on FVOCI Securities
The following table summarizes the unrealized gains and losses on FVOCI securities:
 
(Canadian $ in millions)
  
April 30, 2025
 
  
October 31, 2024
 
  
  
Cost or
amortized
cost
 
  
Gross
unrealized
gains
 
  
Gross
unrealized
losses
 
  
Fair value
 
  
Cost or
amortized
cost
 
  
Gross
unrealized
gains
 
  
Gross
unrealized
losses
 
 
Fair value
 
Issued or guaranteed by:
  
  
  
  
  
  
  
 
Canadian federal government
  
$
43,994
 
  
$
622
 
  
$
(6
)
  
$
44,610
 
   $ 33,892      $ 303      $ (18   $ 34,177  
Canadian provincial and municipal governments
  
 
5,708
 
  
 
157
 
  
 
(12
)
  
 
5,853
 
     5,939        82        (25     5,996  
U.S. federal government
  
 
17,324
 
  
 
290
 
  
 
(48
)
  
 
17,566
 
     17,033        100        (168     16,965  
U.S. states, municipalities and agencies
  
 
5,404
 
  
 
36
 
  
 
(74
)
  
 
5,366
 
     5,125        24        (81     5,068  
Other governments
  
 
4,609
 
  
 
45
 
  
 
(11
)
  
 
4,643
 
     5,643        20        (7     5,656  
NHA MBS, U.S. agency MBS and CMO
  
 
23,278
 
  
 
235
 
  
 
(269
)
  
 
23,244
 
     21,570        58        (335     21,293  
Corporate debt
  
 
4,451
 
  
 
34
 
  
 
(18
)
  
 
4,467
 
     4,391        31        (52     4,370  
Corporate equity
  
 
161
 
  
 
28
 
  
 
-
 
  
 
189
 
     135        42        -       177  
Total
  
$
  104,929
 
  
$
   1,447
 
  
$
    (438
)
  
$
  105,938
 
   $   93,728      $      660      $     (686   $   93,702  
 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts.
Interest Income on Debt Securities
The following table presents interest income calculated using the effective interest method:
 
(Canadian $ in millions)
  
For the three months ended
 
 
For the six months ended
 
  
  
 April 30, 2025
 
 
 April 30, 2024
 
 
 April 30, 2025
 
 
 April 30, 2024
 
FVOCI securities
  
$
1,079
 
  $ 896    
$
2,176
 
  $ 1,843  
Amortized cost securities
  
 
661
   
    1,075      
 
1,466
   
    2,029   
Total
  
$
  1,740
 
  $   1,971    
$
  3,642
 
  $   3,872  
 

50
BMO Financial Group Second Quarter Report 2025
 

Non-Interest
Revenue
Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows:
 
(Canadian $ in millions)
  
For the three months ended
 
 
For the six months ended
 
  
  
 April 30, 2025
 
 
 April 30, 2024
 
 
 April 30, 2025
 
 
 April 30, 2024
 
FVTPL securities
  
$
47
 
  $ 25    
$
96
 
  $ 32  
FVOCI securities - net realized gains (1)
  
 
20
   
    55      
 
29
   
    63   
Impairment on FVOCI and amortized cost securities
  
 
(1
)
 
 
  1    
 
(1
)
    (1
Securities gains, other than trading
  
$
    66
 
  $      81    
$
  124
 
  $      94  
 
 (1)
Gains are net of (losses) on hedge contracts.
Interest and dividend income and gains on securities held in our Insurance business are recorded as a component of
non-interest
revenue, insurance investment results, in our Consolidated Statement of Income as follows:
 
(Canadian $ in millions)
  
For the three months ended
 
 
For the six months ended
 
  
  
 April 30, 2025
 
 
 April 30, 2024
 
 
 April 30, 2025
 
 
 April 30, 2024
 
Interest and dividend income
  
$
133
 
  $     131    
$
269
 
  $ 258  
Gains (losses) from securities designated at FVTPL (1)
  
 
(304
)
 
    (301  
 
(23
)
    606  
Realized gains from FVOCI securities
  
 
2
   
    -      
 
2
   
    -   
Total interest and dividend income and gains held in our Insurance business
  
$
   (169
)
 
  $ (170  
$
  248
 
  $     864  
 
 (1)
Gains (losses) on these securities may be offset by certain (losses) gains from changes in insurance-related liabilities.
 
 
Note 3: Loans and Allowance for Credit Losses
Allowance for Credit Losses
The ACL recorded in our Consolidated Balance Sheet is maintained at a level we consider adequate to absorb credit-related losses on our loans and other credit instruments. The ACL amounted to $5,616 million as at April 30, 2025 ($4,936 million as at October 31, 2024) of which $4,960 million ($4,356 million as at October 31, 2024) was recorded in loans and $656 million ($580 million as at October 31, 2024) was recorded in other liabilities in our Consolidated Balance Sheet. Changes in gross balances, including originations, maturities, sales, write-offs and repayments in the normal course of operations, impact the ACL.
The following tables show the continuity in the loss allowance by product type for the three and six months ended April 30, 2025 and April 30, 2024. Transfers represent the amount of ECL that moved between stages during the period, for example, moving from a
12-month
(Stage 1) to lifetime (Stage 2) ECL measurement basis. Net remeasurements represent the ECL impact due to transfers between stages, as well as changes in economic forecasts and credit quality. Model changes include the ECL impact of new calculation models or methodologies.
 
BMO Financial Group Second Quarter Report 2025
51
 

(Canadian $ in millions)
  
  
 
For the three months ended
  
April 30, 2025
 
 
April 30, 2024
 
  
  
Stage 1
 
 
Stage 2
 
 
Stage 3 
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3 (1)
 
 
Total
 
Loans: Residential mortgages
  
 
 
 
 
 
 
 
Balance as at beginning of period
  
$
62
 
  
$
191
 
  
$
22
 
  
$
275
 
   $ 66     $ 187     $ 12     $ 265  
Transfer to Stage 1
  
 
37
 
  
 
(37
)
  
 
-
 
  
 
-
 
     30       (29     (1     -  
Transfer to Stage 2
  
 
(3
)
  
 
7
 
  
 
(4
)
  
 
-
 
     (20     23       (3     -  
Transfer to Stage 3
  
 
-
 
  
 
(10
)
  
 
10
 
  
 
-
 
     -       (8     8       -  
Net remeasurement of loss allowance
  
 
(32
)
  
 
50
 
  
 
5
 
  
 
23
 
     (30     37       8       15  
Loan originations
  
 
5
 
  
 
-
 
  
 
-
 
  
 
5
 
     2       -       -       2  
Derecognitions and maturities
  
 
-
 
  
 
(3
)
  
 
-
 
  
 
(3
)
     (1     (2     -       (3
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -       -       -       -  
Total PCL (2)
  
 
7
 
  
 
7
 
  
 
11
 
  
 
25
 
     (19     21       12       14  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(4
)
  
 
(4
)
     -       -       (1     (1
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
3
 
  
 
3
 
     -       -       1       1  
Foreign exchange and other
  
 
(2
)
  
 
(4
)
  
 
(14
)
  
 
(20
)
     -       1       (11     (10
Balance as at end of period
  
$
67
 
  
$
194
 
  
$
18
 
  
$
279
 
   $ 47     $ 209     $ 13     $ 269  
Loans: Consumer instalment and other personal
                    
Balance as at beginning of period
  
$
194
 
  
$
514
 
  
$
183
 
  
$
891
 
   $ 144     $ 436     $ 171     $ 751  
Transfer to Stage 1
  
 
74
 
  
 
(70
)
  
 
(4
)
  
 
-
 
     112       (108     (4     -  
Transfer to Stage 2
  
 
(15
)
  
 
28
 
  
 
(13
)
  
 
-
 
     (10     20       (10     -  
Transfer to Stage 3
  
 
(2
)
  
 
(43
)
  
 
45
 
  
 
-
 
     (2     (36     38       -  
Net remeasurement of loss allowance
  
 
(67
)
  
 
133
 
  
 
108
 
  
 
174
 
     (86     86       45       45  
Loan originations
  
 
7
 
  
 
-
 
  
 
-
 
  
 
7
 
     9       -       -       9  
Derecognitions and maturities
  
 
(4
)
  
 
(10
)
  
 
-
 
  
 
(14
)
     (3     (8     -       (11
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -       -       -       -  
Total PCL (2)
  
 
(7
)
  
 
38
 
  
 
136
 
  
 
167
 
     20       (46     69       43  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(168
)
  
 
(168
)
     -       -       (156     (156
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
44
 
  
 
44
 
     -       -       98       98  
Foreign exchange and other
  
 
(4
)
  
 
(7
)
  
 
(16
)
  
 
(27
)
     2       4       (13     (7
Balance as at end of period
  
$
183
 
  
$
545
 
  
$
179
 
  
$
907
 
   $ 166     $ 394     $ 169     $ 729  
Loans: Credit cards
                    
Balance as at beginning of period
  
$
229
 
  
$
492
 
  
$
-
 
  
$
721
 
   $ 167     $ 343     $ -     $ 510  
Transfer to Stage 1
  
 
58
 
  
 
(58
)
  
 
-
 
  
 
-
 
     66       (66     -       -  
Transfer to Stage 2
  
 
(24
)
  
 
24
 
  
 
-
 
  
 
-
 
     (14     14       -       -  
Transfer to Stage 3
  
 
(2
)
  
 
(112
)
  
 
114
 
  
 
-
 
     (1     (68     69       -  
Net remeasurement of loss allowance
  
 
(55
)
  
 
189
 
  
 
81
 
  
 
215
 
     (30     163       96       229  
Loan originations
  
 
18
 
  
 
-
 
  
 
-
 
  
 
18
 
     20       -       -       20  
Derecognitions and maturities
  
 
(4
)
  
 
(10
)
  
 
-
 
  
 
(14
)
     (2     (5     -       (7
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -       -       -       -  
Total PCL (2)
  
 
(9
)
  
 
33
 
  
 
195
 
  
 
219
 
     39       38       165       242  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(230
)
  
 
(230
)
     -       -       (179     (179
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
56
 
  
 
56
 
     -       -       27       27  
Foreign exchange and other
  
 
(3
)
  
 
(17
)
  
 
(21
)
  
 
(41
)
     1       2       (13     (10
Balance as at end of period
  
$
217
 
  
$
508
 
  
$
-
 
  
$
725
 
   $ 207     $ 383     $ -     $ 590  
Loans: Business and government
                    
Balance as at beginning of period
  
$
860
 
  
$
1,938
 
  
$
753
 
  
$
3,551
 
   $ 913     $ 1,269     $ 520     $ 2,702  
Transfer to Stage 1
  
 
93
 
  
 
(88
)
  
 
(5
)
  
 
-
 
     203       (190     (13     -  
Transfer to Stage 2
  
 
(59
)
  
 
89
 
  
 
(30
)
  
 
-
 
     (55     70       (15     -  
Transfer to Stage 3
  
 
(2
)
  
 
(82
)
  
 
84
 
  
 
-
 
     (2     (90     92       -  
Net remeasurement of loss allowance
  
 
4
 
  
 
318
 
  
 
374
 
  
 
696
 
     (214     314       348       448  
Loan originations
  
 
68
 
  
 
-
 
  
 
-
 
  
 
68
 
     64       -       -       64  
Derecognitions and maturities
  
 
(30
)
  
 
(99
)
  
 
-
 
  
 
(129
)
     (34     (72     -       (106
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -       -       -       -  
Total PCL (2)
  
 
74
 
  
 
138
 
  
 
423
 
  
 
635
 
     (38     32       412       406  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(371
)
  
 
(371
)
     -       -       (224     (224
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
93
 
  
 
93
 
     -       -       15       15  
Foreign exchange and other
  
 
(32
)
  
 
(54
)
  
 
(117
)
  
 
(203
)
     9       52       (70     (9
Balance as at end of period
  
$
902
 
  
$
2,022
 
  
$
781
 
  
$
3,705
 
   $ 884     $ 1,353     $ 653     $ 2,890  
Total as at end of period
  
$
      1,369
 
  
$
      3,269
 
  
$
        978
 
  
$
      5,616
 
   $ 1,304     $ 2,339     $ 835     $ 4,478  
Comprising: Loans
  
$
1,112
 
  
$
2,938
 
  
$
910
 
  
$
4,960
 
   $       1,085     $       2,118     $         811     $       4,014  
Other credit instruments (4)
  
 
257
 
  
 
331
 
  
 
68
 
  
 
656
 
     219       221       24       464  
 
 (1)
Includes changes in the allowance for purchased credit impaired (PCI) loans.
 (2)
Excludes PCL on other assets of $8 million for the three months ended April 30, 2025 ($nil million for the three months ended April 30, 2024).
 (3)
Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect.
 (4)
Other credit instruments, including
off-balance
sheet items, are recorded in other liabilities in our Consolidated Balance Sheet.
 
