-- Net income of $1,137 million, up 17%; adjusted net income(1) of $1,136 million, up 12%-- EPS(2) of $1.68, up $0.26 or 18%; adjusted EPS(1,2) of $1.68, up $0.19 or 13%-- ROE of 15.6%, compared with 14.5%; adjusted ROE(1) of 15.6%, compared with 15.2%-- Provisions for credit losses of $77 million, compared with $237 million; adjusted provisions for credit losses(1) of $13 million, compared with $116 million-- Basel III Common Equity Ratio is strong at 9.6%
Year-to-Date 2013 Compared with Year-to-Date 2012:
-- Net income of $3,160 million, up 2%; adjusted net income(1) of $3,174 million, up 7%-- EPS(2) of $4.63, up 2%; adjusted EPS(1,2) of $4.65, up 7%-- ROE of 14.9%, compared with 15.9%; adjusted ROE(1) of 15.0%, compared with 15.2%-- Provisions for credit losses of $400 million, compared with $573 million; adjusted provisions for credit losses(1) of $219 million, compared with $358 million
For the third quarter ended July 31, 2013, BMO Financial Group reported net income of $1,137 million or $1.68 per share on a reported basis and net income of $1,136 million or $1.68 per share on an adjusted basis.
"BMO's third quarter results confirm the strength of the bank's performance to date in 2013 and reflect the benefits of our disciplined growth strategy, which is well diversified by geography and business mix," said Bill Downe, President and Chief Executive Officer, BMO Financial Group. "Operating results are underpinned by the successful execution of well-established strategies across all our businesses.
"Canadian retail businesses were particularly strong in the quarter with both Personal & Commercial Banking Canada and traditional wealth earnings reaching new highs. Our focus on deepening customer relationships and maintaining industry-leading loyalty continues to boost our ability to attract new customers and expand share in personal banking.
"Similarly, building on BMO's advantaged market share positions, our large commercial businesses are doing well on both sides of the border. In Canada, there was strong growth in commercial loans and deposits again this quarter. The U.S. commercial portfolio saw good sequential growth with continued strength in core commercial and industrial.
"Private Client Group posted record earnings in traditional wealth, up 37% year over year. Insurance results, where interest rate declines have affected financial performance over a number of quarters, benefited from changes in long-term rates.
"Good earnings performance in Capital Markets reflects the benefits of our diversified client-centric business model.
"Good credit performance continues to highlight our prudent approach to risk management and our focus on attracting high-quality earning assets. We repurchased 4 million shares under our normal course issuer bid during the quarter and maintained strong capital ratios, while providing an attractive dividend.