BMO Q1 2009 Earnings

Scotia Capital, 4 March 2009Q1/09 Underlying Earnings Strong� Bank of Montreal (BMO) reported cash operating earnings of $1.09 per share versus $1.21 per share a year earlier. Operating ROE was 13.6%.� Earnings were less than our estimate due to extremely high loan losses at 0.89% of loans, $0.09 per share drag versus our estimate, and securities losses of $0.11 per share. Underlying earnings