BMO Financial Group reports $1.59B Q1 profit, tops expectations

first_img Facebook LinkedIn Twitter BMO Financial Group beat expectations and reported a first-quarter profit of $1.59 billion as the bank worked to expand its footprint south of the border.The Toronto-based bank said its profit for the quarter ended Jan. 31 was up from $1.51 billion in the same period a year earlier and amounted to $2.37 per diluted share, an increase from $2.28 per diluted share. Canaccord reports record revenues, drops proposal to acquire RF Capital Tara DeschampsCanadian Press Related news Indianapolis - Circa June 2017: Signage and Logo of BMO Harris Bank. BMO Harris is one of the Largest Banks in the Midwest V 123RF Share this article and your comments with peers on social media Fed plays limited role in assessing climate risks for banks Keywords Earnings,  Banking industryCompanies BMO Financial Group TD getting new head of private wealth, financial planning The results came as the bank has focused on digital innovation by launching BMO Insights, which uses artificial intelligence to help customers manage their day-to-day finances and cash flow.It’s also prioritized expanding its brick-and-mortar presence in the U.S. BMO recently opened new private wealth offices in both Dallas and Atlanta and announced the opening of its first commercial banking office in Los Angeles in the quarter.On a conference call with financial analysts, BMO chief executive Darryl White characterized the moves as a sign of the bank’s commitment to North American customers.“This is a great example of how we’re increasing our wealth penetration with our commercial and business banking customers, a key growth segment for BMO,” he said.The moves helped the bank report a revenue of nearly $6.75 billion, up from nearly $6.52 billion.The growth was offset in part by higher provisions for credit losses and expenses. It reported a provision for credit losses of $349 million, compared with $137 million a year earlier.On an adjusted basis, BMO said it earned $2.41 per diluted share, an increase from $2.32 per diluted share in the same quarter a year earlier.Analysts on average had expected an adjusted profit of $2.37 per diluted share, according to financial markets data firm Refinitiv.BMO shares were down $1.72 or nearly 2% at $97.75 in trading on the Toronto Stock Exchange in trading Tuesday morning.Looking at the quarter, White said he believes the bank performed well, has significant momentum and several businesses increasing their market share.David Casper, BMO’s U.S. chief executive, predicted that will continue because of the bank’s January announcement that it will acquire Clearpool Group Inc., a New-York-based provider of holistic electronic trading solutions.It also purchased New York-based KGS-Alpha Capital Markets, a fixed income broker-dealer specializing in U.S. mortgage and asset-backed securities, last year.“All of those are investments that are continuing to grow and will bear fruit over time, and so I do have good confidence in our U.S. business and the growth that we see there,” Casper said.The bank will also be watching for any impact from the novel coronavirus outbreak, which has spread to a handful of Canadians and tens of thousands more around the globe.Patrick Cronin, BMO’s chief risk officer, said it is “probably too early to tell” what impact the outbreak could have on BMO’s business, but the bank is first concerned with the health and safety of employees in Asia and other affected regions.“We’re obviously very focused on business continuity as well to ensure that we’ve got continuity in all of our regions in the event it gets worse,” he said.BMO has yet to see any short-term impacts from the outbreak, but said potential affects will take longer to notice in its credit portfolios.Scotiabank and Royal Bank of Canada also said when they reported their results that they have yet to see an impact from the outbreak.BMO also announced two appointments on Tuesday. Effective March 1, Cam Fowler will serve as chief strategy and operations officer, and Erminia Johannson will serve as group head, North American personal and business banking.last_img read more

