Latest news with #DarrylWhite
CTV News
7 days ago
- Business
- CTV News
BMO Financial Group makes executive changes including U.S. leadership
A person makes their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, on Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby BMO Financial Group has made changes to its senior executive ranks including new leadership in its U.S. division as it looks to boost operations in the country. The bank said Thursday that the numerous shifts include appointing Aron Levine, who came from decades at Bank of America, to group head and president of BMO U.S. Levine will lead newly combined U.S. divisions of the bank as it aims to boost its key return-on-equity profitability measure, said chief executive Darryl White in a statement. 'This next step supports the rebuilding of our ROE, including optimizing our U.S. structure by combining our U.S. Personal & Business Banking, Commercial Banking, and Wealth Management businesses to deliver for our clients.' Levine will report to Darrel Hackett, chief executive of BMO U.S., who will have overall accountability for BMO's U.S. business and serve as chair of the bank's U.S. management committee. BMO made a big push into the U.S. a few years ago with its US$16.3-billion acquisition of Bank of the West, but struggled through some loan performance issues last year that affected profitability. The bank also says Nadim Hirji, who has led BMO's North American commercial banking business since March 2023, will be appointed vice-chair of BMO commercial banking. The changes come as BMO says Erminia Johannson plans to retire in early 2026, after leading BMO's North American personal and business banking group since 2020. Johannson will be appointed senior adviser. The bank says Sharon Haward-Laird will be appointed group head of Canadian commercial banking and North American shared services and co-head of Canadian personal and commercial banking, while Mat Mehrotra will be appointed group head of Canadian personal and business banking and co-head of Canadian personal and commercial banking. Mona Malone will be appointed chief administrative officer and continue to serve as chief human resources officer, while Paul Noble will be appointed general counsel and group head of legal and regulatory compliance. This report by The Canadian Press was first published June 5, 2025. Companies in this story: (TSX:BMO) Ian Bickis, The Canadian Press
Bloomberg
7 days ago
- Business
- Bloomberg
BMO Reworks Its Executive Team as US Businesses Undergo Revamp
Bank of Montreal is revamping its management team amid a restructuring of its US businesses and the planned retirement of one of its top executives. The Canadian lender hired Aron Levine, a three-decade industry veteran, from Bank of America Corp. to lead a newly combined US operation that will include personal and business banking as well as wealth management, according to a statement Thursday. Levine will be on the US management committee and report to both Chief Executive Officer Darryl White and Darrel Hackett, CEO of the firm's overall US operations.
Yahoo
7 days ago
- Business
- Yahoo
BMO Financial Group making changes to senior executive ranks
TORONTO — BMO Financial Group made changes to its senior executive ranks including the appointment of Aron Levine as group head and president, BMO U.S. Levine will lead BMO's U.S. personal and business banking, U.S. commercial banking and U.S. wealth management businesses, effective July 7. He will report to BMO Financial Group chief executive Darryl White and Darrel Hackett, CEO, BMO U.S., who will have overall accountability for BMO's U.S. business and serve as chair of the bank's U.S. management committee. BMO also says Nadim Hirji, who has led BMO's North American commercial banking business since March 2023, will be appointed vice-chair, BMO commercial banking. The changes come as BMO says Ernie (Erminia) Johannson plans to retire in early 2026, after leading BMO's North American personal and business banking group since 2020. Johannson will be appointed senior adviser. The bank says Sharon Haward-Laird will be appointed group head, Canadian commercial banking and North American shared services and co-head of Canadian personal and commercial banking, while Mat Mehrotra will be appointed group head, Canadian personal and business banking and co-head of Canadian personal and commercial banking. Mona Malone will be appointed chief administrative officer and continue to serve as chief human resources officer, while Paul Noble will be appointed general counsel and group head, legal and regulatory compliance. This report by The Canadian Press was first published June 5, 2025. Companies in this story: (TSX:BMO) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Bank of Montreal (BMO) Q2 2025 Earnings Call Highlights: Strong Performance Amid Economic Challenges
Adjusted Net Income: Increased 1% to $2 billion. Adjusted Earnings Per Share (EPS): Increased to $2.62, up from $2.59 last year. Pre-Provision Pre-Tax (PPPT) Growth: 12% increase. Revenue Growth: Increased 9% across all businesses. Expenses Growth: Increased 6%. Operating Leverage: Positive at 2.7%. Common Equity Tier 1 (CET1) Ratio: 13.5%. Dividend Increase: $0.04, up 5% from last year. Return on Equity (ROE): Improved to 10.6% year to date. Net Interest Margin (NIM) Expansion: Up 4 basis points sequentially. Loan Growth: Average loans grew 3% year over year on a constant currency basis. Customer Deposit Growth: Up 5% from last year, excluding currency impact. Trading Revenue: Strong performance, particularly in commodities. Wealth Management ROE: 29% year to date, up from 24% a year ago. Total Provision for Credit Losses (PCL): $1.1 billion, or 63 basis points. Impaired Provisions: $765 million, or 46 basis points, down from prior quarter. Warning! GuruFocus has detected 6 Warning Signs with BMO. Release Date: May 28, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bank of Montreal (NYSE:BMO) reported a 1% increase in adjusted net income and earnings per