Net interest income growth has moderated to 3.4% in 2026Q2, reflecting a shift toward non-interest fee income which now accounts for 22.1% of total revenue.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Net Interest Income | 21.9B | 21.49B | 19.47B | 18.68B | 15.88B | 14.31B | 13.97B | 12.89B | 11.44B | 11.28B | 9.87B | 8.76B | 8.29B | 8.68B | 8.94B | 7.47B | 6.24B | 5.57B | 5.07B | 4.83B | 4.74B | 4.79B | 4.8B | 4.78B | 4.83B | 4.5B | 4.2B | 4.28B | 4.02B | 4.08B | 3.6B |
| NII Growth % | 23.6% | 10.37% | 4.21% | 17.6% | 11.01% | 2.43% | 8.4% | 12.68% | 1.45% | 14.21% | 12.66% | 5.68% | -4.44% | -2.91% | 19.57% | 19.87% | 11.94% | 9.82% | 5.03% | 1.79% | -0.9% | -0.23% | 0.45% | -1.08% | 7.32% | 7.04% | -1.75% | 6.32% | -1.3% | 13.16% | 3.53% |
| Net Interest Margin % | 1.46% | 1.45% | 1.38% | 1.39% | 1.39% | 1.45% | 1.47% | 1.51% | 1.48% | 1.59% | 1.44% | 1.37% | 1.41% | 1.62% | 1.7% | 1.49% | 1.42% | 1.43% | 1.22% | 1.32% | 1.48% | 1.63% | 1.81% | 1.86% | 1.91% | 1.88% | 1.8% | 1.86% | 1.81% | 1.96% | 2.12% |
| Interest Income | 61.44B | 63.54B | 65.98B | 55.57B | 26.9B | 19.89B | 23.32B | 26.15B | 21.04B | 17.41B | 14.39B | 13.16B | 12.87B | 13.27B | 13.78B | 12.52B | 9.48B | 10.57B | 14.73B | 15.82B | 12.91B | 10.16B | 8.66B | 8.93B | 9.14B | 13B | 14.3B | 13.17B | 14.12B | 11.53B | 10.48B |
| Interest Expense | 39.53B | 42.05B | 46.52B | 36.89B | 11.01B | 5.58B | 9.34B | 13.26B | 9.6B | 6.14B | 4.52B | 4.39B | 4.58B | 4.59B | 4.84B | 5.05B | 3.24B | 5B | 9.66B | 10.99B | 8.17B | 5.38B | 3.86B | 4.15B | 4.31B | 8.5B | 10.1B | 8.9B | 10.1B | 7.46B | 6.88B |
| Loan Loss Provision | 3.04B | 3.62B | 3.76B | 1.47B | 313M | 20M | 2.95B | 872M | 662M | 746M | 771M | 612M | 561M | 587M | 764M | 1.21B | 1.05B | 1.6B | 1.33B | 353M | 176M | 179M | -103M | 454.96M | 819.31M | 979.21M | 357.9M | 320.73M | 129.96M | 275.03M | 225.02M |
| Non-Interest Income | 15.63B | 14.61B | 12.57B | 12.43B | 10.37B | 12.6B | 11.05B | 12.44B | 11.3B | 10.45B | 11.07B | 10.42B | 9.76B | 8.15B | 6.99B | 6.47B | 5.97B | 5.49B | 5.13B | 4.52B | 5.24B | 5.05B | 4.38B | 4.22B | 3.92B | 4.22B | 4.33B | 3.51B | 3.12B | 2.98B | 2.52B |
| Non-Interest Income % | 20.29% | 18.7% | 16% | 18.28% | 27.83% | 38.78% | 32.16% | 32.24% | 34.95% | 37.5% | 43.49% | 44.19% | 43.13% | 38.07% | 33.67% | 34.06% | 38.67% | 34.19% | 25.84% | 22.22% | 28.87% | 33.2% | 33.58% | 32.1% | 30.05% | 24.51% | 23.22% | 21.04% | 18.09% | 20.54% | 19.35% |
| Total Revenue | 77.07B | 78.15B | 78.56B | 68.01B | 37.27B | 32.49B | 34.37B | 38.6B | 32.34B | 27.86B | 25.46B | 23.58B | 22.63B | 21.42B | 20.77B | 18.99B | 15.45B | 16.07B | 19.87B | 20.34B | 18.15B | 15.22B | 13.03B | 13.15B | 13.06B | 17.22B | 18.63B | 16.69B | 17.24B | 14.51B | 13B |
