Return on tangible common equity (ROTCE) and adjusted ROTCE were both 11.1% in the current quarter, compared with 15.8% on both a reported and an adjusted basis in the prior year.Concurrent with the release of results, BMO announced a fourth quarter 2020 dividend of The extent to which the COVID-19 pandemic impacts our business, results of operations, reputation and financial performance and condition, including our regulatory capital and liquidity ratios, and credit ratings, as well as its impact on our customers, competitors and trading exposures, and the potential for loss from higher credit, counterparty and mark-to-market losses, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope, severity and duration of the pandemic and actions taken by governmental and regulatory authorities, which could vary by country, and other third parties in response to the pandemic. "This quarter, we continued to deliver on our commitment to expense management, a critical and appropriate lever in the current environment. EPS is calculated using net income after deducting total dividends on preferred shares and distributions payable on other equity instruments.On a basis that nets insurance claims, commissions and changes in policy benefit liabilities (CCPB) against insurance revenue.Note: All ratios and percentage changes in this document are based on unrounded numbers. They are also presented on an adjusted basis that excludes the impact of certain items. TORONTO, Aug. 25, 2020 /CNW/ - For the third quarter ended July 31, 2020, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $1,232 million or $1.81 per share on a reported basis, and net income of $1,259 million or $1.85 per share on an adjusted basis.
The uncertainty created by the COVID-19 pandemic has heightened this risk given the increased challenge in making assumptions, predictions, forecasts, conclusions or projections. Please refer to the Economic Review and Outlook and the Allowance for Credit Losses sections in our Third Quarter 2020 Report to Shareholders.A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. BMO Financial Group Reports Third Quarter 2020 Results August 25, 2020. The COVID-19 pandemic may also impact our ability to achieve, or the timing to achieve, certain previously announced targets, goals and objectives.
Concurrent with the release of results, BMO announced a third quarter 2020 dividend of $1.06 per common share, unchanged from the prior quarter and up $0.03 per share or 3% from the prior year. Expenses declined 2% from the prior quarter and year-over-year. We produced adjusted earnings per share of "We entered the COVID-19 pandemic with momentum and in a position of strength and we have served our communities with consistent, safe and uninterrupted access to banking services and personalized financial advice. Market Watch As of . Reported net income of Return on equity (ROE) was 9.4%, compared with 13.2% in the prior year, and adjusted ROE was 9.6%, compared with 13.5% in the prior year. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law.The forward-looking information contained in this document is presented for the purpose of assisting our shareholders in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Economic Developments and Outlook section on page 18 of BMO's 2019 Annual Report and updated in the Economic Review and Outlook section of our Third Quarter 2020 Report to Shareholders, as well as in the Allowance for Credit Losses section of our Third Quarter 2020 Report to Shareholders.
In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy. Insurance claims, commissions and changes in policy benefit liabilities (CCPB) Amortization of acquisition-related intangible assets (3)Adjusting items included in reported pre-tax incomeAmortization of acquisition-related intangible assets (3)Adjusting items included in reported net income after taxInsurance claims, commissions and changes in policy benefit liabilities (CCPB) Adjusting items are generally included in Corporate Services, with the exception of the amortization of acquisition-related intangible assets and certain acquisition integration costs, which are charged to the operating groups.KGS–Alpha and Clearpool acquisition integration costs are reported in BMO Capital Markets.
Other factors and risks could adversely affect our results. Acquisition integration costs are recorded in non-interest expense.These amounts were charged to the non-interest expense of the operating groups. Concurrent with the release of results, BMO announced a fourth quarter 2020 dividend of $1.06 per common share, unchanged from the prior quarter and up $0.03 per share or 3% from the prior year. Quarterly Information .
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