52
BMO Financial Group Second Quarter Report 2025
 

(Canadian $ in millions)
  
  
 
For the six months ended
  
April 30, 2025
 
 
April 30, 2024
 
  
  
Stage 1
 
 
Stage 2
 
 
Stage 3 
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3 (1)
 
 
Total
 
Loans: Residential mortgages
  
 
 
 
 
 
 
 
Balance as at beginning of period
  
$
56
 
  
$
186
 
  
$
19
 
  
$
261
 
   $ 73     $ 151     $ 10     $ 234  
Transfer to Stage 1
  
 
82
 
  
 
(81
)
  
 
(1
)
  
 
-
 
     53       (52     (1     -  
Transfer to Stage 2
  
 
(5
)
  
 
14
 
  
 
(9
)
  
 
-
 
     (22     28       (6     -  
Transfer to Stage 3
  
 
-
 
  
 
(18
)
  
 
18
 
  
 
-
 
     -       (14     14       -  
Net remeasurement of loss allowance
  
 
(74
)
  
 
101
 
  
 
18
 
  
 
45
 
     (63     107       12       56  
Loan originations
  
 
10
 
  
 
-
 
  
 
-
 
  
 
10
 
     10       -       -       10  
Derecognitions and maturities
  
 
(1
)
  
 
(7
)
  
 
-
 
  
 
(8
)
     (2     (5     -       (7
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     (1     (5     -       (6
Total PCL (2)
  
 
12
 
  
 
9
 
  
 
26
 
  
 
47
 
     (25     59       19       53  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(5
)
  
 
(5
)
     -       -       (3     (3
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
4
 
  
 
4
 
     -       -       3       3  
Foreign exchange and other
  
 
(1
)
  
 
(1
)
  
 
(26
)
  
 
(28
)
     (1     (1     (16     (18
Balance as at end of period
  
$
67
 
  
$
194
 
  
$
18
 
  
$
279
 
   $ 47     $ 209     $ 13     $ 269  
Loans: Consumer instalment and other personal
                    
Balance as at beginning of period
  
$
197
 
  
$
471
 
  
$
175
 
  
$
843
 
   $ 220     $ 434     $ 152     $ 806  
Transfer to Stage 1
  
 
147
 
  
 
(137
)
  
 
(10
)
  
 
-
 
     171       (163     (8     -  
Transfer to Stage 2
  
 
(28
)
  
 
53
 
  
 
(25
)
  
 
-
 
     (21     42       (21     -  
Transfer to Stage 3
  
 
(4
)
  
 
(85
)
  
 
89
 
  
 
-
 
     (4     (65     69       -  
Net remeasurement of loss allowance
  
 
(135
)
  
 
264
 
  
 
246
 
  
 
375
 
     (151     117       202       168  
Loan originations
  
 
16
 
  
 
-
 
  
 
-
 
  
 
16
 
     33       -       -       33  
Derecognitions and maturities
  
 
(9
)
  
 
(19
)
  
 
-
 
  
 
(28
)
     (7     (16     (11     (34
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     15       46       -       61  
Total PCL (2)
  
 
(13
)
  
 
76
 
  
 
300
 
  
 
363
 
     36       (39     231       228  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(338
)
  
 
(338
)
     -       -       (315     (315
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
72
 
  
 
72
 
     -       -       123       123  
Foreign exchange and other
  
 
(1
)
  
 
(2
)
  
 
(30
)
  
 
(33
)
     (90     (1     (22     (113
Balance as at end of period
  
$
183
 
  
$
545
 
  
$
179
 
  
$
907
 
   $ 166     $ 394     $ 169     $ 729  
Loans: Credit cards
                    
Balance as at beginning of period
  
$
233
 
  
$
472
 
  
$
-
 
  
$
705
 
   $ 188     $ 308     $ -     $ 496  
Transfer to Stage 1
  
 
124
 
  
 
(124
)
  
 
-
 
  
 
-
 
     116       (116     -       -  
Transfer to Stage 2
  
 
(46
)
  
 
46
 
  
 
-
 
  
 
-
 
     (27     27       -       -  
Transfer to Stage 3
  
 
(4
)
  
 
(219
)
  
 
223
 
  
 
-
 
     (2     (116     118       -  
Net remeasurement of loss allowance
  
 
(115
)
  
 
364
 
  
 
160
 
  
 
409
 
     (105     285       162       342  
Loan originations
  
 
33
 
  
 
-
 
  
 
-
 
  
 
33
 
     37       -       -       37  
Derecognitions and maturities
  
 
(6
)
  
 
(19
)
  
 
-
 
  
 
(25
)
     (4     (13     -       (17
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     4       9       -       13  
Total PCL (2)
  
 
(14
)
  
 
48
 
  
 
383
 
  
 
417
 
     19       76       280       375  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(453
)
  
 
(453
)
     -       -       (331     (331
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
109
 
  
 
109
 
     -       -       75       75  
Foreign exchange and other
  
 
(2
)
  
 
(12
)
  
 
(39
)
  
 
(53
)
     -       (1     (24     (25
Balance as at end of period
  
$
217
 
  
$
508
 
  
$
-
 
  
$
725
 
   $ 207     $ 383     $ -     $ 590  
Loans: Business and government
                    
Balance as at beginning of period
  
$
892
 
  
$
1,698
 
  
$
537
 
  
$
3,127
 
   $ 1,043     $ 1,155     $ 533     $ 2,731  
Transfer to Stage 1
  
 
252
 
  
 
(231
)
  
 
(21
)
  
 
-
 
     387       (372     (15     -  
Transfer to Stage 2
  
 
(170
)
  
 
238
 
  
 
(68
)
  
 
-
 
     (174     192       (18     -  
Transfer to Stage 3
  
 
(4
)
  
 
(220
)
  
 
224
 
  
 
-
 
     (4     (153     157       -  
Net remeasurement of loss allowance
  
 
(143
)
  
 
706
 
  
 
780
 
  
 
1,343
 
     (434     609       488       663  
Loan originations
  
 
146
 
  
 
-
 
  
 
-
 
  
 
146
 
     147       8       -       155  
Derecognitions and maturities
  
 
(68
)
  
 
(184
)
  
 
-
 
  
 
(252
)
     (84     (164     (11     (259
Model changes
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     53       57       -       110  
Total PCL (2)
  
 
13
 
  
 
309
 
  
 
915
 
  
 
1,237
 
     (109     177       601       669  
Write-offs (3)
  
 
-
 
  
 
-
 
  
 
(624
)
  
 
(624
)
     -       -       (444     (444
Recoveries of previous write-offs
  
 
-
 
  
 
-
 
  
 
154
 
  
 
154
 
     -       -       90       90  
Foreign exchange and other
  
 
(3
)
  
 
15
  
 
(201
)
  
 
(189
)
     (50     21       (127     (156
Balance as at end of period
  
$
902
 
  
$
2,022
 
  
$
781
 
  
$
3,705
 
   $ 884     $ 1,353     $ 653     $ 2,890  
Total as at end of period
  
$
1,369
 
  
$
3,269
 
  
$
978
 
  
$
5,616
 
   $ 1,304     $ 2,339     $ 835     $ 4,478  
Comprising: Loans
  
$
      1,112
 
  
$
      2,938
 
  
$
        910
 
  
$
      4,960
 
   $       1,085     $       2,118     $         811     $       4,014  
Other credit instruments (4)
  
 
257
 
  
 
331
 
  
 
68
 
  
 
656
 
     219       221       24       464  

 (1)
Includes changes in the allowance for PCI loans.
 (2)
Excludes PCL on other assets of $1
 
million for the six months ended April 30, 2025 ($7 million for the six months ended April 30, 2024).
 (3)
Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect.
 (4)
Other credit instruments, including
off-balance
sheet items, are recorded in other liabilities in our Consolidated Balance Sheet.
 
BMO Financial Group Second Quarter Report 2025
53
 

Credit Risk Exposure
The following
table
sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at April 30, 2025 and October 31, 2024. Stage 1 represents performing loans carried with up to a
12-month
ECL, Stage 2 represents performing loans carried with a lifetime ECL, and Stage 3 represents loans with a lifetime ECL that are credit impaired.

(Canadian $ in millions)
  
  
 
 
  
 
For the three months ended
  
April 30, 2025
 
 
October 31, 2024
 
  
  
Stage 1 
(1)
 
 
Stage 2
 
 
Stage 3 
(2)
 
 
Total
 
 
Stage 1 (1)
 
 
Stage 2
 
 
Stage 3 (2)
 
 
Total
 
Loans: Residential mortgages
  
 
 
 
 
 
 
 
Exceptionally low
  
$
-
 
  
$
-
 
  
$
-
 
  
$
-
 
   $ 1     $ -     $ -     $ 1  
Very low
  
 
95,091
 
  
 
231
 
  
 
-
 
  
 
95,322
 
     86,730       5,631       -       92,361  
Low
  
 
56,642
 
  
 
10,143
 
  
 
-
 
  
 
66,785
 
     52,111       15,080       -       67,191  
Medium
  
 
7,976
 
  
 
4,987
 
  
 
-
 
  
 
12,963
 
     7,402       5,329       -       12,731  
High
  
 
277
 
  
 
2,897
 
  
 
-
 
  
 
3,174
 
     268       2,622       -       2,890  
Not rated (3)
  
 
13,771
 
  
 
1,042
 
  
 
-
 
  
 
14,813
 
     14,207       1,042       -       15,249  
Impaired
  
 
-
 
  
 
-
 
  
 
757
 
  
 
757
 
     -       -       657       657  
Gross residential mortgages
  
 
173,757
 
  
 
19,300
 
  
 
757
 
  
 
193,814
 
     160,719       29,704       657       191,080  
ACL
  
 
67
 
  
 
193
 
  
 
8
 
  
 
268
 
     56       185       10       251  
Carrying amount
  
 
173,690
 
  
 
19,107
 
  
 
749
 
  
 
193,546
 
     160,663       29,519       647       190,829  
Loans: Consumer instalment and other personal
                    
Exceptionally low
  
 
9,244
 
  
 
8
 
  
 
-
 
  
 
9,252
 
     9,162       145       -       9,307  
Very low
  
 
20,848
 
  
 
61
 
  
 
-
 
  
 
20,909
 
     20,466       903       -       21,369  
Low
  
 
27,622
 
  
 
2,581
 
  
 
-
 
  
 
30,203
 
     26,125       4,575       -       30,700  
Medium
  
 
7,414
 
  
 
5,705
 
  
 
-
 
  
 
13,119
 
     7,405       5,526       -       12,931  
High
  
 
666
 
  
 
2,155
 
  
 
-
 
  
 
2,821
 
     789       2,017       -       2,806  
Not rated (3)
  
 
14,339
 
  
 
877
 
  
 
-
 
  
 
15,216
 
     14,522       475       -       14,997  
Impaired
  
 
-
 
  
 
-
 
  
 
626
 
  
 
626
 
     -       -       577       577  
Gross consumer instalment and other personal
  
 
80,133
 
  
 
11,387
 
  
 
626
 
  
 
92,146
 
     78,469       13,641       577       92,687  
ACL
  
 
169
 
  
 
519
 
  
 
172
 
  
 
860
 
     183       447       168       798  
Carrying amount
  
 
79,964
 
  
 
10,868
 
  
 
454
 
  
 
91,286
 
     78,286       13,194       409       91,889  
Loans: Credit cards
(4)
                    
Exceptionally low
  
 
1,636
 
  
 
-
 
  
 
-
 
  
 
1,636
 
     1,660       -       -       1,660  
Very low
  
 
2,130
 
  
 
2
 
  
 
-
 
  
 
2,132
 
     2,166       1       -       2,167  
Low
  
 
2,025
 
  
 
46
 
  
 
-
 
  
 
2,071
 
     2,110       60       -       2,170  
Medium
  
 
4,416
 
  
 
790
 
  
 
-
 
  
 
5,206
 
     4,544       824       -       5,368  
High
  
 
768
 
  
 
1,015
 
  
 
-
 
  
 
1,783
 
     746       922       -       1,668  
Not rated (3)
  
 
270
 
  
 
123
 
  
 
-
 
  
 
393
 
     430       149       -       579  
Impaired
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -       -       -       -  
Gross credit cards
  
 
11,245
 
  
 
1,976
 
  
 
-
 
  
 
13,221
 
     11,656       1,956       -       13,612  
ACL
  
 
146
 
  
 
447
 
  
 
-
 
  
 
593
 
     161       421       -       582  
Carrying amount
  
 
11,099
 
  
 
1,529
 
  
 
-
 
  
 
12,628
 
     11,495       1,535       -       13,030  
Loans: Business and government
(5)
                    
Acceptable
                    
Investment grade
  
 
184,974
 
  
 
3,455
 
  
 
-
 
  
 
188,429
 
     191,742       3,437       -       195,179  
Sub-investment grade
  
 
136,515
 
  
 