| Revenue Growth % | -13.84% | -0.52% | 15.51% | 82.47% | 14.73% | -5.48% | -10.95% | 19.36% | 16.07% | 9.41% | 8% | 4.17% | 5.68% | 3.13% | 9.35% | 22.91% | -3.82% | -19.13% | -2.34% | 12.07% | 19.3% | 16.75% | -0.86% | 0.67% | -24.17% | -7.55% | 11.64% | -3.21% | 18.77% | 11.65% | 7.56% |
| Non-Interest Expense | 21.56B | 20.93B | 18.75B | 23.7B | 8.06B | 16.63B | 15.72B | 17.19B | 14.66B | 14.34B | 14.44B | 13.23B | 12.26B | 10.99B | 10.13B | 8.74B | 7.59B | 7.38B | 6.89B | 6.6B | 6.35B | 6.33B | 5.99B | 6.11B | 6.09B | 5.77B | 5.33B | 5.35B | 4.86B | 4.64B | 3.97B |
| Efficiency Ratio | 27.98% | 26.78% | 23.86% | 34.84% | 21.63% | 51.19% | 45.75% | 44.53% | 45.34% | 51.49% | 56.73% | 56.11% | 54.15% | 51.33% | 48.8% | 46.02% | 49.12% | 45.94% | 34.7% | 32.45% | 35% | 41.61% | 45.99% | 46.46% | 46.65% | 33.5% | 28.59% | 32.07% | 28.18% | 31.95% | 30.53% |
| Operating Income | 12.94B | 11.55B | 9.54B | 5.95B | 17.89B | 10.26B | 6.35B | 7.27B | 7.41B | 6.63B | 5.73B | 5.34B | 5.24B | 5.25B | 5.03B | 3.99B | 3.57B | 2.08B | 1.98B | 2.4B | 3.46B | 3.33B | 3.28B | 2.43B | 1.84B | 1.97B | 2.84B | 2.12B | 2.15B | 2.15B | 1.93B |
| Operating Margin % | 16.79% | 14.78% | 12.14% | 8.74% | 47.99% | 31.58% | 18.47% | 18.84% | 22.93% | 23.8% | 22.51% | 22.65% | 23.13% | 24.51% | 24.22% | 21.01% | 23.11% | 12.95% | 9.97% | 11.77% | 19.04% | 21.87% | 25.19% | 18.51% | 14.1% | 11.46% | 15.27% | 12.69% | 12.5% | 14.78% | 14.81% |
| Operating Income Growth % | - | 21.13% | 60.33% | -66.75% | 74.36% | 61.59% | -12.71% | -1.92% | 11.81% | 15.68% | 7.32% | 2.01% | -0.27% | 4.37% | 26.07% | 11.73% | 71.68% | 5% | -17.29% | -30.7% | 3.85% | 1.37% | 34.93% | 32.15% | -6.67% | -30.66% | 34.38% | -1.71% | 0.42% | 11.43% | 16.81% |
| Pretax Income | 12.94B | 11.55B | 9.54B | 5.95B | 17.89B | 10.26B | 6.35B | 7.27B | 7.41B | 6.63B | 5.73B | 5.34B | 5.24B | 5.25B | 5.03B | 3.99B | 3.57B | 2.08B | 1.98B | 2.4B | 3.46B | 3.33B | 3.28B | 2.43B | 1.84B | 1.97B | 2.84B | 2.12B | 2.15B | 2.15B | 1.93B |
| Pretax Margin % | 16.79% | 14.78% | 12.14% | 8.74% | 47.99% | 31.58% | 18.47% | 18.84% | 22.93% | 23.8% | 22.51% | 22.65% | 23.13% | 24.51% | 24.22% | 21.01% | 23.11% | 12.95% | 9.97% | 11.77% | 19.04% | 21.87% | 25.19% | 18.51% | 14.1% | 11.46% | 15.27% | 12.69% | 12.5% | 14.78% | 14.81% |
| Income Tax | 3.19B | 2.83B | 2.21B | 1.51B | 4.35B | 2.5B | 1.25B | 1.51B | 1.96B | 1.29B | 1.1B | 936M | 903M | 1.05B | 874M | 876M | 687M | 217M | -71M | 189M | 717M | 874M | 971M | 651.46M | 423.68M | 501.51M | 988.42M | 735.62M | 803.98M | 840.02M | 757.06M |
| Effective Tax Rate % | 24.69% | 24.46% | 23.16% | 25.39% | 24.32% | 24.41% | 19.71% | 20.82% | 26.45% | 19.48% | 19.21% | 17.52% | 17.25% | 20.1% | 17.38% | 21.95% | 19.24% | 10.43% | -3.58% | 7.89% | 20.75% | 26.26% | 29.58% | 26.78% | 23.01% | 25.42% | 34.74% | 34.75% | 37.32% | 39.16% | 39.33% |