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Going ape over Poppy Festival

first_img Concerts are included in the admission price. Young Dubliners perform at 1:30 p.m. April 22. After them at 3:30 p.m. is the Sauce Boss, a blues guitarist and vocalist who cooks gumbo while he performs, then serves it to his audience after the show. Lington, a Dane whose debut album “Stay With Me” has been on Billboard’s contemporary jazz chart for 24 weeks, will perform at 1:30 p.m. April 23. Chaquico, who was a member of Jefferson Starship as a teenager and evolved into a smooth-jazz band leader, performs at 3:30 p.m. April 23. Charles F. Bostwick, (661) 267-5742 [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! LANCASTER – A 6-year-old chimpanzee named Cody helped city officials announce entertainment for the April 22-23 California Poppy Festival. The 70-pound chimp, who will star in the festival’s children’s area animal show, took a special liking to Mayor Frank Roberts during a news conference – reaching out to shake his hand repeatedly, handing him a television news crew’s microphone and putting out his arm for a hug. “That’s called sucking up,” said handler “Ranger” Rick Kelly of the television series “Critter Gitter.” No one yet can predict how this spring’s wildflower crop will turn out, but the city’s 15th annual festival will feature Celtic rock band Young Dubliners, jazz saxophonist Michael Lington and guitarist Craig Chaquico, plus arts and crafts sales, flower and farmers markets and more than two dozen food vendors. AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant Cody the chimp will appear on stage and interact with audience members along with pot-bellied pigs, pythons and ocelots in three shows daily. Workshops on home decorating and desert gardening will be presented by experts including Michael Payne, host of Home & Garden TV’s “Designing for the Sexes” series. “There’s always something new,” Roberts said of the festival. The festival grew out of the city’s co-sponsorship with the Lancaster Woman’s Club of an annual Wildflower Information Center, which provided information on wildflowers and gave visitors maps to areas with the best blooms. The festival has become known for its “smooth jazz” concerts, which draw visitors from all over Southern California, said Lyle Norton, parks, recreation and arts director. The festival will run 10 a.m. to 6 p.m. April 22 and 23 at Lancaster City Park, 43011 10th St. W. Admission is $7 for adults, $3 for children ages 6 to 12 and seniors age 62 and older, and free for children under age 6. Parking is free. last_img read more

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The Latest Twitter Beef: Captain America Vs. David Duke

first_imgThe best thing about Twitter beefs is that they can spring up between random people who may NEVER cross paths in real life.The latest one is between CHRIS EVANS, a.k.a. Captain America, and DAVID DUKE, the white nationalist who used to be the Imperial Wizard of the Ku Klux Klan.It’s no secret that Duke is a fan of President Trump, and he recently Tweeted, quote, “Mr. Trump’s appointment of [Steve] Bannon, [Michael] Flynn and [Jeff] Sessions are the first steps in the project of taking America back.”Chris responded, quote, “If David Duke . . . DAVID DUKE! . . . thinks you’re right, then you’re unequivocally wrong.  The confirmation of Sessions is beyond words.”last_img read more

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Joburg’s Xtreme Parks wins gold

