Bank of Montreal (BMO) reported third quarter 2026 net income of $1,750 million, down 25% from $2,330 million, and diluted EPS of $2.38, down 24% from $3.14. Reported ROE was 8.4% versus 11.6%, mainly reflecting a $962 million after-tax goodwill-related charge tied to the announced sale of the Transportation Finance and Vendor Finance businesses.
On an adjusted basis, net income rose 19% to $2,859 million, with adjusted EPS up 22% to $3.96 and adjusted ROE of 14.0% versus 12.0%. Provision for credit losses was $722 million, down from $797 million, and the CET1 ratio was 13.0%. BMO declared a fourth quarter 2026 dividend of $1.71 per common share (annualized $6.84), up $0.08 or 5% year-over-year, repurchased 3.8 million common shares at an average of $239.37 under its NCIB, and announced its intention to establish a new NCIB for up to 25 million common shares, subject to regulatory and exchange approvals.
Bank of Montreal /CAN/ filed a quarterly Form 13F as an institutional investment manager, reporting that it is submitting a 13F holdings report covering all of its reportable positions. The filing aggregates holdings managed across 12 other included managers, with a total of 14,271 reportable positions and an aggregate reported market value of $303,651,028,288 as of the reporting period. The report is signed by Managing Director Kathryn Cenac on behalf of the firm.
BMO Financial Group and Royal Bank of Canada agreed to sell their jointly owned subsidiary Moneris Solutions Corporation, a Canadian commerce solutions provider, to Francisco Partners for cash consideration of approximately $2.0 billion, with BMO entitled to 50% of the proceeds. At closing, BMO and RBC will enter into new exclusive, long-term customer referral arrangements with Moneris, maintaining distribution and client connectivity.
BMO expects to record a gain of approximately $600 million after-tax ($620 million pre-tax), recognized in Non-Interest Revenue in Corporate Services as an adjusting itemcommon equity Tier 1 (CET1) ratio by approximately 15 bps, while not having a significant impact on future run-rate earnings. Closing is targeted by the end of the first quarter of fiscal 2027, subject to customary closing conditions and required regulatory approvals.
BMO notes Moneris’ 25-year history and scale, serving more than 325,000 points of commerce in Canada, and highlights Francisco Partners’ experience in financial technology and payments. BMO Financial Group reports total assets of $1.5 trillion as of April 30, 2026.
Bank of Montreal is offering US$357,000 of Senior Medium-Term Notes, Series K, Step Down Autocallable Barrier Notes with Step Up Call Amount due July 18, 2031, linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes are issued at 100% of principal, with a 5.00% selling commission and an estimated initial value of $879.37 per $1,000, reflecting structuring and hedging costs.
Beginning July 19, 2027, the notes are automatically redeemable quarterly if the index is at or above its Call Level (100% of the Initial Level), paying back principal plus a fixed Call Amount (from $177 on the first observation up to $885 on the final observation) per $1,000 note. If never called, at maturity investors receive $1,000 per note if no Trigger Event occurs; if the final index level is below the Trigger Level of 2,602.10 (60% of the Initial Level 4,336.84), repayment is reduced one-for-one with index losses, potentially to zero.
The MQUSLVA is a rules-based index providing leveraged, volatility-targeted exposure to E-mini S&P 500 futures, subject to a 35% volatility target and a 6% per annum daily deduction. The notes are unsecured obligations of Bank of Montreal and are not insured by any government agency. The issuer highlights significant structural, market, index methodology and tax risks, and notes that back-tested and pre-methodology-change performance of the index may not indicate future results.
Bank of Montreal is offering US$9,523,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of NVIDIA Corporation. The notes are issued at 100% of principal, with a 2.00% agent’s commission and proceeds to Bank of Montreal of 98.00% of principal.
The notes pay a contingent coupon of 4.8125% per quarter (approximately 19.25% per annum), or $48.125 per $1,000, only if on an Observation Date NVIDIA’s share price is at or above the Coupon Barrier Level of $159.38, which is also the Trigger Level, both set at 75.00% of the Initial Level of $212.50. Beginning September 30, 2026, if NVIDIA’s share price on an Observation Date is above the Call Level of 100.00% of the Initial Level, the notes are automatically redeemed at par plus the applicable contingent coupon.
If the notes are not called, holders receive at maturity $1,000 per $1,000 principal so long as the Final Level is at or above the Trigger Level. If a Trigger Event occurs (Final Level below $159.38), investors are exposed one-for-one to downside in NVIDIA via the formula $1,000 + ($1,000 × Percentage Change), which can result in a substantial loss of principal, up to a total loss. The estimated initial value is $968.06 per $1,000, reflecting dealer costs and hedging, and the notes are unsecured obligations with no FDIC or CDIC insurance.
