BMO Q3 2009 Earnings

TD Securities, 26 August 2009Looking for a C$1.00 run rate; modest ROE. There were a few gives/takes on the quarter (see Exhibit 5). We are increasingly reluctant to look through general reserves here (given we are in the midst of a credit downturn, and coverage ratios at BMO are thin). We see Q3/09 at C$0.95 and remain comfortable with our C$4.00 number for 2010. However, this still implies a