first_imgWilgeheuwel Park was created in one day and is one of Joburg’s successful Xtreme Park projects, which brings new greenzones to busy developments. Diepkloof Park during the makeover process, which took just 24 hours. City Parks MD Luther Williamson accepts the Planning for the Future criteria award. (Image: Dongguan Today)Janine ErasmusThe City of Johannesburg’s innovative and uplifting Xtreme Parks project won a gold medal at the 2008 International Liveable Communities award ceremony, a programme run under the aegis of the United Nations programme for environmental protection. The ceremony took place in mid-November.The Living Communities Awards were launched in 1997 and ceremonies have since been held in cities around the world including Madrid, Al’Ayn in the United Arab Emirates, Hamamatsu in Japan, Washington D.C., and London.The programme is run as a UK-based non-profit organisation and is endorsed by the United Nations Environment Programme. It’s aimed at acknowledging those communities worldwide that enhance and protect their landscape and heritage, with an emphasis on sustainability, healthy living and best environmental practice.Communities’ commitment to tackling social and conservation issues such as pollution, poor housing and unemployment are also a factor in the decision of the judges.A world firstThe Xtreme Parks project, which is overseen by Johannesburg’s City Parks division, sees neglected spaces around town transformed into vibrant community parks in 24 hours. Luther Williamson, MD of City Parks, is the brains behind the idea.Williamson says he was inspired by the similar concept seen on the American television show Extreme Makeover Home Edition and felt that it would be an effective way to reduce the community development backlog, as well as encourage communities to take ownership of their green spaces, raise the profile of city parks in general, and attract the private sector.In June 2007 the world’s first 24-hour park was created in Wilgeheuwel suburb west of Johannesburg, when a neglected patch of soil was transformed literally overnight into a charming 1.2ha play space complete with mini soccer field and fountain. Under normal circumstances, said Williamson, such an area would take three to six months to develop.City Parks repeated the feat in 2008 when they tackled Diepkloof Park in Soweto, a 2ha area that was used as an illegal rubbish dump but now boasts a splash pool, mini-soccer field, multi-purpose court, landscaped gardens, concrete walkways, ablutions, and a natural amphitheatre area with a big screen for sport and cultural broadcasts.Residents of both areas can now enjoy a better quality of life, while children have a safe, dedicated place to play. “I love the swings. I haven’t played on the swings for a long time and I feel like I can play on them until sunset,” said an excited nine-year-old of the Diepkloof Park.Rewarding communities that careThis year there were 50 Liveable Communities finalists from five continents. The City of Johannesburg had three finalists in the Sustainable Project category, which is further divided into two sub-categories for Built and Natural projects.In the Natural Projects section Xtreme Parks took gold along with New Zealand’s New Plymouth District. Johannesburg’s Klipriver Greening and Rehabilitation Project took silver in the same category, as did the town of Plzen in West Bohemia, Czech Republic, which successfully improved the quality of the water in its Velky Bolevecky pond, a popular recreation site. Broadland district in the UK also took silver for its Stairway out of Crime initiative.In fact, all three Johannesburg finalists in the project category were lauded, because the massive Cosmo City housing development won a silver award in the Built Project sub-category.The City, which was the sole representative from the African continent in 2008, came third in Category E of the Whole Cities category, which is divided into five sub-categories according to population. Category E is for cities with a population of over 750 000.Johannesburg also scooped a Criteria award for its Planning for the Future strategies. Awards are given for each of the six criteria that are considered essential for liveable communities. These include Enhancement of the Landscape; Heritage Management; Environmentally Sensitive Practices; Community Sustainability; Healthy Lifestyles; and Planning for the Future.“This community has really had to reinvent its philosophies and its values,” said New Zealand judge Rob Small, commenting on Johannesburg’s achievements. “It has been an enormous challenge but consultation and engaged communities have been the secret to delivering these outstanding programmes and projects.”The judging panel, comprising environmental and horticultural luminaries, gathered at the Songshan Lake Science and Technology Industry Park in Dongguan, China, to decide on the winners.Among them were experts such as Japanese academic Yoritaka Tashiro, president of the Japanese Institute of Landscape Architects, Belgian Gabriel de Buysscher of the International Federation of Parks and Recreation Administration, Krista Vilta of the City Environmental Department of Haapsalu Municipality, Estonia, and Canadian horticulturist Claudette Savaria who chaired the panel.Do you have queries or comments about this article? Email Janine Erasmus at [email protected] e-mail address is being protected from spambots. You need JavaScript enabled to view it  Related articlesMakeover for Soweto parkUseful linksJohannesburg City ParksCity of JohannesburgLiveable Communities awardslast_img read more

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NU, Adamson eye title berths

