(January 19 – 14:50 ET) – Bank of Montreal announced today that Chicago-based Harris Bank, a member of the Bank of Montreal Group of Companies, earned a record $328 million for the twelve months ending December 31, 1999,. That’s an increase of 12 per cent from 1998.

Excluding the effect of a $12 million US recorded gain from the sale of Harris Bank’s credit card portfolio in January 1998, “core earnings” increased 16 per cent in 1999 compared to 1998.

“Harris Bank’s net income has more than doubled in the last five years,” says Alan G. McNally, Chairman and Chief Executive Officer, Harris Bank. “Our core businesses – community banking, private banking and mid-market corporate banking – continue to generate strong earnings momentum.”
-IE Staff