TORONTO, Feb. 20, 2019 /CNW/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) today released an abridged Supplementary Financial Information package containing certain quarterly and annual financial information for fiscal 2018 and 2017 that reflect changes in presentation that were adopted as of November 1, 2018, including those related to changes in International Financial Reporting Standard 15, Revenue from Contracts with Customers (IFRS 15). This information can be found on our website at www.bmo.com/investorrelations.
As disclosed in BMO's 2018 Consolidated Financial Statements we have elected to apply IFRS 15 retroactively. In addition, we have reclassified revenue related to certain dividend income in our Trading Products business from non-interest revenue to net interest income, with no impact to total revenue. Certain classification changes related to the realignment of business units or changes in group allocations have also been reflected in the numbers impacted by the changes above. In addition, within U.S. P&C, certain loan and deposit balances have been reclassified from Personal to Commercial reflecting a realignment of our Business Banking segment.
The Supplementary Financial Information is available for download at https://www.bmo.com/main/about-bmo/banking/investor-relations/financial-information#2018.
The pre-quarter-end release of this abridged package has been provided to help readers of the Bank's financial information better understand how these changes will be reported. The Supplementary Financial Information package for the first quarter of 2019 may reflect further refinements.
Beginning the first quarter of 2019, we will be disclosing a separate Supplementary Financial Information package and Supplementary Regulatory Capital package. Information was previously disclosed as one combined package. These will be available on our website concurrent with the release of first quarter earnings.
BMO Financial Group reports first quarter earnings on February 26, 2019.
Cautionary statement regarding forward-looking information
This document contains forward-looking statements. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, statements with respect to the impact of the adoption of IFRS 15, Revenue from Contracts with Customers and related changes to BMO's Supplementary Financial Information package.
By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, but are the not limited to: the interpretation and application of IFRS 15, Revenue from Contracts with Customers and the related changes to our Supplementary Financial Information package; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.
Please see the Enterprise-Wide Risk Management section on pages 78 to 116 of BMO's 2018 Annual Report, which outlines certain key factors and risks that may affect Bank of Montreal's future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Bank of Montreal does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting our shareholders in understanding the impact changes to our Supplementary Financial Information package and may not be appropriate for other purposes.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $774 billions of October 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group