We aren’t waiting for the future to arrive. We’re creating it.
Connecting. Learning. Adapting. Innovating.
Finding new ways to be relevant.
Ready for what comes next.
Tomorrow starts today.
Complete 2017 Annual ReportMarla Philpot, Associate Project Manager, Chicago, IL /
Ervey Ayvar, Coordinator, Administrative Services, U.S. Finance, Chicago, IL
Darryl White
Chief Executive Officer
BMO is on the move. Adapting. Innovating. Working hard to anticipate customers’ expectations and deliver value to shareholders. Always. Now it’s year 201, and we’re speeding up. Sharpening our focus. Making decisions today that are driven by where our customers want to go next.
Read the full message
Customers lead our bank.
Digital is transforming everything.
We’re a North American bank.
Customers lead our bank.
Digital is transforming everything.
We’re a North American bank.
Célia Neault and her husband Dominic Drapeau show BMO banker Vincent Larouche (left) around Ferme Drapeau et Bélanger, the third-generation Quebec dairy farm where they’re adopting new technologies to boost productivity.
Left to right: Ferme Drapeau et Bélanger’s Dominic Drapeau, Sylvie Bélanger and Célia Neault, BMO’s Vincent Larouche, Ferme Drapeau et Bélanger’s Michel Drapeau, and BMO’s Maxime Otis.
Maxime Otis and Dominic Drapeau discuss the farm’s focus on innovation, which has helped increase production by more than 40% over the past decade.
Sylvie Bélanger and Vincent Larouche walk through one of the barns on the 4,500-acre farm.
Célia Neault, Vincent Larouche and Dominic Drapeau. “We’re committed to constantly growing and improving,” says Célia. “We need bankers who know what we can do and help us accomplish our goals. That’s the relationship we have with BMO.”
Ferme Drapeau et Bélanger has a herd of approximately 700 cows.
Ferme Drapeau et Bélanger’s milking barn.
Read more about Ferme Drapeau et Bélanger
Our job is to listen carefully. Understand. And help get them where they want to go next.
Thinking like our customers is changing the way we work. We’re building agile teams with employees from different areas of the bank. People whose roles aren’t defined by department names, but by the job we share in common: moving customers closer to their goals.
If a product or service doesn’t fit their lives, we redesign it. Or create a new one. And if a process slows things down, we change the process.
We’ve developed tools to gain deeper insights into people’s priorities. To recognize what they like to manage themselves. Anytime. Anywhere. And we’re available whenever they need to talk something through. Or solve a problem. Or build a new plan.
We’re making things easier. Faster. More intuitive. More personal. And that makes our own business more efficient, too.
We’re here to help. To support our customers at every step in the journey – from first meeting to productive conversations to long-term loyalty.
We can’t imagine working for anyone else.
Named World’s Best Metals & Mining Investment Bank for the eighth consecutive year by Global Finance, we also hosted one of the industry’s most important events, the 26th Annual Global Metals & Mining Conference, which brought together more than a thousand industry professionals representing 500 companies from 32 countries.
Received the 2017 Model Bank Award from the global research and advisory firm Celent, for work in advancing process automation through the effective deployment of new technology.
Named Best Commercial Bank in Canada for the third consecutive year by World Finance Magazine at its 2017 Banking Awards in recognition of our strong regional and industry focus, as well as our commitment to building customer relationships and providing innovative solutions, notably in the area of Aboriginal banking.
Brett Pitts, Chief Digital Officer, BMO.
Left to right: Waleed Ahmed, Digital Product Manager, Cheryl Rodrigues, Scrum Master, and Vince Ammendolia, Product Owner.
Rémi Grégoire, Financial Services Manager, helps a customer at a branch in Sherbrooke, QC. Smart Branch personnel are wireless, allowing them to move freely around the branch, offering assistance and interaction.
BMO Smart Branches are small-format branches with enhanced technological capabilities. Customers can be instantly connected by video-teller to a bank representative.
Customers can connect with BMO in a powerful new way using the BMO skill on Amazon Alexa.
