Bank of Montreal (BMO) Barclays 24th Annual Global Financial Services Conference summary

Economic and business environment

• North American economic partnership remains strong despite recent trade uncertainties, with continued demand and optimism for future growth.

• Loan closings have nearly doubled year-over-year, with robust pipelines and client engagement on both sides of the border.

Financial performance and targets

• Achieved seven consecutive quarters of ROE improvement, rising from 9.8% at end-2024 to 14% in Q3, with all business units contributing.

• Revenue grew 11%, PPPT up 13% to CAD 4.5 billion, and EPS increased 22% year-over-year.

• On track for 15% ROE and 18% ROTCE by 2027, driven mainly by core operating performance and business diversification.

Drivers of ROE expansion

• ROE growth is primarily structural, with 50-60% from core operations, especially P&C, Wealth, and Capital Markets.

• Remaining ROE improvement expected from credit normalization and capital optimization.