6-K
false2025-04-30Q20000927971--10-31Net of income tax (provision) recovery of $(302) million, $(148) million, $547 million for the three months ended and $(450) million and $(182) million for the six months ended, respectively.Net of income tax (recovery) of $(70) million, $(129) million, $(144) million for the three months ended and $(199) million and $(291) million for the six months ended, respectively.Net of income tax (provision) recovery of $11 million, $(8) million, $(17) million for the three months ended and $3 million and $18 million for the six months ended, respectively.Net of income tax (provision) recovery of $(56) million, $34 million, $137 million for the three months ended and $(22) million and $300 million for the six months ended, respectively.Net of income tax (provision) recovery of $(287) million, $208 million, $103 million for the three months ended and $(79) million and $(23) million for the six months ended, respectively.Net of income tax provision of $6 million, $2 million, $15 million for the three months ended and $8 million and $17 million for the six months ended, respectively.Includes dividends paid on securities sold but not yet purchased.Amounts are net of ACL of $5 million ($4 million as at October 31, 2024).Interest expense for liabilities carried at fair value is $0 million and $0 million for the three and six months ended April 30, 2025, respectively ($806 million and $1,335 million for the three and six months ended April 30, 2024). Interest expense for liabilities carried at amortized cost is $0 million and $0 million for the three and six months ended April 30, 2025, respectively ($10,843 million and $21,447 million for the three and six months ended April 30, 2024).Interest expense for liabilities carried at fair value is $1,060 million and $1,780 million for the three and six months ended April 30, 2025, respectively ($806 million and $1,335 million for the three and six months ended April 30, 2024). Interest expense for liabilities carried at amortized cost is $9,497 million and $20,002 million for the three and six months ended April 30, 2025, respectively ($10,843 million and $21,447 million for the three and six months ended April 30, 2024).Other liabilities include certain investment contract liabilities and segregated fund liabilities in our insurance business, as well as certain securitization and structured entities’ liabilities measured at FVTPL.The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the specific underlying instruments within each product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2024 are included in earnings for the period.Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2025 are included in earnings for the period.The dilutive effect of stock options was calculated using the treasury stock method. In computing diluted earnings per share, we excluded average stock options outstanding of 716,633 and 594,569 with a weighted-average exercise price of $150.60 and $151.95 for the three and six months ended April 30, 2025, respectively (2,198,642 and 3,140,711 with a weighted-average exercise price of $132.66 and $131.39 for the three and six months ended April 30, 2024, respectively), as the average share price for the periods did not exceed the exercise price.Net interest (income) expense is increased by $nil million for pension benefit plans and $3 million for other employee future benefit plans for the six months ended April 30, 2025 ($nil million for pension benefit plans and $1 million for other employee future benefit plans for the six months ended April 30, 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.Net interest (income) expense is increased by $nil million for pension benefit plans and $3 million for other employee future benefit plans for the three months ended April 30, 2025 ($nil million for pension benefit plans and $1 million for other employee future benefit plans for the three months ended April 30, 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.Net of income tax (provision) recovery of $50 million, $(45) million, $(14) million for the three months ended and $5 million and $(113) million for the six months ended, respectively.Net of income tax (provision) recovery of $nil million, $4 million, $nil million for the three months ended and $4 million and $(3) million for the six months ended, respectively.Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act.Other assets include precious metals, segregated fund assets and investment properties in our insurance business, carbon credits, certain receivables and other items measured at fair value.Gains are net of (losses) on hedge contracts.Deposits include structured note liabilities, money market and metals deposits designated at FVTPL and certain embedded options related to structured deposits carried at amortized cost.Trading securities include interests of $35,823 million as at April 30, 2025 ($21,485 million as at October 31, 2024) in Collateralized Mortgage Obligations (CMO). We receive CMO in return for our sales of Mortgage Backed Securities (MBS) to certain structured vehicles that we do not consolidate. When we subsequently sell these CMO to third parties, but do not transfer substantially all risks and rewards of ownership to the third-party investor, or we maintain an interest in the sold instrument, we retain these CMO on our Consolidated Balance Sheet. Refer to Note 7 of our annual consolidated financial statements for the year ended October 31, 2024 for further discussion on these vehicles.Amounts are net of ACL of $3 million ($3 million as at October 31, 2024).These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act. 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SECURITIES AND EXCHANGE COMMISSION
Report of Foreign Private Issuer
Pursuant to Rule
13a-16
or
15d-16
of the Securities Exchange Act of 1934
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For the month of: May, 2025 |
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Commission File Number: 001-13354 |
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100 King Street West |
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1 First Canadian Place |
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129 rue Saint-Jacques |
Toronto, Ontario |
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Montreal, Quebec |
Canada, M5X 1A1 |
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Canada, H2Y 1L6 |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
INCORPORATION BY REFERENCE
The information contained in this Form
6-K
and any exhibits hereto shall be deemed filed with the Securities and Exchange Commission (“SEC”) solely for purposes of incorporation by reference into and as part of the following registration statements of the registrant on file with and declared effective by the SEC:
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Registration Statement – Form F-3 – File No. 333-214934 |
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2. |
Registration Statement – Form F-3 – File No. 333-285508 |
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3. |
Registration Statement – Form S-8 – File No. 333-191591 |
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4. |
Registration Statement – Form S-8 – File No. 333-180968 |
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5. |
Registration Statement – Form S-8 – File No. 333-177579 |
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6. |
Registration Statement – Form S-8 – File No. 333-177568 |
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7. |
Registration Statement – Form S-8 – File No. 333-176479 |
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8. |
Registration Statement – Form S-8 – File No. 333-175413 |
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9. |
Registration Statement – Form S-8 – File No. 333-175412 |
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10. |
Registration Statement – Form S-8 – File No. 333-113096 |
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11. |
Registration Statement – Form S-8 – File No. 333-14260 |
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12. |
Registration Statement – Form S-8 – File No. 33-92112 |
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13. |
Registration Statement – Form S-8 – File No. 333-207739 |
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14. |
Registration Statement – Form S-8 – File No. 333-237522 |
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15. |
Registration Statement – Form S-8 – File No. 333-276007 |
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Exhibit |
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Description of Exhibit |
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Second Quarter 2025 Management’s Discussion and Analysis of Results of Operations and Financial Condition |
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Second Quarter 2025 Consolidated Financial Statements |
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Second Quarter 2025 Consolidated Capitalization of Bank of Montreal |
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Interactive Data File (formatted as Inline XBRL) |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BANK OF MONTREAL |
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By: |
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Name: |
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Tayfun Tuzun |
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Title: |
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Chief Financial Officer |
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: May 28, 2025 |
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By: |
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Name: |
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Paul V. Noble |
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Title: |
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Corporate Secretary |