BMO Financial Group suffered a significant decline in net income in the second quarter of 2023, which fell in one year from $4.756 billion, or $7.13 per accounting share, to $1.059 billion (B$), or 1 $.30 per accounting action.
However, over that same one-year period, adjusted net earnings increased from $2.187 billion to $2.216 billion. Adjusted earnings per share fell from $3.23 to $2.93.
BMO Financial Group recalls that on February 1, it completed the acquisition of Bank of the West and its subsidiaries from BNP Paribas for a cash purchase price of US$13.8 billion.
In the quarter that ended last month, provision for credit losses was $1.023 billion, compared to $50 million in the second quarter of 2022.
Concurrent with the release of its results, BMO Financial Group announced a dividend of $1.47 per common share for the third quarter of 2023, up $0.04 from the previous quarter and up $0.08 , or 6%, compared to the previous year.