27,947
 
  
 
-
 
  
 
164,462
 
     147,713       15,078       -       162,791  
Watchlist
  
 
153
 
  
 
23,521
 
  
 
-
 
  
 
23,674
 
     238       22,535       -       22,773  
Impaired
  
 
-
 
  
 
-
 
  
 
5,356
 
  
 
5,356
 
     -       -       4,609       4,609  
Gross business and government
  
 
321,642
 
  
 
54,923
 
  
 
5,356
 
  
 
381,921
 
     339,693       41,050       4,609       385,352  
ACL
  
 
730
 
  
 
1,779
 
  
 
730
 
  
 
3,239
 
     743       1,507       475       2,725  
Carrying amount
  
 
320,912
 
  
 
53,144
 
  
 
4,626
 
  
 
378,682
 
     338,950       39,543       4,134       382,627  
Total gross loans and acceptances
  
 
586,777
 
  
 
87,586
 
  
 
6,739
 
  
 
681,102
 
     590,537       86,351       5,843       682,731  
Total net loans and acceptances
  
 
585,665
 
  
 
84,648
 
  
 
5,829
 
  
 
676,142
 
     589,394       83,791       5,190       678,375  
Commitments and financial guarantee contracts
                    
Acceptable
                    
Investment grade
  
 
195,854
 
  
 
1,042
 
  
 
-
 
  
 
196,896
 
     198,132       787       -       198,919  
Sub-investment grade
  
 
58,505
 
  
 
15,509
 
  
 
-
 
  
 
74,014
 
     68,177       6,647       -       74,824  
Watchlist
  
 
9
 
  
 
8,596
 
  
 
-
 
  
 
8,605
 
     59       8,765       -       8,824  
Impaired
  
 
-
 
  
 
-
 
  
 
1,801
 
  
 
1,801
 
     -       -       1,373       1,373  
Gross commitments and financial guarantee contracts
  
 
254,368
 
  
 
25,147
 
  
 
1,801
 
  
 
281,316
 
     266,368       16,199       1,373       283,940  
ACL
  
 
257
 
  
 
331
 
  
 
68
 
  
 
656
 
     235       267       78       580  
Carrying amount (6) (7)
  
$
    254,111
  
 
$
     24,816
  
 
$
      1,733
  
 
$
    280,660
  
  $     266,133      $      15,932      $       1,295      $     283,360   
 
 (1)
Includes $94 million ($163 million as at October 31, 2024) of residential mortgages and $13,404 million ($12,431 million as at October 31, 2024) of business and government loans that are classified and measured at FVTPL and not subject to ECL.
 (2)
Includes PCI loans.
 (3)
Includes purchased portfolios and certain cases where an internal risk rating is not assigned. Alternative credit risk assessments, rating methodologies, policies and tools are used to manage credit risk for these portfolios.
 (4)
Credit card loans are immediately written off when principal or interest payments are 180 days past due, and as a result are not reported as impaired in Stage 3.
 (5)
Includes customers’ liability under acceptances.
 (6)
Represents the total contractual amounts of undrawn credit facilities and other off-balance sheet exposures, excluding personal lines of credit and credit cards that are unconditionally cancellable at our discretion.
 (7)
Certain commercial borrower commitments are conditional and may include recourse to counterparties.
 
54
BMO Financial Group Second Quarter Report 2025
 

Loans Past Due Not Impaired
Loans that are past due but not classified as impaired are loans where our customers have failed to make payments when contractually due but for which we expect the full amount of principal and interest payments to be collected. The following table presents loans that are past due but not classified as impaired as at April 30, 2025 and October 31, 2024. Loans less than 30 days past due are excluded as they are not generally representative of the borrower’s ability to meet their payment obligations.
 
(Canadian $ in millions)
  
April 30, 2025
 
  
October 31, 2024
 
  
  
30 to 89 days
 
  
90 days or more 
(1)
 
  
Total
 
  
30 to 89 days
 
  
90 days or more (1)
 
  
Total
 
Residential mortgages
  
$
687
 
  
$
7
 
  
$
694
 
   $ 696      $ 15      $ 711  
Credit cards, consumer instalment and other personal
  
 
749
 
  
 
189
 
  
 
938
 
     734        173        907  
Business and government
  
 
411
 
  
 
13
 
  
 
424
 
     689        16        705  
Total
  
$
  1,847
 
  
$
    209
 
  
$
  2,056
 
   $   2,119      $     204      $   2,323  
 
 (1)
Fully secured loans with amounts between 90 and 180 days past due that we have not classified as impaired totalled $7
 
million as at April 30, 2025 ($16 million as at October 31, 2024).
ECL Sensitivity and Key Economic Variables
The ECL model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination.
The allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. Many of the factors have a high degree of interdependency, although there is no single factor to which loan loss allowances as a whole are sensitive.
The upside scenario as at April 30, 2025 assumes a stronger economic environment than the base case forecast, with lower unemployment rates.
As at April 30, 2025, our base case scenario depicts an economic environment with higher unemployment rates in the near-term, largely in response to the trade war and weaker financial conditions, and a moderate economic recovery over the medium-term as trade policy uncertainty diminishes and interest rates decline further. Our base case forecast as at October 31, 2024 broadly depicted a stronger economic environment.
If we assumed a 100% weight on the base case forecast and included the impact of loan migration by restaging, with other assumptions held constant, including the application of experienced credit judgment, the allowance on performing loans would be approximately $3,350 million as at April 30, 2025 ($2,625 million as at October 31, 2024), compared to the reported allowance for performing loans of $4,638 million ($4,205 million as at October 31, 2024).
As at April 30, 2025, our downside scenario involves a sharp contraction in the Canadian and U.S. economies in the near-term, followed by a relatively slow recovery. Our severe downside scenario depicts an even deeper contraction in the Canadian and U.S. economies than in the downside scenario. The severe downside scenario as at October 31, 2024 broadly depicted a similar economic environment over the projection period. If we assumed a 
100
% weight on the severe downside forecast and included the impact of loan migration by restaging, with other assumptions held constant, including the application of experienced credit judgment, the allowance on performing loans would be approximately $
7,825 million as at April 30, 2025 ($7,500 million as at October 31, 2024), compared to the reported allowance for performing loans of $4,638 million ($4,205 million as at October 31, 2024).
Actual results in a recession will differ as our portfolio will change through time due to migration, growth, changes in geopolitical risks, risk mitigation actions and other factors. In addition, our allowance will reflect the four economic scenarios used in assessing the allowance, with often unequal weightings attached to each scenario, which can change through time.
The following tables show the key economic variables used to estimate the allowance for performing loans forecast over the next 12 months or lifetime measurement period. The variables as at April 30, 2025 include the impact of tariffs and trade policy uncertainty on the economic outlook. While the values disclosed below are national variables, we use regional variables in the underlying models and consider factors impacting particular industries where appropriate.
 
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
  
 
As at April 30, 2025
 
  
 
Scenarios
 
All figures are average annual values
 
Upside
 
  
Base
 
  
Downside
 
  
Severe downside
 
  
 
First 12
months
 
  
Remaining
horizon
(1)
 
  
First 12
months
 
  
Remaining
horizon
(1)
 
  
First 12
months
 
  
Remaining
horizon
(1)
 
  
First 12
months
 
  
Remaining
horizon
(1)
 
Real GDP growth rates (2)
 
 
    
 
  
 
    
 
  
 
    
 
  
 
    
 
  
 
    
 
  
 
    
 
  
 
    
 
  
 
    
 
Canada
 
 
2.7%
 
  
 
2.3%
 
  
 
(0.2)%
 
  
 
1.6%
 
  
 
(2.3)%
 
  
 
1.3% 
 
  
 
(3.5)%
 
  
 
1.2% 
 
United States
 
 
3.5%
 
  
 
2.3%
 
  
 
1.0% 
 
  
 
1.8%
 
  
 
(2.3)%
 
  
 
1.5% 
 
  
 
(3.4)%
 
  
 
1.3% 
 
Corporate BBB 10-year spread
 
  
  
  
  
  
  
  
Canada
 
 
1.6%
 
  
 
1.8%
 
  
 
2.2% 
 
  
 
2.0%
 
  
 
3.8% 
 
  
 
3.0% 
 
  
 
4.2% 
 
  
 
3.5% 
 
United States
 
 
1.1%
 
  
 
1.6%
 
  
 
1.8% 
 
  
 
2.0%
 
  
 
3.6% 
 
  
 
3.1% 
 
  
 
4.6% 
 
  
 
3.6% 
 
Unemployment rates
 
  
  
  
  
  
  
  
Canada
 
 
5.8%
 
  
 
5.3%
 
  
 
7.8% 
 
  
 
7.6%
 
  
 
9.0% 
 
  
 
9.7% 
 
  
 
9.8% 
 
  
 
10.6% 
 
United States
 
 
3.6%
 
  
 
3.2%
 
  
 
4.8% 
 
  
 
4.7%
 
  
 
6.9% 
 
  
 
7.5% 
 
  
 
7.5% 
 
  
 
8.4% 
 
Housing Price Index (2)
 
  
  
  
  
  
  
  
Canada (3)
 
 
5.0%
 
  
 
5.5%
 
  
 
0.8% 
 
  
 
3.0%
 
  
 
(11.9)%
 
  
 
(1.3)%
 
  
 
(20.3)%
 
  
 
(5.0)%
 
United States (4)
 
 
5.4%
 
  
 
3.8%
 
  
 
2.3% 
 
  
 
2.4%
 
  
 
(10.1)%
 
  
 
(1.2)%
 
  
 
(19.2)%
 
  
 
(4.3)%
 
 
 (1)
The remaining forecast period is two years.
 (2)
Real gross domestic product (GDP) and housing price index are averages of quarterly year-over-year growth rates.
 (3)
In Canada, we use the Housing Price Index Benchmark Composite.
 (4)
In the United States, we use the National Case-Shiller House Price Index.
 
BMO Financial Group Second Quarter Report 2025
55
 

$                      $                      $                      $                      $                      $                      $                      $                     
    
As at October 31, 2024
 
    
Scenarios
 
All figures are average annual values
 
Upside
    
Base
   
Downside
    
Severe downside
 
    
First 12
months
    
Remaining
horizon (1)
    
First 12
months
    
Remaining
horizon (1)
   
First 12
months
    
Remaining
horizon (1)
    
First 12
months
    
Remaining
horizon (1)
 
Real GDP growth rates (2)
 
 
    
 
  
 
     
 
  
 
    
 
  
 
    
 
 
 
    
 
  
 
    
 
  
 
    
 
  
 
    
 
Canada
 
 
4.6%
 
  
 
2.6%
 
  
 
1.8%
 
  
 
1.9%
 
 
 
(2.3)%
 
  
 
1.3% 
 
  
 
(3.6)%
 
  
 
1.2% 
 
United States
 
 
4.3%
 
  
 
2.4%
 
  
 
1.9%
 
  
 
1.9%
 
 
 
(2.1)%
 
  
 
1.4% 
 
  
 
(3.4)%
 
  
 
1.3% 
 
Corporate BBB 10-year spread
                     
Canada
 
 
1.3%
 
  
 
1.8%
 
  
 
1.9%
 
  
 
2.0%
 
 
 
3.6% 
 
  
 
3.0% 
 
  
 
4.2% 
 
  
 
3.5% 
 
United States
 
 
0.9%
 
  
 
1.6%
 
  
 
1.6%
 
  
 
2.0%
 
 
 
3.4% 
 
  
 
3.1% 
 
  
 
4.6% 
 
  
 
3.6% 
 
Unemployment rates
                     
Canada
 
 
5.3%
 
  
 
4.8%
 
  
 
7.0%
 
  
 
6.8%
 
 
 
8.8% 
 
  
 
9.4% 
 
  
 
9.8% 
 
  
 
10.5% 
 
United States
 
 
3.4%
 
  
 
3.0%
 
  
 
4.7%
 
  
 
4.4%
 
 
 
6.7% 
 
  
 
7.3% 
 
  
 
7.6% 
 
  
 
8.4% 
 
Housing Price Index (2)
                     
Canada (3)
 
 
5.9%
 
  
 
5.4%
 
  
 
1.6%
 
  
 
3.0%
 
 
 
(10.9)%
 
  
 
(1.0)%
 
  
 
(19.0)%
 
  
 
(5.0)%
 
United States (4)
 
 
5.9%
 
  
 
4.0%
 
  
 
2.8%
 
  
 
2.6%
 
 
 
(9.6)%
 
  
 
(1.0)%
 
  
 
(19.3)%
 
  
 
(4.3)%
 
 
(1)
The remaining forecast period is two years.
(2)
Real gross domestic product (GDP) and housing price index are averages of quarterly year-over-year growth rates.
(3)
In Canada, we use the Housing Price Index Benchmark Composite.
(4)
In the United States, we use the National Case-Shiller House Price Index.
The ECL approach requires the recognition of credit losses generally based on 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses for performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios, if all of our performing loans were in Stage 1, our models would generate an allowance for performing loans of approximately $3,425 million ($3,050 million as at October 31, 2024), compared to the reported allowance for performing loans of $4,638 million ($4,205 million as at October 31, 2024).
 
