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Bank of Montreal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Dec, 2025
Executive summary
Adjusted EPS for Q4 was CAD 3.28, up 73% year-over-year; full-year adjusted EPS was CAD 12.16, up 26%, with record net income of CAD 9.2 billion, up 24% year-over-year.
ROE improved by 150 basis points to 11.3% for the year and exited Q4 at 11.8%; return on tangible common equity reached 15.4%.
Positive operating leverage achieved across all segments, with a 4% improvement for the year and an efficiency ratio improvement of 230 basis points to 56.3%.
Over CAD 8 billion returned to shareholders via buybacks and dividends; dividend increased by 5% to CAD 1.67 per share.
Digital-first, AI-powered strategy advanced, with over 80% of employees using new GenAI productivity tools and multiple industry awards for digital innovation.
Financial highlights
Revenue increased 12% year-over-year, with broad-based growth across all businesses.
Net interest income ex-trading up 10% year-over-year; net interest margin ex-trading rose 15 basis points year-over-year to 2.06%.
Non-interest revenue up 9% year-over-year, and up 17% excluding trading.
Total provision for credit losses (PCL) decreased by CAD 768 million from the prior year; Q4 PCL was CAD 755 million, or 44 basis points.
CET1 Ratio at 13.3% at year-end, reflecting strong internal capital generation and share repurchases.
Outlook and guidance
Expecting low single-digit loan growth in Canada and mid-single-digit loan growth in the U.S. by year-end 2026.
Core expense growth projected in the mid-single-digit range for 2026, including a CAD 225 million upfront charge for workforce optimization.
Effective tax rate expected in the 25%-26% range.
ROE medium-term target remains at 15%, with a focus on reaching it within three to five years, assuming constructive environments.
Management expects to accelerate performance and create long-term shareholder value through digital and AI-powered solutions.
U.S. banking ROE path: key drivers & timing
CET1 target: flexibility vs. peer capital levels
Canadian consumer credit: H1 2026 challenges
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Next Bank of Montreal earnings date
Q1 202624 Feb, 2026
Next Bank of Montreal earnings date
Q1 202624 Feb, 2026
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Frequently asked questions
Canada's First Bank
Founded in 1817, Bank of Montreal (BMO) holds the prestigious title of being Canada's first bank. With its headquarters in Montreal, Quebec, BMO has become a mainstay in the Canadian financial sector. The bank offers a diverse range of services, including personal and commercial banking, wealth management, and investment banking services. BMO has extended its reach into various international markets, including the United States, where it operates as BMO Harris Bank.
The Birth of a Canadian Institution
Bank of Montreal was founded after a British charter that allowed businessmen in Montreal to establish a bank to serve the developing and thriving colonial economy. The bank played a key role in the nation's early days, fostering commercial growth and financing infrastructure projects, including railways and telegraph systems. With a solid foundation and an emphasis on fostering economic growth, BMO quickly grew to become a prominent fixture of the Canadian financial ecosystem. Some of the bank's main competitors in Canada are institutions such as RBC, CIBC, and TD.
A Comprehensive Suite of Financial Services
Throughout the decades, BMO has diversified its portfolio, offering a comprehensive range of financial services to meet the needs of its clientele. In Personal and Commercial banking, BMO provides a suite of financial products including checking and savings accounts, credit cards, mortgages, loans, and business banking services.
BMO, like many of its competitors also offers wealth management services. This service provides private banking, investment advisory services, and estate planning. The investment banking arm of BMO Financial Group, BMO Capital Markets, offers a broad range of services, including equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, and other services typically offered by this type of financial institution.
Southward Expansion
BMO expanded its presence in the United States with the acquisition of Harris Bankcorp in 1984. Today, BMO Harris Bank is one of the largest banks in the Midwest serving private individuals as well as commercial customers. Even if BMO is first and foremost a Canadian institution, expansion into the US has been well-received throughout the years and has allowed the bank to significantly increase its reach.
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