With Android Pay, BMO provides a secure and convenient way to pay using your phone and your BMO credit or debit card.
As our customers navigate busy lives, they count on us to be right there with them. Making banking simple, quick and convenient. Helping them manage their money and make smart decisions on the move.
That’s why we’ve transformed BMO’s technology platforms and capabilities. To nimbly develop the products and services that people are looking for. To make both self-service and guided transactions easier – for our customers, and for us, too. And to change the way we work – across the bank and in strategic partnerships – so we can quickly and efficiently take innovations to scale.
We’re using advanced analytics to personalize customers’ experiences while keeping their information secure. And when they have questions, we can look together at how they’re spending, saving, borrowing and investing – and then collaborate on a plan to achieve their goals.
However customers choose to interact with us, they can expect digitally-enabled features and experiences that are easy to use, tailored to their needs – and a genuine source of delight.
This is the transformative power of digital: Erasing boundaries. Making banking simpler. And using insights to strengthen relationships. All of which drives deeper loyalty and sustainable growth.
As our customers set a new pace.
With the continued acceleration of our digital strategy, teams across the bank are coming together to create fast, convenient and personalized banking experiences for the millions of customers who interact with us every day online and via mobile devices.
BMO Harris Bank’s new Sherman Park branch is the first Wisconsin location to feature BMO’s Smart Branch concept.
Melissa Garcia, Retail Banking Market Manager, Roselle, IL
Susan McClure, Systems Project Manager, Brookfield, WI.
Danielle Jackson, Bank Manager, Milwaukee, WI.
Customers banking at the Fond du Lac branch in Milwaukee, WI.
The street outside the BMO Harris flagship location at 111 W. Monroe in Chicago, IL.
An employee working at Albanese Confectionary Group’s candy factory. BMO client Albanese Confectionery Group is a family business and an industry leader, winning awards for its innovative production technologies.
We’ve been in the United States since 1818 – a year after BMO was founded. We helped finance trade and infrastructure that fuelled continental growth. And having grown our own business on both sides of the border, we’re here to help our customers do the same. Because we understand what they’re working to achieve – it’s part of who we are.
When we acquired Chicago’s Harris Bank 34 years ago, it reinforced our presence in the heart of the Midwest. The acquisition of Milwaukee-based Marshall & Ilsley in 2011 doubled our U.S. footprint. And as we’ve integrated operations across North America, we’ve transformed our business systems and processes, our brand strategy – and our entire bank.
BMO’s growth in the U.S. continues: Acquiring a transportation finance business that’s made us a sector leader. Leveraging our focus in our core commercial banking business as we expand into new sectors and markets. And in BMO Capital Markets, continuing to drive performance in our U.S. platform with a clear strategy.
We’ve refocused our wealth business in the U.S. on core private banking and asset management. And we expect continued strong performance as we drive more revenue in U.S. capital markets, build on our strength in commercial banking, and accelerate growth and profitability in personal banking.
Our U.S. businesses are growing quickly. And we’re sustaining that energy across North America.
Our growth is anchored in
the heart of the continent.
Our diversified businesses in the United States are delivering strong growth, today contributing about 25% of the bank’s adjusted earnings.
BMO has #2 deposit market share in the Chicago and Milwaukee markets, and we are ranked 4th within our core Midwest footprint.*
Over the past two years, our U.S. segment has delivered compound annual income growth of 13% and improved its efficiency ratio by more than 6%.
*Illinois, Kansas, Wisconsin, Missouri, Indiana and Minnesota.
These highlights offer a balanced view of the bank’s performance across financial and non-financial dimensions, and reflect our commitment to serving our customers, employees, shareholders, communities and the environment.
Provided free or discounted services to 1,108,147 seniors and 345,156 students (Canada).
102 First Nations▴ participated in our On-Reserve Housing Loan Program. Under this program, BMO has made approximately $226 million available in loans (Canada).
▴ These metrics have been included in an independent limited assurance engagement being performed in conjunction with our 2017 Environmental, Social and Governance Report.