Bank of Montreal is offering US$1,293,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due January 22, 2029, linked to the common stock of Sandisk Corporation. Investors pay 100% of principal, while Bank of Montreal receives 95.75% after a 4.25% agent’s commission.
The notes pay a contingent coupon of 3.0417% per month (if payable), when Sandisk’s closing level on an Observation Date is at or above the coupon barrier of $807.50, equal to 50% of the $1,615.00 Initial Level, with missed coupons potentially recovered under the Memory Coupon Feature. Starting October 19, 2026, the notes are automatically redeemed if the stock closes above the call level of $1,292.00 (80% of the Initial Level), returning principal plus any due coupons.
If not called, and a Trigger Event occurs because the Final Level is below the $807.50 Trigger Level, investors receive Sandisk shares (or cash) equal to the Physical Delivery Amount instead of full principal, exposing them to downside in the stock. The estimated initial value is $918.39 per $1,000 principal, below the issue price, reflecting fees and hedging costs.
Bank of Montreal is offering US$668,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due July 20, 2029, linked to the common stock of Intel Corporation. The Initial Level is $102.99, with both the Coupon Barrier Level and Trigger Level at $51.50, 50.00% of the Initial Level.
The notes pay a contingent coupon at 5.30% per quarter (approximately 21.20% per annum), or $53.00 per $1,000 principal, only if the Observation Date closing level is at or above the Coupon Barrier Level; unpaid coupons may be recovered later under the Memory Coupon Feature. Starting January 14, 2027, the notes are automatically redeemed if the Reference Asset closes above the Call Level, equal to 100.00% of the Initial Level, returning principal plus any due coupons.
If not called, at maturity investors receive $1,000 per $1,000 principal so long as no Trigger Event occurs. If the Final Level is below the Trigger Level, repayment equals $1,000 + ($1,000 × Percentage Change), which can be substantially less than principal and may be zero. The estimated initial value is $913.60 per $1,000 principal, reflecting structuring and hedging costs.
Bank of Montreal is offering US$5,723,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of Amazon.com, Inc.
The notes pay a 3.85% quarterly Contingent Coupon (approximately 15.40% per annum), or $38.50 per $1,000, only if on each Observation Date Amazon’s share price is at or above the Coupon Barrier Level of $191.22, which is 75% of the Initial Level of $254.96. The notes are automatically redeemed if the stock is at or above the Initial Level on an Observation Date, repaying principal plus the due coupon.
If not called and no Trigger Event occurs, investors receive $1,000 per $1,000 note at maturity plus any final coupon. If a Trigger Event occurs (Final Level below $191.22), the maturity payment is $1,000 + ($1,000 × Percentage Change), exposing principal to losses down to zero. The notes are unsecured obligations of Bank of Montreal, sold at 100% of principal with a 2.00% agent’s commission and an estimated initial value of $972.54 per $1,000.
Bank of Montreal is offering US$11,231,000 of Senior Medium‑Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due July 20, 2029, linked to the least performing of the S&P 500 Index, NASDAQ‑100 Index and Russell 2000 Index. The notes are unsecured obligations.
The notes pay a contingent coupon of 2.4475% per quarter (about 9.79% per year), or $24.475 per $1,000, only if on each Observation Date all three indices are at or above their respective Coupon Barrier Levels, set at 70% of initial levels (SPX 5,300.68; NDX 20,651.82; RTY 2,083.381). Beginning January 14, 2027, if on an Observation Date all indices are at or above 100% of their initial levels (Call Levels), the notes are automatically redeemed at par plus the applicable coupon.
If not called, at maturity investors receive $1,000 per note provided no Trigger Event occurs. A Trigger Event occurs if, on the Valuation Date, any index finishes below its Trigger Level (also 70% of its initial level). In that case, principal is reduced in line with the percentage decline of the least performing index, down to zero in a worst‑case scenario. The estimated initial value is $972.45 per $1,000, below the issue price.
Bank of Montreal is issuing US$2,161,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of PayPal Holdings, Inc. The notes pay a contingent coupon of 4.825% per quarter (about 19.30% per year), or $48.25 per $1,000 in principal, only if on an Observation Date PayPal’s share price is at or above the Coupon Barrier Level of $41.64, which is 75.00% of the Initial Level of $55.52.
Starting September 30, 2026, if on any Observation Date the share price is above the Call Level of 100% of the Initial Level, the notes are automatically redeemed at par plus the applicable coupon. If not called, and PayPal’s Final Level is at or above the Trigger Level of $41.64, investors receive full principal at maturity plus any final contingent coupon. If the Final Level is below the Trigger Level, repayment is reduced by the Percentage Change in the stock and can fall to zero. The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance corporation, and have an estimated initial value of $1,027.62 per $1,000 in principal on the pricing date.