BMO Q3 2010 Earnings

Scotia Capital, 25 August 2010Event• BMO cash operating EPS increased 9% to $1.14, below our estimate of $1.20 and consensus of $1.21. Earnings were lower-than-expected due to extremely weak trading revenue and lower security gains, partially offset by lower than expected LLPs. Operating ROE was 13.9%.Implications• Positives for the quarter were credit and strong operating results in core