Bank of Montreal reported net income of $607 million for the second quarter ended April 30, 2001. This compared with $497 million in the second quarter 2000. Excluding non-recurring items in each period, net income for the second quarter 2001 was $422 million compared with record net income of $445 million in the same period last year.

Earnings per share for the quarter were $1.10, up 37¢. Excluding non-recurring items, earnings per share were 76¢. Return on equity was 23.7%, up from 15.3%. Excluding non-recurring items, return on equity was 16.2%.

“The Bank has made significant progress this quarter,” said Tony Comper, chairman and CEO. “Net income has improved over last quarter with a strong contribution from the Bank’s Investment Banking Group and a substantial gain on the sale of our remaining shares in Bancomer.”

“Strong expense management within the Private Client Group and increased fee-based revenues from the Group’s full-service investing businesses have more than offset declines in market-driven revenues,” he added.

“Net income from Personal and Commercial Client Group declined, reflecting continued strategic spending to support growth initiatives,” Comper said. “Our efforts to integrate new sales and service staff continued and we’re starting to see some positive results.”

Excluding non-recurring items, total revenues were $2,196 million, unchanged from the prior year. Earnings per share were 76¢, down 2¢ or 3%. Return on equity was 16.2%, compared with 17.6%.

The bank also reported that it intends to extend its current share repurchase program from a maximum of 30 million common shares to a maximum of 52 million, or 9.9% of the public float. The program is effective up to and ending Dec. 31, 2001.