share, reaching $2 billion and $2.62, respectively. The bank achieved a 12% growth in pre-provision pre-tax earnings (PPPT), demonstrating strong performance across its diversified businesses. BMO's capital position remains robust with a CET1 ratio of 13.5%, supporting client needs, growth investments, and shareholder returns through share buybacks and dividend increases. BMO Wealth Management delivered a return on equity of 29% year to date, with strong net new asset growth and market share gains in Canadian mutual funds. BMO Capital Markets exceeded guidance with strong trading revenue, particularly in commodities, and continued strength in securitization, contributing to a PPPT of $684 million. The economic backdrop in North America remains challenging, with GDP growth expected to slow to 1% in Canada and 1.3% in the US in 2025. Impaired provisions for credit losses remain a concern, with ongoing uncertainty and volatility in the economic environment related to trade policies. BMO's US P&C segment experienced a sequential decline in commercial loan growth, reflecting muted borrowing demand in the market. The bank's non-interest revenue was impacted by markdowns in capital markets and a loss on the sale of a US non-relationship credit card portfolio. Macro uncertainties have kept demand muted across client segments, affecting business activity and loan demand in both Canada and the US. Q: Can you discuss the outlook for US commercial loan growth and the strategy for optimizing funding in the US? A: Darryl White, CEO, explained that while the US commercial loan growth has been muted, the bank is committed to improving ROE, particularly in the US. The focus is on optimizing the balance sheet and repricing lower-value deposits, which has improved NIM by 5 basis points. Erminia Johannson, Head of North American Personal and Business Banking, added that the strategy involves building deeper relationships in core deposits and acquiring new customers. Nadim Hirji, Head of BMO Commercial Banking, noted that while borrowing demand is muted, pipelines are healthy, and sentiment is improving, which could lead to positive loan growth in the latter half of the year. Q: Are there more opportunities for balance sheet restructuring in the US following the sale of the credit card portfolio? A: Tayfun Tuzun, CFO, stated that the bank is continuously evaluating its balance sheet to improve ROE. While no specific announcements were made, it is reasonable to expect more decisions in the future as part of their strategic plan. Q: What are you hearing from US commercial customers that makes you comfortable with the current credit allowances? A: Piyush Agrawal, Chief Risk Officer, mentioned that the credit situation is stable, and customers are managing well despite the economic environment. Nadim Hirji added that customer sentiment is improving, and they are focusing on cost discipline and strategic planning, which supports a positive outlook for the commercial book. Q: How are you approaching the US stress test results, and will it affect capital allocation? A: Tayfun Tuzun, CFO, indicated that the bank's strong capital position in the US is expected to continue, and the stress test results are not anticipated to have a significant impact on capital management. Q: Can you elaborate on the potential impact of tariffs on your credit model and PCL expectations? A: Piyush Agrawal, Chief Risk Officer, explained that the economic forecast has been adjusted to reflect a weaker outlook due to tariffs, impacting Canadian GDP and unemployment projections. However, the bank remains cautiously optimistic, and PCLs are expected to remain manageable unless there is a significant escalation in trade tensions. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
28-05-2025
- Business
- Hamilton Spectator
BMO Financial Group reports Q2 profit of $1.96B as revenue also rises
TORONTO - BMO Financial Group reported a rise in profit in the second quarter as revenue rose and the bank's provisions for potentially bad loans increased less than analysts expected. The bank on Wednesday reported a net income of $1.96 billion, up from $1.87 billion for the same quarter last year. It also announced an eight cent, or five per cent, increase in its third quarter dividend to $1.63 per common share. 'We're supporting our clients through the current environment from a position of strength,' said chief executive Darryl White in a statement. 'Our robust capital position enables us to return capital to shareholders through buybacks and higher dividends, and provides resilience for a range of economic outcomes.' The bank says profit amounted to $2.50 per diluted share for the quarter ended April 30, up from $2.36 per diluted share a year earlier. Revenue totalled $8.68 billion, up from $7.97 billion in the same quarter last year. The bank's provision for credit losses amounted to $1.05 billion in its latest quarter, up from $705 million in the same quarter last year. However BMO's provisions on impaired loans, the segment it has less confidence it will be paid back, dropped for a second quarter in a row. Impaired provisions came in at $765 million, down from $1.11 billion two quarters ago. Provisions on performing loans, where it has less concern, are also down from two quarters ago. On an adjusted basis, BMO says it earned $2.62 per share in its latest quarter, up from an adjusted profit of $2.59 per share a year earlier. Analysts on average had expected BMO to earn an adjusted profit of $2.53 per share, according to LSEG Data & Analytics. The bank's Canadian banking segment reported net income of $782 million, down 10 per cent from a year earlier. Its U.S. banking division reported a net income of $546 million, up $3 million from the same quarter last year. BMO Wealth Management reported a net income of $361 million, up 13 per cent from last year. Capital Markets profit was $431 million, down six per cent from last year. This report by The Canadian Press was first published May 28, 2025. Companies in this story: (TSX:BMO)