301,094 customers completed loyalty surveys across North America, which helps us understand what’s working – and what’s not – and enables us to gather actionable insights into how we can improve our customers’ experience.
Launched the BMO200 fountain in celebration of our bicentennial year, inviting individuals and organizations to “wish it forward.” During the year, 63,434 digital wishes were made, and BMO fulfilled wishes from across North America and beyond to say thank you and give back to our customers and communities.
Received a 2017 Catalyst Award, recognizing our industry-leading achievements to accelerate diversity and inclusion in our workplace. BMO is one of only nine organizations in the world to have won this award twice.
American Banker magazine has named the United States BMO leadership team as a Top Team as part of its Most Powerful Women in Banking awards for the eighth year in a row.
Recognized for gender disclosure and best-in-class practices in the Bloomberg Financial Services Gender-Equality Index for the second year in a row. BMO is one of only 52 firms to be included globally.
Achieved our highest-ever engagement score of 83%▴ in the 2017 BMOPulse survey, 4% higher than the average score for financial institutions surveyed (worldwide).
$71,577,643▴ investment in training, equating to $1,564 per FTE employee in Canada and the United States.
▴ These metrics have been included in an independent limited assurance engagement being performed in conjunction with our 2017 Environmental, Social and Governance Report.
Donated $62.3 million▴ to registered charities and non-profit organizations across North America.
▴ These metrics have been included in an independent limited assurance engagement being performed in conjunction with our 2017 Environmental, Social and Governance Report.
BMO Harris Bank provided US$552 million in community development loans in 2017 through our community reinvestment activities (United States).
More than 92% of our employees participated in the BMO Employee Giving Campaign, donating more than $21 million to local United Way organizations and other charities across North America.*
* This data reflects the BMO Employee Giving Campaign in fiscal 2017.
More than 4,600 employees participated in BMO Volunteer Day in 2017 (North America).
Named to the 2017 Global 100 Most Sustainable Corporations in the World by Corporate Knights.
Participated in $6.4 billion of renewable energy equity and debt financing and provided $4.2 billion of loan commitments to renewable entities and renewable projects (worldwide).
Received the 2017 Thomson Reuters/S-Network ESG Best Practices Award. We were the highest-ranked company in the financial sector worldwide.
| Medium-term objectives | 2017 financial performance |
|---|---|
| 7% – 10% adjusted EPS growth | 8.5% |
| 15% or more adjusted ROE | 13.7% |
| 2% or more adjusted net operating leverage | 1.9% |
| Maintain capital ratios that exceed regulatory requirements | 11.4% CET1 Ratio |
| Total shareholder return | ||
|---|---|---|
| BMO | S&P/TSX Composite Index | |
| One-year | 20.2% | 11.5% |
| Three-year | 10.9% | 6.2% |
| Five-year | 15.5% | 8.4% |
▴ These metrics have been included in an independent limited assurance engagement being performed in conjunction with our 2017 Environmental, Social and Governance Report.
* This data reflects the BMO Employee Giving Campaign in fiscal 2017.
Our Vision
To be the bank that defines great customer experience.
Our strategy in context
We aim to deliver top-tier total shareholder return as we balance our commitments to our customers and employees, the environment and...
In September 2017, BMO announced a $21 million gift to support research and enhanced patient care at seven academic hospitals affiliated with the University of Toronto’s Faculty of Medicine.
View detailThe largest donation in the bank’s history, it reflects our deep commitment to advancing both social and economic well-being in the communities we serve. Over the next decade, this phased investment will help to reinforce Canada’s role as a global hub for innovative health-related research and practice. Funding will be divided among the following initiatives:
A new geriatric services wing.
The ambulatory care area in a new state-of-the-art emergency department.
The BMO Financial Group Chair in Precision Genomics – a global first.
A unique diabetes clinic, as well as prevention programs for Indigenous communities.
Founding partner of the Kids Health Alliance technology platform serving Ontario communities.
A unique new centre for prostate cancer research, diagnosis and treatment.
The BMO Education & Conference Centre for healthcare professionals.
