Strong Operating Performance and Lower PCL Drive BMO's Q1 2021 Earnings
The Bank of Montreal (BMO or the Bank) reported Q1 2021 net income of $2.0 billion, a 27% increase quarter over quarter, reflecting strong operating performance across all businesses and a decline in provision for credit losses. The U.S. segment contributed more than 40% to the Bank's earnings this quarter, up from 28% in the previous quarter, reflecting strong momentum in BMO's U.S. banking franchise and capital markets business.
Bank of Montreal is a financial services organization. Co. provides a range of retail banking, wealth management and investment banking products and services. Co. serves its clients through three operating groups: Personal and Commercial Banking, which provides financial services to personal and commercial customers; Private Client Group, which provides wealth management products and services to individuals and select institutional segments; and BMO Capital Markets, which provides clients financial and capital markets services to corporate, institutional and government clients.
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