 
Note 4:
Deposits
and Subordinated Debt
Deposits

 
  
Payable on demand
 
  
 
 
  
 
 
  
 
 
  
 
 
(Canadian $ in millions)
  
 Interest bearing
 
  
Non-interest
bearing
 
  
Payable
after notice 
(1)
 
  
Payable on a
fixed date 
(2)
 
(3)
 
  
April 30, 2025
 
  
October 31, 2024
 
Amortized cost deposits by:
  
  
  
  
  
  
Banks (4)
  
$
4,422
 
  
$
1,881
 
  
$
1,627
 
  
$
19,851
 
  
$
27,781
 
  
$
32,546
 
Business and government
  
 
72,600
 
  
 
40,636
 
  
 
202,401
 
  
 
245,118
 
  
 
560,755
 
  
 
575,019
 
Individuals
  
 
4,207
 
  
 
36,111
 
  
 
148,266
 
  
 
129,213
 
  
 
317,797
 
  
 
320,767
 
Total amortized cost deposits
  
 
81,229
 
  
 
78,628
 
  
 
352,294
 
  
 
394,182
 
  
 
906,333
 
  
 
928,332
 
Deposits at FVTPL
  
 
-
 
  
 
-
 
  
 
-
 
  
 
51,934
 
  
 
51,934
 
  
 
54,108
 
Total (5)
  
$
81,229
 
  
$
78,628
 
  
$
352,294
 
  
$
446,116
 
  
$
958,267
 
  
$
982,440
 
Booked in:
  
  
  
  
  
  
Canada
  
$
70,603
 
  
$
67,839
 
  
$
155,961
 
  
$
314,544
 
  
$
608,947
 
  
$
618,141
 
United States
  
 
10,553
 
  
 
10,788
 
  
 
194,481
 
  
 
86,577
 
  
 
302,399
 
  
 
314,066
 
Other countries
  
 
73
 
  
 
1
 
  
 
1,852
 
  
 
44,995
 
  
 
46,921
 
  
 
50,233
 
Total
  
$
    81,229
 
  
$
     78,628
 
  
$
    352,294
 
  
$
    446,116
 
  
$
    958,267
 
  
$
    982,440
 
 
 (1)
Includes $43,388 million of non-interest bearing deposits as at April 30, 2025 ($44,617 million as at October 31, 2024).
 (2)
Includes $61,837 million of senior unsecured debt as at April 30, 2025 subject to the Bank Recapitalization (Bail-In) regime ($65,986 million as at October 31, 2024). The Bail-In regime provides certain statutory powers to the Canada Deposit Insurance Corporation, including the ability to convert specified eligible shares and liabilities into common shares if the bank becomes non-viable.
 (3)
Deposits totalling $28,685 million as at April 30, 2025 ($29,136 million as at October 31, 2024) can be redeemed early, either fully or partially, by customers without penalty. These are classified as payable on a fixed date, based on their remaining contractual maturities.
 (4)
Includes regulated and central banks.
 (5)
Includes $503,272 million of deposits denominated in U.S. dollars as at April 30, 2025 ($521,160 million as at October 31, 2024), and $55,220 million of deposits denominated in other foreign currencies ($54,397 million as at October 31, 2024).
The following table presents deposits payable on a fixed date and greater than one hundred thousand dollars:
 
(Canadian $ in millions)
  
  
 
  
  
  
Canada
  
United States
  
Other
  
Total
 
As at April 30, 2025
  
 
           
 
  
              
  
$   265,717
  
$     76,703
  
$    44,995
  
$
   387,415
 
As at October 31, 2024
  
 
 
 
  
 
  
285,555
  
77,313
  
 48,086
  
 
410,954
 
The following table presents the maturity schedule for deposits payable on a fixed date greater than one hundred thousand dollars, which are booked in Canada:
 
(Canadian $ in millions)
  
  
 
  
Less than 3 months
  
3 to 6 months
  
6 to 12 months
  
Over 12 months
  
Total
 
As at April 30, 2025
  
 
           
 
  
$      60,424
  
$    34,449
  
$     47,389
  
$   123,455
  
$
   265,717
 
As at October 31, 2024
  
 
 
 
  
63,442
  
 33,704
  
62,674
  
125,735
  
 
285,555
 
 
56
BMO Financial Group Second Quarter Report 2025
 

Subordinated Debt
On May 6, 2025, we announced our intention to redeem all of our $1,250 million 2.077% Series J Medium-Term Notes (NVCC) Second Tranche, at a redemption price of 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date on June 17, 2025.
On March 5, 2025, we issued $1,250 million of 4.077
% Series N Medium-Term Notes First Tranche (NVCC) through our Canadian Medium-Term Note Program. The notes will reset to a floating rate on 
March 5, 2030.
 
 
Note 5: Insurance
Insurance Results
Insurance service results in our Consolidated Statement of Income are as follows:
 

(Canadian $ in millions)
  
For the three months ended
 
 
For the six months ended
 
  
  
 April 30, 2025
 
 
 April 30, 2024
 
 
 April 30, 2025
 
 
 April 30, 2024
 
Insurance revenue
  
$
    474
  
  $   434    
$
  944
 
  $ 867  
Insurance service expenses
  
 
(339
)
    (305  
 
(690
)
    (602
Net expenses from reinsurance contracts
  
 
(12
)
 
  (30  
 
(40
)
    (67
Insurance service results
  
$
123
 
  $   99    
$
214
 
  $    198  
Insurance investment results in our Consolidated Statement of Income are as follows:
 
(Canadian $ in millions)
  
For the three months ended
 
 
For the six months ended
 
  
  
 April 30, 2025
 
 
 April 30, 2024
 
 
 April 30, 2025
 
 
 April 30, 2024
 
Investment return
  
$
(258
)
  $ (215  
$
  301
 
  $  1,068  
Insurance finance (expense) from insurance and reinsurance contracts held
  
 
261
 
      213    
 
(212
)
 
  (1,012
Movement in investment contract liabilities
  
 
(7
)
 
    27    
 
(33
)
 
  (40
Insurance investment results
  
$
    (4
  $   25    
$
56
 
  $ 16  
Insurance Contract Liabilities
Insurance contract liabilities by remaining coverage and incurred claims comprise the following:
 
(Canadian $ in millions)
  
For the three months ended April 30, 2025
 
  
For the three months ended April 30, 2024
 
  
  
Liabilities for
remaining coverage
 
  
Liabilities for
incurred claims
 
  
Total
 
  
Liabilities for
remaining coverage
 
 
Liabilities for
incurred claims
 
 
Total
 
Insurance contract liabilities, beginning of period
  
$
17,814
 
  
$
218
 
  
$
18,032
 
   $ 15,032     $ 225     $ 15,257  
Insurance service results
  
 
(763
)
  
 
651
 
  
 
(112
)
     (398     290       (108
Net finance expenses from insurance contracts
  
 
(249
)
  
 
-
 
  
 
(249
)
     (195     -       (195
Total cash flows
  
 
828
 
  
 
(675
)
  
 
153
 
     437       (303     134  
Other changes in the net carrying amount of the insurance contract
  
 
(1
)
  
 
(7
)
  
 
(8
)
     1       2       3  
Insurance contract liabilities, end of period (1)
  
$
  17,629
 
  
$
     187
 
  
$
  17,816
 
   $   14,877     $     214     $   15,091  
 
(Canadian $ in millions)
  
For the six months ended April 30, 2025
 
  
For the six months ended April 30, 2024
 
  
  
Liabilities for
remaining coverage
 
  
Liabilities for
incurred claims
 
  
Total
 
  
Liabilities for
remaining coverage
 
 
Liabilities for
incurred claims
 
 
Total
 
Insurance contract liabilities, beginning of period
  
$
17,047
 
  
$
201
 
  
$
17,248
 
   $ 13,114     $ 235     $ 13,349  
Insurance service results
  
 
(1,186
)
  
 
972
 
  
 
(214
)
     (783     553       (230
Net finance expenses from insurance contracts
  
 
282
 
  
 
-
 
  
 
282
 
     1,072       -       1,072  
Total cash flows
  
 
1,486
 
  
 
(983
)
  
 
503
 
     1,474       (573     901  
Other changes in the net carrying amount of the insurance contract
  
 
-
 
  
 
(3
)
  
 
(3
)
     -       (1     (1
Insurance contract liabilities, end of period (1)
  
$
  17,629
 
  
$
     187
 
  
$
  17,816
 
   $   14,877     $     214     $   15,091  
 
 (1)
The liabilities for incurred claims relating to insurance contracts in our creditor and reinsurance business were $
104
million as at April 30, 2025 and $115 million as at April 30, 2024.
Contractual service margin (CSM) from contracts issued was $13 million and $31 million for the three and six months ended April 30, 2025, respectively ($20 million and $60 million for the three and six months ended April 30, 2024, respectively). Total CSM as at April 30, 2025 was $1,543 million ($1,550 million as at October 31, 2024). This excludes the impact of any reinsurance held, which is not significant to the bank. Onerous contract losses for the three and six months ended April 30, 2025 and 2024 were not material.
We use the following rates for discounting fulfilment cash flows for our insurance contract liabilities, which are based on a risk-free yield adjusted for an illiquidity premium that reflects the liquidity characteristics of the liabilities:

 
Portfolio duration:
  
April 30, 2025
 
  
October 31, 2024
 
1 year
  
 
3.47%
       4.16%  
3 years
  
 
3.72%
       4.17%  
5 years
  
 
4.04%
       4.35%  
10 years
  
 
4.72%
       4.82%  
20 years
  
 
5.25%
       5.15%  
30 years
  
 
5.09%
       4.98%  
Ultimate
  
 
5.00%
       5.00%  
 
BMO Financial Group Second Quarter Report 2025
57
 

Note 6: Equity
Preferred and Common Shares Outstanding and Other Equity Instruments
(1)
 
(Canadian $ in millions, except as noted)
 
April 30, 2025
 
 
  
 
 
October 31, 2024
 
 
  
 
 
  
 
  
 
Number
of shares
 
 
Amount
 
 
Dividends declared
per share
(2)
 
 
Number
of shares
 
 
Amount
 
 
Dividends declared
per share (2)
 
 
Convertible into
 
 
  
 
Preferred Shares - Classified as Equity
 
 
 
 
 
 
 
 
Class B – Series 31
 
 
-
 
 
$
-
 
 
$
-
 
    12,000,000     $ 300     $ 0.96      
Class B - Series 32
      (3) (4)  
Class B – Series 33
 
 
8,000,000
 
 
 
200
 
 
 
0.38
 
    8,000,000       200       0.76       Class B - Series 34       (3) (4)  
Class B – Series 44
 
 
16,000,000
 
 
 
400
 
 
 
0.85
 
    16,000,000       400       1.70       Class B - Series 45       (3) (4)  
Class B – Series 50
 
 
500,000
 
 
 
500
 
 
 
36.87
 
    500,000       500       73.73       Not convertible       (4)  
Class B – Series 52
 
 
650,000
 
 
 
650
 
 
 
35.29
 
    650,000       650       70.57       Not convertible       (4)  
Preferred Shares - Classified as Equity
         
$
1,750
 
                  $ 2,050                          
                                               Recourse to         
Other Equity Instruments
               
4.800% Additional Tier 1 Capital Notes (AT1 Notes)
   
$
658
 
      $ 658         -       (4) (5) (7)  
4.300% Limited Recourse Capital Notes, Series 1 (Series 1 LRCNs)
   
 
1,250
 
        1,250       Preferred Shares Series 48       (4) (6) (7)  
5.625% Limited Recourse Capital Notes, Series 2 (Series 2 LRCNs)
   
 
750
 
        750       Preferred Shares Series 49       (4) (6) (7)  
7.325% Limited Recourse Capital Notes, Series 3 (Series 3 LRCNs)
   
 
1,000
 
        1,000       Preferred Shares Series 51       (4) (6) (7)  
7.700% Limited Recourse Capital Notes, Series 4 (Series 4 LRCNs)
   
 
1,356
 
        1,356       Preferred Shares Series 53       (4) (6) (7)  
7.300% Limited Recourse Capital Notes, Series 5 (Series 5 LRCNs)
         
 
1,023
 
                    1,023       Preferred Shares Series 54       (4) (6) (7)  
Other Equity Instruments
         
 
6,037
 
                    6,037                          
Preferred Shares and Other Equity Instruments
         
 
  7,787
 
                      8,087                          
Common Shares
 
 
722,070,767
 
 
$
23,730
 
 
$
3.18
 
    729,529,876     $ 23,921     $ 6.12               (8) (9) (10)  
 