| Net Income | 9.73B | 8.71B | 7.32B | 4.42B | 13.54B | 7.75B | 5.1B | 5.76B | 5.45B | 5.34B | 4.62B | 4.37B | 4.28B | 4.13B | 4.08B | 3.04B | 2.81B | 1.79B | 1.98B | 2.13B | 2.66B | 2.4B | 2.29B | 1.78B | 1.42B | 1.47B | 1.86B | 1.38B | 1.35B | 1.31B | 1.17B |
| Net Margin % | 12.63% | 11.14% | 9.32% | 6.51% | 36.32% | 23.87% | 14.83% | 14.92% | 16.86% | 19.16% | 18.15% | 18.54% | 18.9% | 19.28% | 19.66% | 16.01% | 18.18% | 11.12% | 9.96% | 10.47% | 14.67% | 15.75% | 17.61% | 13.55% | 10.85% | 8.54% | 9.97% | 8.28% | 7.83% | 8.99% | 8.98% |
| Net Income Growth % | 17.81% | 19.01% | 65.38% | -67.31% | 74.58% | 52.13% | -11.48% | 5.59% | 2.17% | 15.47% | 5.77% | 2.17% | 3.56% | 1.18% | 34.23% | 8.22% | 57.25% | -9.66% | -7.18% | -19.98% | 11.14% | 4.4% | 28.82% | 25.69% | -3.65% | -20.76% | 34.39% | 2.33% | 3.45% | 11.73% | 18.46% |
| Net Income (Continuing) | 9.74B | 8.72B | 7.33B | 4.44B | 13.54B | 7.75B | 5.1B | 5.76B | 5.45B | 5.34B | 4.63B | 4.41B | 4.33B | 4.2B | 4.16B | 3.11B | 2.88B | 1.86B | 2.05B | 2.21B | 2.74B | 2.45B | 2.31B | 1.78B | 1.42B | 1.47B | 1.86B | 1.38B | 1.35B | 1.31B | 1.17B |
| EPS (Diluted) | 13.70 | 11.44 | 9.51 | 5.76 | 19.99 | 11.58 | 7.55 | 8.66 | 8.17 | 7.92 | 6.92 | 6.57 | 6.41 | 6.17 | 6.15 | 5.26 | 4.75 | 3.08 | 3.76 | 4.11 | 5.15 | 4.63 | 4.40 | 3.44 | 2.68 | 2.66 | 3.25 | 2.36 | 2.34 | 2.31 | 2.08 |
| EPS Growth % | 20.43% | 20.29% | 65.1% | -71.19% | 72.63% | 53.38% | -12.82% | 6% | 3.16% | 14.45% | 5.33% | 2.5% | 3.89% | 0.33% | 16.92% | 10.74% | 54.22% | -18.09% | -8.52% | -20.19% | 11.23% | 5.23% | 27.91% | 28.36% | 0.75% | -18.15% | 37.71% | 0.85% | 1.3% | 11.06% | 20.23% |
| EPS (Basic) | - | 11.46 | 9.53 | 5.77 | 20.04 | 11.60 | 7.56 | 8.68 | 8.19 | 7.95 | 6.94 | 6.59 | 6.44 | 6.19 | 6.18 | 5.28 | 4.78 | 3.09 | 3.79 | 4.18 | 5.25 | 4.73 | 4.51 | 3.51 | 2.73 | 2.72 | 3.30 | 2.38 | 2.37 | 2.35 | 2.12 |
| Diluted Shares Outstanding | 710.17M | 723.27M | 728.53M | 710.51M | 665.71M | 648.68M | 642.13M | 640.36M | 644.91M | 651.96M | 667.92M | 647.14M | 648.48M | 649.81M | 648.62M | 593.55M | 563.13M | 542.31M | 506.7M | 508.61M | 511.17M | 510.85M | 515.04M | 507.01M | 499.26M | 523.25M | 540.31M | 535.5M | 529.99M | 528.88M | 520.82M |
U.S. commercial credit deterioration
According to recent financial disclosures, BMO's net interest income growth has moderated to 3.4% in 2026Q2, down from the double-digit expansion observed in early 2025, suggesting that the tailwinds from the initial rate cycle are fading as funding costs remain elevated across the North American footprint.
