(May 24 – 12:15 ET) – Bank of Montreal reported record financial results for the quarter ended April 30, 2000.
Net income was $497 million for the quarter, an increase of 36.6% from the prior year. Included in the current quarter results were gains of $52 million after-tax resulting from the sales of the bank’s U.S. corporate trust businesses and 17 branches in Western Canada. Excluding these gains, net income increased 22.3% over the prior year.
In the bank’s Personal and Commercial Client group, net income, excluding the gains, increased 23.9%, or $45 million, over the prior year.
Net income in the Private Client group increased 71.1%, or $24 million, and in the Investment Banking group increased 27.4%, or $38 million, year-over-year. In both groups, growth was driven by strong equity market conditions during the quarter.
“Our results this quarter reflect strong business performance across all our operating groups and our ability to capitalize on strong capital market activity,” said Tony Comper, chairman and CEO.
Total revenues for the quarter were $2,284 million, an increase of $323 million, or 16.5% from a year ago. Excluding $74 million of revenues on the sale of U.S. corporate trust businesses and $14 million on the sale of branches in Western Canada, revenues increased $235 million, or 12%.
-IE Staff