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BMO Financial Group Q2 Net Income Doubles

BMO Financial Group has posted a net income of CAD745m, or CAD1.26 per diluted share, for the second quarter of fiscal 2010 ended April 30, 2010, compared to CAD358m, or CAD0.61 per diluted share for the second quarter of fiscal 2009.

Net interest income for the second quarter of fiscal 2010 was CAD1.52bn compared to CAD1.34bn for the corresponding quarter of fiscal 2009.

For the first half of fiscal 2010, BMO Financial posted a net income of CAD1.40bn, or CAD2.38 per diluted share, compared to CAD583m, or CAD1 per diluted share, for the first half of fiscal 2009. Net interest income for the first six months of fiscal 2010 was CAD3.05bn compared to CAD2.66bn for the same half of fiscal 2009.

Bill Downe, president and CEO of BMO Financial Group, said: “With a clear strategy and a focus on helping our customers succeed, BMO has achieved its fifth consecutive quarter of higher revenue and net income. Strong earnings, a continuation of the favorable trend in our revenue growth, and lower credit provisions, as credit conditions continue to improve, are reflected in these results.”

BMO provides a broad range of retail banking, wealth management and investment banking products and solutions.