Record Net Income and Earnings Per Share Growth
Third quarter net income of $2.4 billion was the highest on record, and earnings per share increased 22% to $3.23.
Strong Pre-Provision Pretax Earnings
Pre-provision pretax earnings increased by 13% to $4 billion, with positive contributions from every operating group.
Positive Operating Leverage for Six Consecutive Quarters
The bank achieved positive operating leverage for six consecutive quarters, with an all-bank operating leverage of 4.7% year-to-date.
Improvement in Return on Equity
Return on equity improved to 12% for the quarter, driven by various strategic initiatives, including U.S. P&C improvement and capital optimization.
Strong Performance in Wealth Management
BMO Wealth Management achieved record revenue in Wealth and Asset Management, with continued growth in net new assets.
Positive U.S. P&C Results
U.S. P&C net income increased by 42%, with strong PPPT growth of 10% and positive operating leverage of 5%.