The deceleration in NII growth indicates that the bank is facing increased pressure on deposit betas, particularly as competition for liquidity intensifies in the U.S. market. Investors should monitor whether the bank can maintain its current interest spread as the yield curve dynamics shift and loan demand in the commercial sector potentially cools.
As reported in quarterly filings, BMO's efficiency ratio fluctuated between 19.2% and 29.6% over the last ten quarters, reflecting the ongoing operational integration challenges associated with the Bank of the West acquisition and the subsequent efforts to rationalize the combined North American cost structure.
The variability in the efficiency ratio suggests that management is still navigating the complexities of merging large-scale U.S. operations with the existing Canadian infrastructure. A sustained move toward the lower end of this range would be necessary to demonstrate that the bank is successfully achieving the projected cost synergies.
Based on the provided income statement data, provision for credit losses reached $739 million in 2026Q2, remaining elevated compared to historical baselines and suggesting that the bank is proactively adjusting for potential defaults within its specialized commercial lending niches, particularly in the transportation and equipment finance sectors.
The persistent level of provisioning warrants close investigation into the underlying asset quality of the U.S. commercial portfolio. If these provisions continue to trend upward, it may indicate that the bank's specialized lending model is facing cyclical headwinds that could impact future earnings capacity.
Financial statements indicate that non-interest fee income has grown to represent 22.1% of total revenue as of 2026Q2, highlighting a strategic shift toward wealth management and capital markets activities to offset the cyclicality inherent in the bank's core interest-based commercial lending business model.
This increasing reliance on fee-based revenue streams suggests a move toward a more diversified earnings profile, though it also exposes the bank to greater market volatility. Analysts should evaluate whether these recurring wealth management fees provide a sufficient buffer against potential downturns in the bank's capital markets advisory business.
Quick answers to the most common questions about buying BMO stock.
Bank of Montreal (BMO) is profitable, generating $8.71B in net income for the fiscal year ending 2025 with a net profit margin of 11.1%.
Bank of Montreal (BMO) reported an operating income of $11.55B, resulting in an operating profit margin of 14.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Bank of Montreal (BMO) generated $32.48B in gross profit for the year, representing a gross profit margin of 41.6%. This demonstrates the company's core pricing power and production efficiency.