(1)
For additional information refer to Notes 17 and 21 of our annual consolidated financial statements for the year ended October 31, 2024.
(2)
Represents year-to-date dividends declared per share as at reporting date. Non-cumulative dividends on preferred shares are payable quarterly as and when declared by the Board of Directors, except for Class B – Series 50 and 52 preferred share dividends, which are payable semi-annually.
(3)
If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates, subject to certain conditions.
(4)
The instruments issued include a NVCC provision, which is necessary for the preferred shares, AT1 Notes and by virtue of the recourse to the Preferred Shares Series 48, Preferred Shares Series 49, Preferred Shares Series 51, Preferred Shares Series 53 and Preferred Shares Series 54 (collectively, the LRCN Preferred Shares) for Series 1, Series 2, Series 3, Series 4 and Series 5 LRCNs (collectively, the LRCNs), respectively, to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable or if a federal or provincial government in Canada publicly announces that the bank has accepted or agreed to accept a capital injection, or equivalent support, to avoid non-viability. In such an event, each preferred share, including the LRCN Preferred Shares and AT1 Notes, is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the TSX. The number of common shares issued is determined by dividing the value of the preferred share or other equity instrument, including declared and unpaid dividends, by the conversion price and then applying the multiplier.
(5)
The notes had an initial interest rate of 4.800% and reset on August 25, 2024 to 6.709%.
(6)
Non-deferrable interest is payable semi-annually on the Series 1, Series 2 and Series 3 LRCNs and quarterly on the Series 4 and Series 5 LRCNs at the bank’s discretion. Non-payment of interest will result in a recourse event, with the noteholders’ sole remedy being the holders’ proportionate share of trust assets comprised of the LRCN Preferred Shares, each series of which is issued concurrently with the corresponding LRCNs and are eliminated on consolidation. In such an event, the delivery of the trust assets will represent the full and complete extinguishment of our obligations under the LRCNs. In circumstances where the LRCN Preferred Shares are converted into common shares of the bank under the NVCC provision, the LRCNs would be redeemed and the noteholders’ sole remedy would be their proportionate share of trust assets, then comprised of common shares of the bank received by the trust on conversion.
(7)
The rates represent the annual interest rate percentage applicable to the notes issued as at the reporting date.
(8)
The stock options issued under the Stock Option Plan are convertible into 6,585,406 common shares as at April 30, 2025 (6,554,492 common shares as at October 31, 2024) of which 3,080,854 are exercisable as at April 30, 2025 (2,856,460 as at October 31, 2024).
(9)
During the three and six months ended April 30, 2025, we issued nil common shares, under the Shareholder Dividend Reinvestment and Share Purchase Plan (3,732,736 and 7,790,724 common shares during the three and six months ended April 30, 2024) and we issued 211,309 and 685,719 common shares, under the Stock Option Plan (88,707 and 479,703 common shares during the three and six months ended April 30, 2024).
(10)
Common shares are net of nil treasury shares as at April 30, 2025 (55,172 treasury shares as at October 31, 2024).
Other Equity Instruments
The AT1 Notes and LRCNs are compound financial instruments that have both equity and liability features. On the date of issuance, we assigned an insignificant value to the liability components of both instruments and, as a result, the full amount of proceeds has been classified as equity and forms part of our additional Tier 1 NVCC. Distributions on the AT1 Notes and LRCNs are recognized as a reduction in equity when payable. The AT1 Notes and LRCNs are subordinate to the claims of the depositors and certain other creditors in right of payment.
Preferred Shares
On November 25, 2024, we redeemed all of our outstanding 12 million Non-Cumulative 5-year Rate Reset Class B Preferred Shares, Series 31 (NVCC) for an aggregate total of $300 million.
Common Shares
On January 17, 2025, we announced a normal course issuer bid (NCIB) to purchase up to 20 million of our common shares for cancellation commencing January 22, 2025, and ending no later than January 21, 2026. The timing and amount of purchases under the NCIB are determined by management, based on factors such as market conditions and capital levels. During the three months ended April 30, 2025, we purchased for cancellation 7.0 million
 
common shares under the NCIB, at an average price of $137.52 per share for a total amount of $981 million, including tax. During the six months ended April 30, 2025, we purchased for cancellation
 
8.2 million common shares under the NCIB, at an average price of $138.53 per share for a total amount of $1,157 million, including tax.

 
58
BMO Financial Group Second Quarter Report 2025
 

Shareholder Dividend Reinvestment and Share Purchase Plan
Until further notice, common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan will be purchased on the open market without a discount.
Non-Controlling Interest
Non-controlling interest in subsidiaries, relating to our acquisition of Bank of the West, was $38 million as at April 30, 2025 ($36 million as at October 31, 2024).
 
 
Note 7:
Fair
Value Measurements
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet
Set out in the following table are the amounts that would be reported if all financial instruments not currently carried at fair value were reported at their fair values. Refer to Note 18 of our annual consolidated financial statements for the year ended October 31, 2024 for further discussion on the determination of fair value.

 
(Canadian $ in millions)
  
April 30, 2025
 
  
October 31, 2024
 
  
  
Carrying value
 
  
    Fair value
 
  
Carrying value
 
  
Fair value
 
Securities
(1)
  
  
  
  
Amortized cost
  
 
$    100,269
 
  
$
  92,999
 
   $ 115,188      $ 106,461  
               
Loans
(1) (2)
               
Residential mortgages
  
 
193,452
 
  
 
191,924
 
     190,666        188,848  
Consumer instalment and other personal
  
 
91,286
 
  
 
91,300
 
     91,889        91,513  
Credit cards
  
 
12,628
 
  
 
12,628
 
     13,030        13,030  
Business and government
  
 
364,826
 
  
 
365,215
 
        369,776           370,101  
  
 
662,192
 
  
 
661,067
 
     665,361        663,492  
             
Deposits
(3)
  
 
906,333
 
  
 
907,269
 
     928,332        928,689  
Securitization and structured entities’ liabilities
(4)
  
 
21,256
 
  
 
21,162
 
     21,850        21,653  
Other liabilities
(5)
  
 
2,985
 
  
 
2,778
 
     2,929        2,669  
Subordinated debt
  
 
9,740
 
  
 
9,854
 
     8,377        8,543  
This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, certain other assets, certain other liabilities and securities lent or sold under repurchase agreements.
 
 (1)
Carrying value is net of ACL.
 (2)
Excludes $94 million of residential mortgages classified as FVTPL, $13,404 million of business and government loans classified as FVTPL and $14 million of business and government loans classified as FVOCI ($163 million, $12,431 million and $61 million, respectively, as at October 31, 2024).
 (3)
Excludes $46,909 million of structured note liabilities, $1,994 million of money market deposits, $1,173 million of embedded options related to structured deposits carried at amortized cost and $1,858 million of metals deposits measured at fair value ($45,222 million, $6,032 million, $1,047 million and $1,807 million, respectively, as at October 31, 2024).
 (4)
Excludes $30,680 million of securitization and structured entities’ liabilities classified as FVTPL ($18,314 million as at October 31, 2024).
 (5)
Other liabilities include certain investment contract liabilities in our insurance business measured at amortized cost, as well as certain other liabilities of subsidiaries.
Fair Value Hierarchy
We use a fair value hierarchy to categorize assets and liabilities carried at fair value according to the inputs we use in valuation techniques to measure fair value.
Valuation Techniques and Significant Inputs
We determine the fair value of assets and liabilities using quoted prices in active markets (Level 1) when these are available. When quoted prices in active markets are not available, we determine the fair value of financial assets and liabilities using models such as discounted cash flows with observable market data for inputs, such as yields or broker quotes and other third-party vendor quotes (Level 2). Fair value may also be determined using models where significant market inputs are not observable due to inactive markets or minimal market activity (Level 3). We maximize the use of observable market inputs to the extent possible.
Our Level 2 trading securities are primarily valued using discounted cash flow models with observable spreads or broker quotes. The fair value of Level 2 FVOCI securities is determined using discounted cash flow models with observable spreads or third-party vendor quotes. Level 2 structured note liabilities are valued using models with observable market information. Level 2 derivative assets and liabilities are valued using industry standard models and observable market information.
 
BMO Financial Group Second Quarter Report 2025
59
 

The
extent
of our use of actively quoted market prices (L
eve
l 1), internal models using observable market information as inputs (Level 2) and models using one or more significant unobservable inputs (Level 3) in the valuation of securities, loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table:


(Canadian $ in millions)
  
  
 
  
  
 
  
April 30, 2025
 
  
October 31, 2024
 
  
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
Trading Securities
  
  
  
  
  
  
  
  
Issued or guaranteed by:
  
  
  
  
  
  
  
  
Canadian federal government
  
$
362
 
  
$
    9,126
 
  
$
-
 
  
$
9,488
 
   $ 1,272      $ 8,764      $ -      $ 10,036  
Canadian provincial and municipal governments
  
 
-
 
  
 
7,359
 
  
 
-
 
  
 
7,359
 
     -        7,585        -        7,585  
U.S. federal government
  
 
    5,311
 
  
 
22,731
 
  
 
-
 
  
 
28,042
 
     2,688        21,560        -        24,248  
U.S. states, municipalities and agencies
  
 
-
 
  
 
1,096
 
  
 
-
 
  
 
1,096
 
     -        565        -        565  
Other governments
  
 
54
 
  
 
4,967
 
  
 
-
 
  
 
5,021
 
     92        3,757        -        3,849  
NHA MBS, and U.S. agency MBS and CMO
  
 
-
 
  
 
55,950
 
  
 
5
 
  
 
55,955
 
     -        40,995        -        40,995  
Corporate debt
  
 
-
 
  
 
10,986
 
  
 
-
 
  
 
10,986
 
     -        10,172        -        10,172  
Trading loans
  
 
-
 
  
 
4,622
 
  
 
-
 
  
 
4,622
 
     -        5,493        -        5,493  
Corporate equity
  
 
50,784
 
  
 
536
 
  
 
-
 
  
 
51,320
 
     65,559        420        4        65,983  
    
 
 56,511
 
  
 
117,373
 
  
 
5
 
  
 
173,889
 
      69,611         99,311        4        168,926  
FVTPL Securities
                       
Issued or guaranteed by:
                       
Canadian federal government
  
 
-
 
  
 
956
 
  
 
-
 
  
 
956
 
     166        237        -        403  
Canadian provincial and municipal governments
  
 
-
 
  
 
1,588
 
  
 
-
 
  
 
1,588
 
     -        1,578        -        1,578  
U.S. federal government
  
 
-
 
  
 
1,482
 
  
 
-
 
  
 
1,482
 
     -        1,527        -        1,527  
Other governments
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -        25        -        25  
NHA MBS, and U.S. agency MBS and CMO
  
 
-
 
  
 
22
 
  
 
-
 
  
 
22
 
     -        21        -        21  
Corporate debt
  
 
-
 
  
 
8,882
 
  
 
36
 
  
 
8,918
 
     -            8,745        35        8,780  
Corporate equity
  
 
920
 
  
 
786
 
  
 
5,257
 
  
 
    6,963
 
     921        910             4,899            6,730  
    
 
920
 
  
 
13,716
 
  
 
     5,293
 
  
 
19,929
 
         1,087        13,043        4,934        19,064  
FVOCI Securities
                       
Issued or guaranteed by:
                       
Canadian federal government
  
 
-
 
  
 
44,610
 
  
 
-
 
  
 
44,610
 
     3,212        30,965        -        34,177  
Canadian provincial and municipal governments
  
 
-
 
  
 
5,853
 
  
 
-
 
  
 
5,853
 
     -        5,996        -        5,996  
U.S. federal government
  
 
359
 
  
 
17,207
 
  
 
-
 
  
 
17,566
 
     25        16,940        -        16,965  
U.S. states, municipalities and agencies
  
 
-
 
  
 
5,366
 
  
 
-
 
  
 
5,366
 
     -        5,068        -        5,068  
Other governments
  
 
-
 
  
 
4,643
 
  
 
-
 
  
 
4,643
 
     -        5,656        -        5,656  
NHA MBS, and U.S. agency MBS and CMO
  
 
-
 
  
 
23,244
 
  
 
-
 
  
 
23,244
 
     -        21,293        -        21,293  
Corporate debt
  
 
-
 
  
 
4,467
 
  
 
-
 
  
 
4,467
 
     -        4,370        -        4,370  
Corporate equity
  
 
-
 
  
 
-
 
  
 
189
 
  
 
189
 
     -        -        177        177  
    
 
359
 
  
 
105,390
 
  
 
189
 
  
 
105,938
 
     3,237        90,288        177        93,702  
Loans
                       
Residential mortgages
  
 
-
 
  
 
94
 
  
 
-
 
  
 
94
 
     -        163        -        163  
Business and government loans
  
 
-
 
  
 
