BMO reveals Q1 earnings

Fergal McAlinden
other

The banking giant posted some noteworthy results in 2022’s first quarter

Bank of Montreal (BMO) has revealed that its net income rose by 45% to $2.93 billion in the first quarter of 2022, with the banking giant also posting a 46% increase in its reported earnings per share to $4.43.

Becoming the latest of Canada’s top six banks to release its first-quarter results in earnings season, BMO outstripped expectations for the seventh consecutive quarter, with analysts having predicted adjusted earnings of around $3.28 per share prior to the announcement.

Its statement showed strong performance in its Capital Markets division with reported net income of $705 million, up 47% over the same quarter last year.

Read next: National Bank releases Q1 2022 results

The bank said that was due to strong revenue performance and higher revenue in investment and Corporate Banking, helping make up for a drop in reported net income on the Wealth Management side from $336 million in 2021’s first quarter to $315 million this time around.

Darryl White, BMO’s chief executive officer, said its results had been boosted by effective risk management and credit quality, as well as investments in talent, technology and marketing.

“We continue to build on our operating momentum and delivered another quarter of very strong earnings, driven by our Canadian and US personal and commercial businesses, including accelerating commercial loan growth, and ongoing strength in BMO Capital Markets,” he commented.

The bank said its return on equity (ROI) had risen to 21.4%, up from 15.7% at the same time last year, while it also revealed recovery of the provision for credit losses of $99 million, compared with a provision for credit losses of $156 million.

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Massive waterfront parcel in Fraser Valley listed for sale

Frank O’Brien
Western Investor

Mission 86.7-acres on the Fraser River is open to bids as a ‘large-scale development site’ with OCP already in place for a variety of uses

 Mission waterfront site is preloaded and shovel ready. | Goodman Commercial.

Mission 86.7-acres on the Fraser River is open to bids as a ‘large-scale development site’ with OCP already in place for a variety of uses

An 86.7-acre riverfront parcel along the Fraser River in Mission has been listed for sale in what is considered one of the last large-scale waterfront development sites in the Fraser Valley.

The land, owned by the Braich family, stretches more than one kilometre along central Mission’s Fraser River shoreline.

The land is already designated for development under Mission’s official community plan (OCP) as part of its Waterfront Development Plan, according to listing agents Mark Goodman and Cynthia Jagger of Goodman Commercial, Vancouver.

‘No rezoning is required,” Goodman states in the offering.

Current zoning is industrial, but the OCP allows flexibility.

The offering, at 7011 Herman S. Braich Boulevard, Mission, comprises eight individual titles and provides a purchaser the opportunity to build-out a master-planned community with a wide range of building options.

The property is located just south of Lougheed Highway, with Highway 11 intersecting between the site and CP Rail running on the easterly border.

The site is surrounded by 296 acres that makes up the city’s Mission Waterfront Revitalization plan that has been in the works for years. In December 2021, Mission council approved a rough development plan for the waterfront.

City council is expected to finalize the waterfront plan for implementation this spring. The city’s vision is to create a vibrant waterfront river district with retail, restaurants, office, post-secondary institution, light industrial and residential uses, along with new public spaces along the waterfront. A pedestrian overpass, above the CP train tracks, will connect the site to the downtown.

About 780,000 cubic yards (600,00 cubic metres) of sand, which was dredged out of the Fraser River for Mission’s new main sewer line project, was used to preload the Braich land to flood-construction level.

There is no price listed for the lands. Goodman Commercial is accepting offers through a bid process.

 

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