first_imgMOST READ But closing out their semifinal foes is easier said than done. Especially on the part of the Lady Falcons.Adamson, which was never in the title agenda the previous season, is taking on UAAP heavyweight Far Eastern U in Saturday’s Game 2 of their semifinal duel at Filoil Flying V Centre.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games openingThe powerhouse Tamaraws are expected to pose an intense challenge to the Lady Falcons, who even trailed after three sets before clawing their way to victory in the last two frames, 21-25, 25-22, 20-25, 25-14, 15-8, in Game 1.National U should have an easier path to the finals. Jaja Santiago (No. 3) is expected to be NU’s tower of power as the Lady Bulldogs try to close out Arellano. —SHERWIN VARDELEONAdamson and National University, polar opposites in last year’s UAAP, are in a collision course for the Premier Volleyball League Collegiate Conference crown.Victories today against their respective rivals will pit them against each other in a best-of-five title series.ADVERTISEMENT Winter storm threatens to scramble Thanksgiving travel plans Argentine bishop appears at court hearing on abuse charges FEU, Adamson battle for solo third; a win, finally, for either UE or UST ‘A complete lie:’ Drilon refutes ‘blabbermouth’ Salo’s claims Don’t miss out on the latest news and information. Hotel says PH coach apologized for ‘kikiam for breakfast’ claim LATEST STORIES Trump to designate Mexican drug cartels as terrorist groups Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Jordan delivers on promise: 2 Cobra choppers now in PH With the most dominant player in the active scene, Jaja Santiago, NU presents Arellano with more than just an uphill battle for survival.The 21-year-old Santiago said the Lady Bulldogs have set their sights on the title.Sports Related Videospowered by AdSparcRead Next No more menthol cigarettes: New ban on tobacco, vape flavors View commentslast_img read more

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How to be resilient in hardship

first_imgMy friend and colleague Amanda alerted me to this article on the five traits of resilient people. Since that quality is needed by so many of us now, I thought I’d pass on the insights from Jessie Sholl. What occurred to me as I was reading this list is that you probably have every one of these qualities. Working for a good cause is a daily exercise in resilience. Please share that quality with those who need it now.1. Be Positive. “Resilient people are characterized by an ability to experience both negative and positive emotions even in difficult or painful situation. They mourn losses and endure frustrations, but they also find redeeming potential or value in most challenges.” If you work for a good cause, you have this quality. You find hope amid terrible tragedies in the course of advancing a mission.2. Live to Learn. When resilient people encounter pain, they look for solutions. That would be you.3. Open Your Heart. Counting your blessings and committing acts of kindness and service boost resilience. That’s your day job!4. Take Care of Yourself. Good physical and mental health boosts resilience. 5. Hang on to Humor. This is so true. A laugh goes a long way. Do you bring levity to the job?For more on these qualities as well as the amazing tale of Turkey Lady, read the whole article.last_img read more

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The state of the nonprofit sector? Not so hot.

first_imgThe Nonprofit Finance Fund (NFF) has released its annual State of the Sector survey, and it shows nonprofits like yours are struggling with a tough funding environment and increasing need for the services you provide. This is requiring tough choices – and changing the way you do business, according to the survey.Here’s a summary of the report from the NFF. Does it capture your situation? Are you better or worse off than your peers?According to NFF:Nonprofits need new funding sources and models:• 42% of survey respondents report that they do not have the right mix of financial resources to thrive and be effective in the next 3 years.• 1 in 4 nonprofits has 30 days or less cash-on-hand.• Over the next twelve months, 39% plan to change the main ways they raise and spend money.• 23% will seek funding other than grants or contracts, such as loans or investments.Nonprofits that receive government funding face particular challenges:• Only 14% of nonprofits receiving state and local funding are paid for the full cost of services; just 17% of federal fund recipients receive full reimbursement. Partial reimbursements require additional funding to cover the growing gap as nonprofits serve more people.• Government is late to pay: Among those with state or local funding, just over 60% reported overdue government payments; over 50% reported late payments from the federal government.Under these challenging conditions, many nonprofits are unable to meet growing need in their communities:• For the first time in the five years of the survey, more than half (52%) of respondents were unable to meet demand over the last year; 54% say they won’t be able to meet demand this year.• This represents a worrying trend; in 2009, 44% of nonprofits said they were unable to meet demand.• Jobs (59%) and housing (51%) continue to be top concerns for those in low-income communities.• 90% of respondents say financial conditions are as hard or harder than last year for their clients; this is actually a slight improvement from prior years’ outlook.Nonprofits are changing the way they do business to adapt to the new reality. In the past 12 months:• 49% have added or expanded programs or services; 17 percent reduced or eliminated programs or services.• 39% have collaborated with another organization to improve or increase services.• 39% have upgraded technology to improve organizational efficiency.• 36% engaged more closely with their board. For more on the survey and detailed data, go here.last_img read more

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