Bmo Bank Of Montreal News (2023)

FAQs

Is BMO financially stable? ›

Stable Funding & Liquidity Profile: BMO's funding & liquidity profile is stable and in line with peers.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America.

A U.S. jury on Tuesday found a local unit of Canada's Bank of Montreal (BMO) liable for over US$550 million in damages over a Ponzi scheme operated by a Minnesota businessman, leading the bank to book a charge of $1.12 billion.

BMO is best for customers who want an institution with a full suite of personal banking products, including deposit accounts, credit cards and loans. It's also a good fit for those who need retirement planning, business or commercial services, wealth management and investment services and advice.

Among these banks were Silvergate Bank, Silicon Valley Bank, and Signature Bank, which collapsed in March 2023 Additionally, undercapitalization, loan quality, and losses on investment securities are common reasons why banks may fail.

The collapses of First Republic Bank, Silicon Valley Bank and Signature Bank were the second-, third- and fourth-largest bank failures in the history of the United States, respectively, smaller only than the collapse of Washington Mutual during the 2007–2008 financial crisis.

1. JPMorgan Chase & Co. Established in 1799, JPMorgan Chase & Co. is a global investment bank and financial services company that's based in New York. It offers a wide range of banking products including deposit accounts, credit cards, home loans, auto loans and business banking.

Since 2010, it has consistently been ranked as the world's single largest banking system, as reported by the World Economic Forum. Below is our analysis of each of Canada's three biggest banks, which are the Royal Bank of Canada, the Toronto Dominion Bank and the Bank of Nova Scotia.

The Royal Bank of Canada (RBC) is the largest of the Big Five, with about CA$1.9 trillion AUM. The term "Big Six" is sometimes used to include the National Bank of Canada.

Currently, BMO is the only Canadian bank with a wholly-owned subsidiary in Asia's biggest economy. It has had a partnership with ICBC, which is China's biggest bank by assets, since 1997.

Are Canadian banks in trouble too? ›

Do financial institutions even ever go under in Canada? Yes, it's rare, but they have and it could happen. The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that exists to protect eligible deposits to member financial institutions against their failure.

Bank of Montreal has the Financial Strength Rank of 3.

It is the U.S. subsidiary of the multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation (formerly Bankmont Financial Corporation, then Harris Financial Corporation).

The Big Six is a term that refers to the six largest banks in Canada. TD is the largest bank by revenue followed by the Royal Bank of Canada. The Bank of Montreal has head offices in both Montréal and Toronto. Scotiabank and CIBC are both based in Toronto.

BMO has been recognized as one of the 2023 World's Most Ethical Companies for the sixth consecutive year by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.

Based on the latest financial disclosure, Bank Of Montreal has a Probability Of Bankruptcy of 1.0%. This is 98.0% lower than that of the Banks sector and significantly higher than that of the Financials industry. The probability of bankruptcy for all Canada stocks is 97.49% higher than that of the company.

Financial Results Highlights

Net income of $1,059 million, compared with $4,756 million; adjusted net income1,3 of $2,216 million, compared with $2,187 million. Reported earnings per share (EPS)2 of $1.30, compared with $7.13; adjusted EPS1,2,3 of $2.93, compared with $3.23.

The 3 analysts offering 12-month price forecasts for Bank of Montreal have a median target of 92.00, with a high estimate of 100.70 and a low estimate of 70.80. The median estimate represents a +3.87% increase from the last price of 88.57.