13,036
 
  
 
382
 
  
 
13,418
 
     -        12,190        302        12,492  
    
 
-
 
  
 
13,130
 
  
 
382
 
  
 
13,512
 
     -        12,353        302        12,655  
Other Assets
(1)
  
 
13,173
 
  
 
-
 
  
 
1,435
 
  
 
14,608
 
     11,236        -        1,717        12,953  
Fair Value Liabilities
(2)
                       
Deposits (3)
  
 
-
 
  
 
51,934
 
  
 
-
 
  
 
51,934
 
     -        54,108        -        54,108  
Securities sold but not yet purchased
  
 
15,518
 
  
 
37,904
 
  
 
-
 
  
 
53,422
 
     10,631        24,399        -        35,030  
Other liabilities (4)
  
 
1,854
 
  
 
31,467
 
  
 
-
 
  
 
33,321
 
     1,754        19,110        -        20,864  
    
 
17,372
 
  
 
121,305
 
  
 
-
 
  
 
138,677
 
     12,385        97,617        -        110,002  
Derivative Assets
                       
Interest rate contracts
  
 
50
 
  
 
9,167
 
  
 
-
 
  
 
9,217
 
     36        9,851        -        9,887  
Foreign exchange contracts
  
 
21
 
  
 
29,526
 
  
 
-
 
  
 
29,547
 
     4        21,258        10        21,272  
Commodity contracts
  
 
273
 
  
 
1,472
 
  
 
9
 
  
 
1,754
 
     169        1,656        2        1,827  
Equity contracts
  
 
329
 
  
 
8,863
 
  
 
14
 
  
 
9,206
 
     539        13,718        -        14,257  
Credit default swaps
  
 
-
 
  
 
1
 
  
 
1
 
  
 
2
 
     -        10        -        10  
    
 
673
 
  
 
49,029
 
  
 
24
 
  
 
49,726
 
     748        46,493        12        47,253  
Derivative Liabilities
                       
Interest rate contracts
  
 
37
 
  
 
10,423
 
  
 
-
 
  
 
10,460
 
     32        10,811        -        10,843  
Foreign exchange contracts
  
 
-
 
  
 
29,150
 
  
 
-
 
  
 
29,150
 
     -        19,955        -        19,955  
Commodity contracts
  
 
116
 
  
 
1,688
 
  
 
-
 
  
 
1,804
 
     96        1,721        4        1,821  
Equity contracts
  
 
102
 
  
 
16,210
 
  
 
1
 
  
 
16,313
 
     75        25,596        2        25,673  
Credit default swaps
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
     -        10        1        11  
    
 
255
 
  
 
57,471
 
  
 
1
 
  
 
57,727
 
     203        58,093        7        58,303  
 
 (1)
Other assets include precious metals, segregated fund assets and investment properties in our insurance business, carbon credits, certain receivables and other items measured at fair value.
 (2)
Interest expense for liabilities carried at fair value is $1,060 million and $1,780 million for the three and six months ended April 30, 2025, respectively ($806 million and $1,335 million for the three and six months ended April 30, 2024). Interest expense for liabilities carried at amortized cost is $9,497 million and $20,002 million for the three and six months ended April 30, 2025, respectively ($10,843 million and $21,447 million for the three and six months ended April 30, 2024).
 (3)
Deposits include structured note liabilities, money market and metals deposits designated at FVTPL and certain embedded options related to structured deposits carried at amortized cost.
 (4)
Other liabilities include certain investment contract liabilities and segregated fund liabilities in our insurance business, as well as certain securitization and structured entities’ liabilities measured at FVTPL.
 Certain comparative figures have been reclassified to conform with the current period’s presentation.
 
60
BMO Financial Group Second Quarter Report 2025
 

Quantitative Information about Level 3 Fair Value Measurements
The table below presents the fair values of our significant Level 3 financial instruments measured at fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers.


(Canadian $ in millions, except as noted)
  
  
    
  
 
  
  
  
  
  
  
  
April 30, 2025
 
 
  
 
    
 
 
  
 
  
 
  
 
  
Range of input values 
(1)
 
  
  
Reporting line in fair
value hierarchy table
    
Fair value
of assets
 
  
Valuation techniques
  
Significant
unobservable inputs
  
  
  
Low
 
  
High
 
Private equity
   Corporate equity   
$
5,446
 
   Net asset value    Net asset value      
 
na
 
  
 
na
 
         EV/EBITDA    Multiple      
 
4
 
  
 
28
 
Investment properties
   Other assets   
 
1,358
 
   Income approach    Capitalization rate        
 
2%
    
 
8%
 
 
 (1)
The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the specific underlying instruments within each product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.
 na – not applicable
Significant Transfers
Our policy is to record transfers of assets and liabilities between fair value hierarchy levels at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Transfers between Level 1 and Level 2 are dependent on the recency of issuance and availability of quoted market prices in the active market. There were no significant transfers between Level 1 and Level 2 during the three and six months ended April 30, 2025 and 2024.
Changes
in Level 3 Fair Value Measurements
The tables below present a reconciliation of all changes in Level 3 financial instruments for the three and six months ended April 30, 2025 and 2024, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities.
 
BMO Financial Group Second Quarter Report 2025
61
 

 
 
 
 
 
Change in fair value
 
 
  
 
 
Movements
 
 
Transfers
 
 
  
 
 
  
 
For the three months ended April 30, 2025
(Canadian $ in millions)
 
Fair Value
as at January 31,
2025
 
 
Included in
earnings
 
 
Included
in other
comprehensive
income
(1)
 
 
Issuances/
   Purchases
 
 
Sales
 
 
Maturities/
Settlement
 
 
Transfers
into
Level 3
 
 
Transfers
out of
Level 3
 
 
Fair Value
as at April 30,
2025
 
 
Change in
unrealized gains
(losses) recorded
in income
for instruments
still held
(2)
 
Trading Securities
                   
NHA MBS and U.S. agency MBS and CMO
  $ -    
$
-
 
 
$
-
 
 
$
5
 
 
$
-
 
 
$
-
 
 
$
-
 
 
$
-
 
 
$
5
 
 
$
-
 
Corporate equity
    6    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(6
 
 
-
 
 
 
-
 
Total trading securities
    6    
 
-
 
 
 
-
 
 
 
5
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(6
 
 
5
 
 
 
-
 
FVTPL Securities
                   
Corporate debt
    33    
 
2
 
 
 
-
 
 
 
1
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
36
 
 
 
2
 
Corporate equity
    5,202    
 
(120
 
 
(110
 
 
342
 
 
 
(57
 
 
-
 
 
 
-
 
 
 
-
 
 
 
5,257
 
 
 
(68
Total FVTPL securities
    5,235    
 
(118
 
 
(110
 
 
343
 
 
 
(57
 
 
-
 
 
 
-
 
 
 
-
 
 
 
5,293
 
 
 
(66
FVOCI Securities
                   
Corporate equity
    163    
 
-
 
 
 
-
 
 
 
26
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
189
 
 
 
na
 
Total FVOCI securities
    163    
 
-
 
 
 
-
 
 
 
26
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
189
 
 
 
na
 
Business and Government Loans
    321    
 
(11
 
 
(7
 
 
50
 
 
 
-
 
 
 
-
 
 
 
29
 
 
 
-
 
 
 
382
 
 
 
(11
Other Assets
    1,841    
 
(1
 
 
-
 
 
 
7
 
 
 
(7
 
 
(405
 
 
-
 
 
 
-
 
 
 
1,435
 
 
 
(1
Derivative Assets
                   
Foreign exchange contracts
    42    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(42
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Commodity contracts
    5    
 
4
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
9
 
 
 
4
 
Equity contracts
    13    
 
(2
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
3
 
 
 
-
 
 
 
14
 
 
 
(2
Credit default swaps
    -    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
1
 
 
 
-
 
 
 
1
 
 
 
-
 
Total derivative assets
    60    
 
2
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(42
 
 
4
 
 
 
-
 
 
 
24
 
 
 
2
 
Other Liabilities
    -    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Derivative Liabilities
                   
Commodity contracts
    -    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Equity contracts
    2    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
1
 
 
 
(2
 
 
1
 
 
 
-
 
Credit default swaps
    1    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(1
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Total derivative liabilities
    3    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(1
 
 
1
 
 
 
(2
 
 
1
 
 
 
-
 
         
Change in fair value
          
Movements
   
Transfers
               
For the six months ended April 30, 2025
(Canadian $ in millions)
  Fair Value
as at October 31,
2024
   
Included in
earnings
   
Included
in other
comprehensive
income
(1)
   
Issuances/
Purchases
   
Sales
   
Maturities/
Settlement
   
Transfers
into
Level 3
   
Transfers
out of
Level 3
   
Fair Value
as at April 30,
2025
   
Change in
unrealized gains
(losses) recorded
in income
for instruments
still held
(2)
 
Trading Securities
                   
NHA MBS and U.S. agency MBS and CMO
  $ -    
$
-
 
 
$
-
 
 
$
5
 
 
$
-
 
 
$
-
 
 
$
-
 
 
$
-
 
 
$
5
 
 
$
-
 
Corporate equity
    4    
 
-
 
 
 
-
 
 
 
2
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(6
 
 
-
 
 
 
-
 
Total trading securities
    4    
 
-
 
 
 
-
 
 
 
7
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(6
 
 
5
 
 
 
-
 
FVTPL Securities
                   
Corporate debt
    35    
 
1
 
 
 
-
 
 
 
2
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(2
 
 
36
 
 
 
1
 
Corporate equity
    4,899    
 
(96
 
 
(21
 
 
614
 
 
 
(139
 
 
-
 
 
 
-
 
 
 
-
 
 
 
5,257
 
 
 
16
 
Total FVTPL securities
    4,934    
 
(95
 
 
(21
 
 
616
 
 
 
(139
 
 
-
 
 
 
-
 
 
 
(2
 
 
5,293
 
 
 
17
 
FVOCI Securities
                   
Corporate equity
    177    
 
-
 
 
 
(15
 
 
27
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
189
 
 
 
na
 
Total FVOCI securities
    177    
 
-
 
 
 
(15
 
 
27
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
189
 
 
 
na
 
Business and Government Loans
    302    
 
2
 
 
 
(1
 
 
56
 
 
 
-
 
 
 
(6
 
 
29
 
 
 
-
 
 
 
382
 
 
 
2
 
Other Assets
          1,717    
 
         (56
 
 
-
 
 
 
201
 
 
 
(7
 
 
(420
 
 
-
 
 
 
-
 
 
 
1,435
 
 
 
(52
Derivative Assets
                   
Foreign exchange contracts
    10    
 
-
 
 
 
-
 
 
 
32
 
 
 
-
 
 
 
(42
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Commodity contracts
    2    
 
7
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
9
 
 
 
7
 
Equity contracts
    -    
 
(2
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
16
 
 
 
-
 
 
 
14
 
 
 
(2
Credit default swaps
    -    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
1
 
 
 
-
 
 
 
1
 
 
 
-
 
Total derivative assets
    12    
 
5
 
 
 
-
 
 
 
32
 
 
 
-
 
 
 
(42
 
 
17
 
 
 
-
 
 
 
24
 
 
 
5
 
Other Liabilities
    -    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Derivative Liabilities
                   
Commodity contracts
    4    
 
(4
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(4
Equity contracts
    2    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
1
 
 
 
(2
 
 
1
 
 
 
-
 
Credit default swaps
    1    
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(1
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Total derivative liabilities
    7    
 
(4
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(1
 
 
1
 
 
 
(2
 
 
1
 
 
 
(4
 
 (1)
Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.
 (2)
Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2025 are included in earnings for the period.
 Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts.
 Certain comparative figures have been reclassified to conform with the current period’s presentation.
 na – not applicable
 
62
BMO Financial Group Second Quarter Report 2025
 

 
 
 
 
 
Change in fair value
 
 
  
 
 
Movements
 
 
Transfers
 
 
  
 
 
  
 
For the three months ended April 30, 2024
(Canadian $ in millions)
 
Fair Value
as at January 31,
2024
 
 
Included in
earnings
 
 
Included
in other
comprehensive
income
(1)
 
 
Issuances/
   Purchases
 
 
Sales
 
 
Maturities/
Settlement
 
 
Transfers
into
Level 3
 
 
Transfers
out of
Level 3
 
 
Fair Value
as at April 30,
2024
 
 
Change in
unrealized gains
(losses) recorded
in income
for instruments
still held
(2)
 
Trading Securities
 
 
 
 
 
 
 
 
 
 
NHA MBS and U.S. agency MBS and CMO
  $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
Corporate equity
    -       -       -       -       -       -       -       -       -       -  
Total trading securities
    -       -     -       -       -       -       -       -       -       -  
FVTPL Securities
                   
