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BMO Financial

BMO Financial Group is the fourth largest depository institution in Canada with C$765 bn in assets and a market capitalization of C$63 bn as of October 29, 2018. Total deposits were C$507 bn at fiscal 3Q18. BMO operates 1,499 branches in Canada and the United States as of fiscal 2Q18. As of 2018, BMO had 580 branches within the United States, mostly in the Midwest. (30 Oct 2018)

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BMO 4Q18: Pristine Credit and Moderate Rev. Growth

Worth Watching: 06 Dec 2018, 9:52 PM ET - BMO 4Q18 (Aa2/A+) reported F4Q18 EPS of C$2.57, or C$2.32 on an adjusted basis, just ahead of the Street consensus of C$2.31. Net income of C$1.7 bn increased 38% YoY, or 17% on an adjusted basis. The improvement in earnings was driven by YoY gr ..

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.
Focused

Canadian Banks Webcast Transcript: Bail-in & TLAC

Transcript: 04 Oct 2018, 3:50 AM ET - This is a transcript of our recent webcast presentation "Canadian Banks - FAQ on Bail-in and TLAC." The webcast covered the impact of the recently-implemented bail-in rules and TLAC requirements on banks' issuance plans and other issues. 
Focused

Bank of Montreal: New US$ Subordinated Debt Deal

IG Note: 02 Oct 2018, 10:59 AM ET - Bank of Montreal is in the market with 10-year non-call 5 U.S. dollar fixed-rate subordinated notes. IPT for the notes is at T+165 bp. We maintain an Outperform recommendation on the company and would be buyers through T+150 bp.
Focused

WEBCAST: Canadian Banks - FAQ on Bail-in and TLAC

Announcement: 19 Sep 2018, 11:55 PM ET - In this 20-minute webcast, we outline Canada’s bail-in rules ahead of September 23 implementation, as well as TLAC requirements. We answer FAQ on what the new regulations mean for the Canadian banks’ senior debt issuance going forward. 

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

BMO & BNS: 3Q18, Commercial Loan Growth Boosts NII

Earnings Note: 29 Aug 2018, 12:02 PM ET - BMO & Scotia reported F3Q18 results that benefited from C&I loan growth and stable credit in Canada. BMO's results beat expectations and earnings grew YoY in all operating segments, and Scotia closed three deals.  
Focused

Canadian Banks: S&P Announces Ratings for Bail-in

Worth Watching: 16 Aug 2018, 9:08 PM ET - Canadian Banks: S&P Ratings announced that it is not changing the credit ratings or outlooks of any of the six domestic systemically important banks (DSIBs). S&P's decision comes after it reviewed the final bail-in regulations which go into eff ..

US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

Canadian Banks: Moody’s Takes Actions for Bail-in

Worth Watching: 17 Jul 2018, 10:19 PM ET - Canadian Banks: Moody's took various ratings actions on Canadian banks to reflect the bail-in regime that was finalized in April 2018 and which will be implemented in September. As a result of the pending bail-in implementation, Moody's is chan ..

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