Bank of Montreal - Trading Statement
September 17 1998 - 4:09AM
UK Regulatory
RNS No 0981n
BANK OF MONTREAL
16th September 1998
Bank of Montreal Reports Trading Results for 4th Quarter To Date
TORONTO, September 16, 1998 - Bank of Montreal announced today that for the
fourth quarter to date it has incurred net trading losses of approximately $80
million after tax. These losses were a result of recent volatility in global
financial markets and a contraction of liquidity in corporate debt markets. In
the first three quarters of the current year, net trading revenue of $167
million after tax was earned.
The trading losses occurred primarily in the Bank's North American corporate
debt securities portfolios which, on a marked to market basis, are currently
valued at approximately $600 million (Canadian).
Bank of Montreal reported net income of $1.116 billion through the first nine
months of the year and had total assets of $229.3 billion as at July 31, 1998.
Bank of Montreal, Canada's first bank, is a highly diversified financial
services institution. The Bank's group of companies include Nesbitt Burns, one
of Canada's largest full-service investment firms, Chicago-based Harris Bank, a
major U.S. mid-west financial institution, and mbanx, the first North
American-wide virtual banking unit. Bank of Montreal has an equity position in,
and an alliance with, Grupo Financiero Bancomer, a leading Mexican financial
institution.
Media Relations Contacts: Investor Relations Contact:
Lynne Kilpatrick, Toronto, (416) 927-2303 David Brennan, (416) 867-5452
Lucie Gosselin, Montreal, (514) 877-8224
Internet: http://www.bmo.com
END
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