Corporate debt
    24       (6     -       17       -       -       -       -       35       (6
Corporate equity
    4,319       15       49       206       (88     -       -       -       4,501       66  
Total FVTPL securities
    4,343       9       49       223       (88     -       -       -       4,536       60  
FVOCI Securities
                   
Corporate equity
    173       -       -       1       -       -       -       -       174       na  
Total FVOCI securities
    173       -       -       1       -       -       -       -       174       na  
Business and Government Loans
    196       -       5       13       -       (59     198       -       353       -  
Other Assets
    1,671       (56     -       12       -       (5     -       -       1,622       (65 )
Derivative Assets
                   
Foreign exchange contracts
    -       -       -       -       -       -       -       -       -       -  
Commodity contracts
    7       (7     -       -       -       -       -       -       -       (7
Equity contracts
    7       -       -       -       -       -       6       -       13       -  
Credit default swaps
    -       -       -       -       -       -       -       -       -       -  
Total derivative assets
    14       (7     -       -       -       -       6       -       13       (7
Other Liabilities
    13       -       -       -       -       (13     -       -       -       -  
Derivative Liabilities
                   
Commodity contracts
    1       1       -       -       -       -       -       -       2       1  
Equity contracts
    -       -       -       -       -       -       1       -       1       -  
Credit default swaps
    1       (1     -       -       -       -       1       -       1       (1
Total derivative liabilities
    2       -       -       -       -       -       2       -       4       -  
         
Change in fair value
          
Movements
   
Transfers
               
For the six months ended April 30, 2024
(Canadian $ in millions)
 
Fair Value
as at October 31,
2023
   
Included in
earnings
   
Included
in other
comprehensive
income
(1)
   
Issuances/
Purchases
   
Sales
   
Maturities/
Settlement
   
Transfers
into
Level 3
   
Transfers
out of
Level 3
   
Fair Value
as at April 30,
2024
   
Change in
unrealized gains
(losses) recorded
in income
for instruments
still held
(2)
 
Trading Securities
                   
NHA MBS and U.S. agency MBS and CMO
  $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
Corporate equity
    37       -       -       -       -       -       -       (37 )     -       -  
Total trading securities
    37       -       -       -       -       -       -       (37 )     -       -  
FVTPL Securities
                   
Corporate debt
    27       (9     -       17       -       -       -       -       35       (9
Corporate equity
    4,208       (92     (10     522       (126     -       -       (1     4,501       17  
Total FVTPL securities
    4,235       (101     (10     539       (126     -       -       (1     4,536       8  
FVOCI Securities
                   
Corporate equity
    160       -       11       3       -       -       -       -       174       na  
Total FVOCI securities
    160       -       11       3       -       -       -       -       174       na  
Business and Government Loans
    186       -       (1     46       -       (76     198       -       353       -  
Other Assets
          1,723       (17     -       16       (21     (79     -       -       1,622       -  
Derivative Assets
                   
Foreign exchange contracts
    -       -       -       -       -       -       -       -       -       -  
Commodity contracts
    5       (5     -       -       -       -       -       -       -       (5
Equity contracts
    -       -       -       -       -       -       13       -       13       -  
Credit default swaps
    -       -       -       -       -       -       -       -       -       -  
Total derivative assets
    5       (5     -       -       -       -       13       -       13       (5
Other Liabilities
    5       -       -       8       -       (13     -       -       -       -  
Derivative Liabilities
                   
Commodity contracts
    1                 1       -       -       -       -       -       -       2       1  
Equity contracts
    8       -       -       -       -       -       1       (8     1       -  
Credit default swaps
    2       (2     -       -       -       -       1       -       1       (1
Total derivative liabilities
    11       (1     -       -       -       -       2       (8     4       -  
 
 (1)
Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.
 (2)
Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2024 are included in earnings for the period.
 Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts.
 Certain comparative figures have been reclassified to conform with the current period’s presentation.
 na – not applicable
 
BMO Financial Group Second Quarter Report 2025
63
 

Note 8: Capital Management
Our objective is to maintain a strong capital position in a cost-effective structure that: is appropriate given our target regulatory capital ratios and our internal assessment of required economic capital; underpins our operating groups’ business strategies and considers the market environment; supports depositor, investor and regulator confidence, while building long-term shareholder value; and is consistent with our target credit ratings.
As at April 30, 2025, we met OSFI’s target capital ratio requirements, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Surcharge for Domestic Systemically Important Banks (D-SIBs), a Countercyclical Buffer and a 3.5% Domestic Stability Buffer (DSB) applicable to D-SIBs. On December 17, 2024, OSFI announced that the DSB will remain at 3.5%. Our capital position as at April 30, 2025 is further detailed in the Capital Management section of our interim Management’s Discussion and Analysis.
Regulatory Capital and Total Loss Absorbing Capacity Measures, Risk-Weighted Assets and Leverage Exposures
(1)
 
$
                    
$
                    
(Canadian $ in millions, except as noted)
  
April 30, 2025
 
  
October 31, 2024
 
CET1 Capital
  
$
57,405
 
   $ 57,054  
Tier 1 Capital
  
 
65,107
 
     64,735  
Total Capital
  
 
75,981
 
     73,911  
TLAC
  
 
127,265
 
     123,288  
Risk-Weighted Assets
  
 
425,066
 
     420,838  
Leverage Exposures
  
 
 1,490,551
 
      1,484,962  
CET1 Ratio
  
 
13.5%
 
     13.6%  
Tier 1 Capital Ratio
  
 
15.3%
 
     15.4%  
Total Capital Ratio
  
 
17.9%
 
     17.6%  
TLAC Ratio
  
 
29.9%
 
     29.3%  
Leverage Ratio
  
 
4.4%
 
     4.4%  
TLAC Leverage Ratio
  
 
8.5%
 
     8.3%  
 
 (1)
Calculated in accordance with OSFI’s Capital Adequacy Requirements Guideline, Leverage Requirements Guideline and Total Loss Absorbing Capacity (TLAC) Guideline.
 
 
Note 9: Employee Compensation
Stock Options
We did not grant any stock options during the three months ended April 30, 2025 or 2024. During the six months ended April 30, 2025, we granted a total of 716,633 stock options (1,113,853 stock options during the six months ended April 30, 2024) with a weighted-average fair value of $18.46 per option ($15.33 per option for the six months ended April 30, 2024).
To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption:
 
$
                    
$
                    
For stock options granted during the six months ended
  
April 30, 2025
 
  
April 30, 2024
 
Expected dividend yield
  
 
3.6%
 
     4.5%  
Expected share price volatility
  
 
16.7%
 
    
17.4% - 17.6%
 
Risk-free rate of return
  
 
2.8%
 
    
3.3% - 3.4%
 
Expected period until exercise (in years)
  
 
6.5 - 7.0
 
    
6.5 - 7.0
 
Exercise price ($)
  
 
141.00
 
     118.50  
 Changes to the input assumptions can result in different fair value estimates.
Pension
and Other Employee Future Benefit Expenses
Pension and other employee future benefit expenses are determined as follows:
 
$
                    
$
                    
$
                    
$
                    
(Canadian $ in millions)
  
  
 
 
  
 
 
  
 
  
  
 
  
  
Pension benefit plans
 
 
Other employee future benefit plans
 
For the three months ended
  
April 30, 2025
 
 
April 30, 2024
 
 
April 30, 2025
 
  
April 30, 2024
 
Current service cost
  
$
45
 
   $ 38    
$
1
 
   $ 2  
Net interest (income) expense (1)
  
 
(14
)
 
     (15  
 
10
 
     9  
Impact of plan amendments
  
 
-
 
     -    
 
-
 
     -  
Administrative expenses
  
 
2
 
     3    
 
-
 
     -  
Benefits expense
  
 
33
 
     26    
 
11
 
     11  
Government pension plans expense (2)
  
 
113
 
     105    
 
-
 
     -  
Defined contribution expense
  
 
69
 
     64    
 
-
 
     -  
Total pension and other employee future benefit expenses
recognized in our Consolidated Statement of Income
  
$
   215
 
   $   195    
$
   11
 
   $   11  
 
 (1)
Net interest (income) expense is increased by $nil million for pension benefit plans and $3 million for other employee future benefit plans for the three months ended April 30, 2025 ($nil million for pension benefit plans and $1 million for other employee future benefit plans for the three months ended April 30, 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.
 (2)
Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act.
 
64
BMO Financial Group Second Quarter Report 2025
 

(Canadian $ in millions)
  
  
 
 
  
 
 
  
 
  
  
 
  
  
Pension benefit plans
 
 
Other employee future benefit plans
 
For the six months ended
  
April 30, 2025
 
 
April 30, 2024
 
 
April 30, 2025
 
  
April 30, 2024
 
Current service cost
  
$
89
 
   $ 76    
$
3
 
   $ 3  
Net interest (income) expense (1)
  
 
(26
)
     (30  
 
19
 
     20  
Impact of plan amendments
  
 
(19
)
 
     -    
 
-
 
       (84 )
Administrative expenses
  
 
7
 
     6    
 
-
 
     -  
Benefits expense
  
 
51
 
     52    
 
22
 
     (61
Government pension plans expense (2)
  
 
214
 
     209    
 
-
 
     -  
Defined contribution expense
  
 
178
 
     169    
 
-
 
     -  
Total pension and other employee future benefit expenses (recovery)
recognized in our Consolidated Statement of Income
  
$
    443
 
   $     430    
$
  22
 
   $ (61
 
 (1)
Net interest (income) expense is increased by $nil million for pension benefit plans and $3 million for other employee future benefit plans for the six months ended April 30, 2025 ($nil million for pension benefit plans and $1 million for other employee future benefit plans for the six months ended April 30, 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.
 (2)
Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act.
We amended one of our U.S. pension plans in the first quarter of 2025, resulting in a $19 million benefit that was recognized as a reduction in employee compensation expense.
 
 
Note 10: Earnings Per Share
Basic earnings per share is calculated by dividing net income attributable to bank shareholders, after deducting dividends payable on preferred shares and distributions payable on other equity instruments, by the daily average number of fully paid common shares outstanding throughout the period.
Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into our common shares.
The following tables present our basic and diluted earnings per share:
Basic Earnings Per Common Share


(Canadian $ in millions, except as noted)
  
For the three months ended
 
 
For the six months ended
 
  
  
April 30, 2025
 
 
April 30, 2024
 
 
April 30, 2025
 
 
April 30, 2024
 
Net income attributable to bank shareholders
  
$
1,960
 
   $ 1,862    
$
4,094
 
  $ 3,152  
Dividends on preferred shares and distributions on other equity instruments
  
 
(142
)
 
     (143 )
 
 
 
(207
)
 
    (183 )
 
Net income available to common shareholders
  
$
1,818
 
   $ 1,719    
$
3,887
 
  $ 2,969  
Weighted-average number of common shares outstanding (in thousands)
  
 
   725,402
          728,348    
 
   727,518
 
         726,024  
Basic earnings per common share (Canadian $)
  
$
2.51
 
   $ 2.36    
$
5.34
 
  $ 4.09  
Diluted Earnings Per Common Share


(Canadian $ in millions, except as noted)
  
For the three months ended
 
 
For the six months ended
 
  
  
April 30, 2025
 
 
April 30, 2024
 
 
April 30, 2025
 
 
April 30, 2024
 
Net income available to common shareholders
  
$
1,818
 
  $ 1,719    
$
3,887
 
  $ 2,969  
Weighted-average number of common shares outstanding (in thousands)
  
 
725,402
      728,348    
 
727,518
      726,024  
Dilutive impact of stock options (1)
        
Stock options potentially exercisable
  
 
5,893
 
    4,691    
 
6,072
 
    3,707  
Common shares potentially repurchased
  
 
(4,855
    (3,760  
 
(4,989
    (2,824
Weighted-average number of diluted common shares outstanding (in thousands)
  
 
   726,440
 
       729,279    
 
    728,601
 
         726,907  
Diluted earnings per common share (Canadian $)
  
$
2.50
 
  $ 2.36    
$
  5.34
 
  $ 4.08  
 
 (1)
The dilutive effect of stock options was calculated using the treasury stock method. In computing diluted earnings per share, we excluded average stock options outstanding of 
716,633 and 594,569 with a weighted-average exercise price of $150.60 and $151.95 for the three and six months ended April 30, 2025, respectively (2,198,642 and 3,140,711 with a weighted-average exercise price of $132.66 and $131.39 for the three and six months ended April 30, 2024, respectively), as the average share price for the periods did not exceed the exercise price.
 
 
Note 11: Income Taxes
Tax Assessments
Canadian tax authorities have reassessed us for additional income tax and interest in an amount of approximately $1,465 million in respect of certain 2011-2018 Canadian corporate dividends. These reassessments denied certain dividend deductions on the basis that the dividends were received as part of a “dividend rental arrangement.” In general, the tax rules raised by the Canadian tax authorities were prospectively addressed in the 2015 and 2018 Canadian federal budgets. We filed Notices of Appeal with the Tax Court of Canada and the matter is in litigation. We remain of the view that our tax filing positions were appropriate and intend to challenge all reassessments. However, if such challenges are unsuccessful, the additional expense would negatively impact our net income.

