Q3 2022 Bank of Montreal Earnings Call

Thank you will be pleed. The conference ex after the town. Thank your first and last namees, followed by pound C, L or your come any name followed by pound, to please C, D. Thank you. All participants, Please continue to stand by. The conference will begin momentarily. Once again, Please continue to stand by. We thank you for your patients, IL because best IL. All participants, Please continue to stand by. The conference will begin momentarily. Once again, Please continue to stand by. We thank you for your patients, IL because best IL. All participants, Please continue to stand by. The conference will begin momentarily. Once again, Please continue to stand by. We thank you for your patients, IL best IL. All participants, Please continue to stand by. The conference will begin momentarily. Once again, Please continue to stand by. We thank you for your patients, IL because best IL. All participants, Please continue to stand by. The conference will begin momentarily. Once again, Please continue to stand by. We thank you for your patients. Il because best IL. This conference being a recorded, all stand eting about to begin. Adv that this conference call being recorded. Good morning and come to be. Financial Group to thousand 20, arning Re and conference call y thousand 20: two today is teen ACE. Go ahead. Thank you and good morning. We will begin call with remarks from white be most Co, followed by our chie financial Officer and on our chie RIS Officer, also President, to take questions. Are N hand from Canadian P N from U's P N ly from be capital marke and wealth management. As like looking statements may be me during this call which the sumptions that have here risk and uncertainty, actual results to differentfer materially from the statements, I would also Re listeners at the bank usees non financial measures to arrive at adjusted resul management measures, performance on a reported in adjusted bases and consers to be use ful in will be refering to adjusted results in their remarks and other W noted as reportedand that I turn the call over to. Thank you chrteen, and good morning every one our performance this quarter continue to Demon trate the streng and quality of our advantaged and five business mix credit excellence and the resilience of our earnings power. Third quarter adjusted earnings per share whichre $3 and nine sent, driven by a very strong permance in our North American P N C businesses, long growth and March marg expansion. D record revenue and over 15% pre provision preta earnings growth in both Canadian and U's P N C. more than seting lower revenue and capital markets, which was impacted by more challenging market conditions. Well, the economic environment remains on uncertain. Our signs that Central Bank actions aimed ting inflation our having in effect well, economic activity is moderating law onunemployment and still high consumer and business saving are likely to provide some buffer to the downterin the context of lower growth for the Canadian and's economies. We be our operating from a position of stren credit remains been with strong reserves for long losses to which we added modestly this quarter. Our consistent P P P T performance positions us to support customers while delivering growth through the cycle. For the year to date, P P P T of nine point one billion is up 7%, with one point 5% operating leverage and officiency ratio of fifty five point four percent. Well, operating lever.age this quarter was impacted by underwrating Mark downs UE to changing market condition and sevenverce and capital markets. We continue to pect to deliver positiveof operating leverage. For the year to date, our we with 16% above our midterm target as we remain focus on driving in proved returns and managing the bank for sustained growth. We actively managing our capital position, balcing the dynamic environment to support client driven balanes and the pending acquisition of Bank of thewest. We expect, post closeing our C? one ratio to build comfortably above 11% during Q2. two thousand and 20: three we continue to make sign significant progress and building a high performaning, digitally enabled future ready bank and believe that our rerelentless focus on employ engagement and custommer loyalty is the key to the health of our organization and will deliver sustained advantage over time. Our highly engaged be team is activating our winning culture line to a one client, one bank ofapproach, which has been a key contributor to reseting the banks performance to a higher level. In a recent conprehhand of high permance cultural employee surveb our results and proved from the third to the first Court TAL placing us among the world best financial institutions. These results are a testimment to our focus on a culture the CRE conditions for sustained performance and differenferentiates us. tracting and retainating the best town and our commitment to providing our customers with exceptional experience and personalized advice in every interaction is now driating world class client loyalty. This quarter we receive the highest custommer Satis faction rating ranking in the J J power two thousand and 20: two Canada retail banking advice Satis factions study, reclaiming the top spot among canad' largest banand. Addition, we were again recognized by world finance Magazine as the best commercial, private and retail bank and Canada. These recognitions reflect the investments were making across our businesses with exexpanded teams.