REG - Bank of Montreal - BMO Q1 2024 Earnings Coverage Ratio

Bank of MontrealAnnouncement

28/02/2024 07:00

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RNS Number : 6931E  Bank of Montreal  27 February 2024

BANK OF MONTREAL

 

EXHIBIT TO FINANCIAL STATEMENTS FOR THE QUARTER ENDED

JANUARY 31, 2024

 

EARNINGS COVERAGE RATIO

 

The following consolidated financial ratios for the Bank, are calculated for
the 12 months ended January 31, 2024 and October 31, 2023.

 

                                                     12 Months Ended January 31, 2024          12 Months Ended October 31, 2023
                                                     Actual                                    Actual
 Interest coverage on subordinated indebtedness        17.09 times                             14.80 times

 

 

 

 

In calculating the interest coverage ratios, foreign currency amounts have
been converted to Canadian dollars using rates of exchange as at the end of
each month. For the 12 month period ending January 31, 2024 and October 31,
2023 the average monthly exchange rates were $1.3483 per US$1.00 and $1.3492
per US$1.00, respectively.

 

The Bank's earnings before interest on subordinated indebtedness and income
tax for the 12 months ended January 31, 2024 were $7,529.18 million, which is
17.09 times the Bank's aggregate interest on subordinated indebtedness
requirement for this period. The Bank's earnings before interest on
subordinated indebtedness and income tax for the 12 months ended October 31,
2023 were $6,364.74 million, which is 14.80 times the Bank's aggregate
interest on subordinated indebtedness requirement for this period.

 

The amounts and ratios reported above are derived from information in the
unaudited interim consolidated financial statements for the three months ended
January 31, 2024 and the consolidated financial statements for the year ended
October 31, 2023. Certain comparative figures have been reclassified to
conform with the current period's presentation.

 

 

 

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