 
BMO Financial Group Second Quarter Report 2025
65
 

Global Minimum Tax
In May 2023, the IASB issued an amendment to IAS 12
Income Taxes
(IAS 12). The amendment addresses concerns around accounting for the global minimum top-up tax as outlined in the two-pillar plan for international tax reform developed by members of the Organisation for Economic Co-operation and Deve
lop
ment/G20 Inclusive Framework on Base Erosion and Profit Shifting. The amendment to IAS 12 includes temporary mandatory relief from recognizing and disclosing deferred taxes related to the top-up tax. We have applied the temporary mandatory relief related to deferred taxes in jurisdictions in which we operate where the top-up tax legislation has been enacted, or substantively enacted. The global minimum tax rules are effective for our fiscal year beginning November 1, 2024, and as a result, our effective tax rate increased by approximately
60
basis points and
65
basis points for the three and six months ended April 30, 2025.
 
 
Note 12: Operating Segmentation
Operating Groups
We conduct our business through three operating groups, each of which has a distinct mandate. Our operating groups are Personal and Commercial Banking (P&C) (comprised of Canadian Personal and Commercial Banking (Canadian P&C) and U.S. Personal and Commercial Banking (U.S. P&C)), BMO Wealth Management (BMO WM) and BMO Capital Markets (BMO CM), along with a Corporate Services unit.
For additional information refer to Note 26 of our annual consolidated financial statements for the year ended October 31, 2024.
Our results and average assets, grouped by operating segment, are as follows:
 
(Canadian $ in millions)
                                           
For the three months ended April 30, 2025
  
Canadian
P&C
    
U.S. P&C
   
BMO WM
   
BMO CM
   
Corporate
Services 
(1)
   
Total
 
Net interest income (2)
  
$
2,359
 
  
$
2,122
 
 
$
369
 
 
$
474
 
 
$
(227
)
 
$
5,097
 
Non-interest revenue
  
 
615
 
  
 
406
 
 
 
1,159
 
 
 
1,305
 
 
 
97
 
 
 
3,582
 
Total Revenue
  
 
2,974
 
  
 
2,528
 
 
 
1,528
 
 
 
1,779
 
 
 
(130
)
 
 
8,679
 
Provision for credit losses on impaired loans
  
 
476
 
  
 
247
 
 
 
2
 
 
 
28
 
 
 
12
 
 
 
765
 
Provision for (recovery of) credit losses on performing loans
  
 
132
 
  
 
87
 
 
 
6
 
 
 
73
 
 
 
(9
)
 
 
289
 
Total provision for credit losses
  
 
608
 
  
 
334
 
 
 
8
 
 
 
101
 
 
 
3
 
 
 
1,054
 
Depreciation and amortization
  
 
157
 
  
 
243
 
 
 
65
 
 
 
79
 
 
 
-
 
 
 
544
 
Non-interest expense
  
 
1,132
 
  
 
1,263
 
 
 
976
 
 
 
1,021
 
 
 
83
 
 
4,475
 
Income (loss) before taxes and non-controlling interest in subsidiaries
  
 
1,077
 
  
 
688
 
 
 
479
 
 
 
578
 
 
 
(216
)
 
 
2,606
 
Provision for (recovery of) income taxes
  
 
295
 
  
 
142
 
 
 
118
 
 
 
147
 
 
 
(58
)
 
 
644
 
Reported net income (loss)
  
$
782
 
  
$
546
 
 
$
361
 
 
$
431
 
 
$
(158
)
 
$
1,962
 
Non-controlling interest in subsidiaries
  
$
-
 
  
$
5
 
 
$
-
 
 
$
-
 
 
$
(3
)
 
$
2
 
Net income (loss) attributable to bank shareholders
  
$
782
 
  
$
541
 
 
$
361
 
 
$
431
 
 
$
(155
)
 
$
1,960
 
Average assets (3)
  
$
343,799
 
  
$
243,601
 
 
$
71,033
 
 
$
564,034
 
 
$
281,216
 
 
$
1,503,683
 
For the three months ended April 30, 2024
   Canadian
P&C
     U.S. P&C     BMO WM     BMO CM     Corporate
Services (1)
    Total  
Net interest income (2)
   $ 2,154      $ 1,994     $ 322     $ 358     $ (313   $ 4,515  
Non-interest revenue
     665        395       1,071       1,303       25       3,459  
Total Revenue
     2,819        2,389       1,393       1,661       (288     7,974  
Provision for credit losses on impaired loans
     295        288       6       61       8       658  
Provision for (recovery of) credit losses on performing loans
     103        (7     (13     (9     (27     47  
Total provision for (recovery of) credit losses
     398        281       (7     52       (19     705  
Depreciation and amortization
     145        238       67       74       -       524  
Non-interest expense
     1,071        1,203       911       954       181       4,320  
Income (loss) before taxes and non-controlling interest in subsidiaries
     1,205        667       422       581       (450     2,425  
Provision for (recovery of) income taxes
     333        124       102       122       (122     559  
Reported net income (loss)
   $ 872      $ 543     $ 320     $ 459     $ (328   $ 1,866  
Non-controlling interest in subsidiaries
   $ -      $ 4     $ -     $ -     $ -     $ 4  
Net income (loss) attributable to bank shareholders
   $ 872      $ 539     $ 320     $ 459     $ (328   $ 1,862  
Average assets (3)
   $  323,710      $  236,135     $  63,673     $  455,916     $  271,005     $  1,350,439  
 
 (1)
Corporate Services includes Technology and Operations.
 (2)
Operating groups report on a taxable equivalent basis (teb). Revenue and the provision for income taxes are increased on tax-exempt securities to an equivalent before-tax basis to facilitate comparisons of income between taxable and tax-exempt sources. The offset to the groups’ teb adjustments is reflected in Corporate Services revenue and provision for income taxes.
 (3)
Included within average assets are average earning assets, which are comprised of deposits with other banks, deposits at central banks, securities borrowed or purchased under resale agreements, loans and securities. Total average earning assets for three months ended April 30, 2025 are $1,308,774 million, including $341,885 million for Canadian P&C, $223,071 million for U.S. P&C, and $743,818 million for all other operating segments including Corporate Services (for three months ended April 30, 2024
 
- Total: $1,216,579 million, Canadian P&C: $312,320 million, U.S. P&C: $215,614 million and all other operating segments: $688,645 million).
 
66
BMO Financial Group Second Quarter Report 2025
 

(Canadian $ in millions)
                                            
For the six months ended April 30, 2025
  
Canadian
P&C
    
U.S. P&C
    
BMO WM
   
BMO CM
   
Corporate
Services 
(1)
   
Total
 
Net interest income (2)
  
$
4,744
 
  
$
4,327
 
  
$
724
 
 
$
1,173
 
 
$
(473
)
 
$
10,495
 
Non-interest revenue
  
 
1,295
 
  
 
877
 
  
 
2,390
 
 
 
2,679
 
 
 
209
 
 
 
7,450
 
Total Revenue
  
 
6,039
 
  
 
5,204
 
  
 
3,114
 
 
 
3,852
 
 
 
(264
)
 
 
17,945
 
Provision for credit losses on impaired loans
  
 
967
 
  
 
559
 
  
 
3
 
 
 
63
 
 
 
32
 
 
 
1,624
 
Provision for (recovery of) credit losses on performing loans
  
 
183
 
  
 
189
 
  
 
5
 
 
 
84
 
 
 
(20
)
 
 
441
 
Total provision for credit losses
  
 
1,150
 
  
 
748
 
  
 
8
 
 
 
147
 
 
 
12
 
 
 
2,065
 
Depreciation and amortization
  
 
310
 
  
 
483
 
  
 
132
 
 
 
164
 
 
 
-
 
 
 
1,089
 
Non-interest expense
  
 
2,269
 
  
 
2,561
 
  
 
2,004
 
 
 
2,191
 
 
 
332
 
 
 
9,357
 
Income (loss) before taxes and non-controlling interest in subsidiaries
  
 
2,310
 
  
 
1,412
 
  
 
970
 
 
 
1,350
 
 
 
(608
)
 
 
5,434
 
Provision for (recovery of) income taxes
  
 
634
 
  
 
286
 
  
 
240
 
 
 
332
 
 
 
(158
)
 
 
1,334
 
Reported net income (loss)
  
$
1,676
 
  
$
1,126
 
  
$
730
 
 
$
1,018
 
 
$
(450
)
 
$
4,100
 
Non-controlling interest in subsidiaries
  
$
-
 
  
$
5
 
  
$
-
 
 
$
-
 
 
$
1
 
 
$
6
 
Net income (loss) attributable to bank shareholders
  
$
1,676
 
  
$
1,121
 
  
$
730
 
 
$
1,018
 
 
$
(451
)
 
$
4,094
 
Average assets (3)
  
$
342,623
 
  
$
245,950
 
  
$
70,511
 
 
$
571,605
 
 
$
282,057
 
 
$
1,512,746
 
For the six months ended April 30, 2024
   Canadian
P&C
     U.S. P&C      BMO WM     BMO CM     Corporate
Services (1)
    Total  
Net interest income (2)
   $ 4,295      $ 4,052      $ 647     $ 863     $ (621   $ 9,236  
Non-interest revenue
     1,302        791        2,074       2,387       (144     6,410  
Total Revenue
     5,597        4,843        2,721       3,250       (765     15,646  
Provision for credit losses on impaired loans
     533        471        9       72       46       1,131  
Provision for (recovery of) credit losses on performing loans
     160        100        (3     (42     (14     201  
Total provision for credit losses
     693        571        6       30       32       1,332  
Depreciation and amortization
     288        484        133       151       -       1,056  
Non-interest expense
     2,138        2,423        1,842       1,993       781       9,177  
Income (loss) before taxes and non-controlling interest in subsidiaries
     2,478        1,365        740       1,076       (1,578     4,081  
Provision for (recovery of) income taxes
     685        262        180       224       (428     923  
Reported net income (loss)
   $ 1,793      $ 1,103      $ 560     $ 852     $ (1,150   $ 3,158  
Non-controlling interest in subsidiaries
   $ -      $
4
     $ -     $ -     $
2
    $
6
 
Net income (loss) attributable to bank shareholders
   $ 1,793      $ 1,099      $ 560     $ 852     $ (1,152 )   $
3,152
 
Average assets (3)
   $  322,349      $  234,219      $  63,093     $  446,962     $     269,435     $  1,336,058  
 
 (1)
Corporate Services includes Technology and Operations.
 (2)
Operating groups report on a taxable equivalent basis (teb). Revenue and the provision for income taxes are increased on tax-exempt securities to an equivalent before-tax basis to facilitate comparisons of income between taxable and tax-exempt sources. The offset to the groups’ teb adjustments is reflected in Corporate Services revenue and provision for income taxes.
 (3)
Included within average assets are average earning assets, which are comprised of deposits with other banks, deposits at central banks, securities borrowed or purchased under resale agreements, loans and securities. Total average earning assets for six months ended April 30, 2025 are $1,314,247 million, including $340,584 million for Canadian P&C, $225,177 million for U.S. P&C, and $748,486 million for all other operating segments including Corporate Services (for six months ended April 30, 2024 - Total: $1,205,372 million, Canadian P&C: $309,883 million, U.S. P&C: $213,955 million and all other operating segments: $681,534 million).
 
BMO Financial Group Second Quarter Report 2025
67
 
EX-99.3 4 d945059dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

CONSOLIDATED CAPITALIZATION OF BANK OF MONTREAL

The following table sets forth the consolidated capitalization of the Bank as at April 30, 2025.

 

     As at
April 30, 2025
 
   (in millions of Canadian
dollars)
 

Subordinated Debt

     9,740  

Total Equity

  

Preferred Shares(1) and Other Equity Instruments(2)

     7,787  

Common Shares

     23,730  

Contributed Surplus

     367  

Retained Earnings

     47,158  

Accumulated Other Comprehensive Income

     6,753  
  

 

 

 

Total Shareholders’ Equity

     85,795  

Non-controlling Interest in Subsidiaries

     38  

Total Equity

     85,833  

Total Capitalization

     95,573  
  

 

 

 

Notes:

 

(1)

Preferred Shares classified under Total Equity consist of Class B Preferred Shares Series 33, 44, 50 and 52. For more information on the classification of Preferred Shares, please refer to Note 6 of the unaudited interim consolidated financial statements of Bank of Montreal for the six months ended April 30, 2025.

(2)

The Other Equity Instruments described under Total Equity consist of Additional Tier 1 Capital Notes and Limited Recourse Capital Notes, Series 1, 2, 3, 4 and 5. Please refer to Note 6 of the unaudited interim consolidated financial statements of Bank of Montreal for the six months ended April 30, 2025.