BMO Financial Group Reports Solid Results for the Second Quarter of 2013
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/29/13 -- BMO Financial Group (TSX: BMO)(NYSE: BMO) and Bank of Montreal -
Financial Results Highlights:
Second Quarter 2013 Compared with Second Quarter 2012:
Year-to-Date 2013 Compared with Year-to-Date 2012:
For the second quarter ended April 30, 2013, BMO Financial Group reported net income of $975 million or $1.42 per share on a reported basis and net income of $997 million or $1.46 per share on an adjusted basis.
"BMO's second quarter reflects solid operating performance," said Bill Downe, President and Chief Executive Officer, BMO Financial Group. "Our wealth, capital markets, and U.S. personal and commercial banking businesses each had a good quarter. We saw continuing volume growth in Canadian personal and commercial lending as a result of new business opened. P&C Canada is taking share and is confident in its ability to convert new customers into multi-product relationships.
"We continue to have strong performance in commercial banking. The core U.S. commercial and industrial portfolio is up 17 per cent year over year, marking the sixth quarter of sequential growth. In Canada, where we have the number two market share in small and medium-sized commercial loans, both commercial loan and deposit balances increased 12 per cent year over year.
"Management's focus on organizational efficiency is a multi-year commitment. Our first priority is sustainable revenue growth - and the disciplined management of expense is an ongoing dimension of profitable growth. Our strong capital position continues to give us flexibility. During the quarter, our Basel III Common Equity Tier 1 Ratio increased, while we also purchased four million shares under our normal course issuer bid.
"Looking forward, we have an advantaged business mix and are well-positioned for the current environment given our footprint in an improving U.S. Midwest economy, combined with our strength in commercial banking, capital markets and wealth. These are important differentiators. At the same time, we continue to focus on what's necessary to support future growth, and are confident that the value we create for customers will translate into financial performance for the bank," concluded Mr. Downe.
Concurrent with the release of results, BMO announced a third quarter 2013 dividend of $0.74 per common share, unchanged from the preceding quarter and up $0.04 per share from a year ago, equivalent to an annual dividend of $2.96 per common share.
Our strong capital ratios enabled us to initiate a normal course issuer bid. During the second quarter, we repurchased four million common shares under our share repurchase program.
Our complete Second Quarter 2013 Report to Shareholders, including our unaudited interim consolidated financial statements for the period ended April 30, 2013, is available online at and at .
Operating Segment Overview
P&C Canada
Net income was $430 million, little changed from $433 million a year ago. Revenue was consistent with the prior year as the effects of strong volume growth across most products were offset by the impact of lower net interest margin. Expenses were up 3% due to continued investment in the business, including higher employee-related costs with increases in front-line resources across a number of roles. We expanded our branch network by opening or upgrading 18 locations across the country.
The successful execution of our strategy is resulting in strong loan growth and commercial deposit growth, positioning us well for revenue growth in an improving interest rate environment. This, combined with our continued focus on reducing costs through process simplification, will drive future net income growth.
Our focus on making money make sense for our customers, and offering simplified and innovative products and exceptional customer service has resulted in customer loyalty scores that continue to be top-tier, as measured by net promoter score. These strong customer loyalty scores are being translated into strong balance sheet growth with year-over-year loan growth of 10% and deposit growth of 7%. We have also seen an increase in the average number of products held by our customers.
In personal banking, strong lending and deposit balance growth continues. Our investment campaign was a success with strong mutual fund growth and good growth in tax-free savings account balances. We are generating positive early results from the launch of our Spring Home Financing campaign.
In commercial banking, we continue to rank second in Canadian business banking loan market share for small and medium-sized loans due to our focus on offering the integrated products, services and advice that our diverse commercial customer base needs. Our commercial loan and deposit growth continues to show good momentum with year-over-year growth of 12%. Recently, BMO was awarded a seven-year contract to provide a corporate card travel, payment and expense management program for the Government of Canada. This quarter, we also completed the acquisition of the assets of Aver Media LP, a leading private Canadian-based film and TV media lending company.
P&C U.S. (all amounts in US$)
Net income of $152 million increased $9 million or 6% from $143 million in the second quarter a year ago. Adjusted net income was $163 million, an increase of $5 million or 3% from a year ago due to reduced expenses and lower provisions for credit losses. Revenue was 4% lower as the effects of increased commercial lending fees and strong commercial loan growth were more than offset by reductions in certain loan portfolios, net interest margin and deposit fees.
Total loans continued to grow, with year-over-year and sequential increases in average loans, led by continued strong growth in the core commercial and industrial (C&I) loan portfolio. The core C&I portfolio increased by $3.3 billion or 17% from a year ago.
Deposits remained steady with minimal change on a sequential and year-over-year basis.
We continue to support increased home ownership of quality affordable housing in our local communities. During the quarter, we announced our Affordable Housing Grant Program to help put new home purchases or refinancings within reach of our customers. The program offers up to $2,000 to be used towards a down payment or the closing costs on the purchase or refinancing of a primary home.
Private Client Group
Net income was $141 million, down $6 million or 4% from a year ago. Adjusted net income was $148 million, down $5 million or 3% from a year ago. Adjusted net income in Private Client Group (PCG), excluding Insurance, was $114 million, up $13 million or 14% from a year ago. Results reflect higher revenue, driven by growth in new client assets and market appreciation, and a continued focus on productivity. Adjusted net income in Insurance was $34 million, down $18 million or 34% from a year ago. The decrease was due to the $34 million after-tax impact of a decline in long-term interest rates in the current quarter relative to a modest gain a year ago.
Assets under management and administration grew by $57 billion or 12% from a year ago to $522 billion, driven by growth in new client assets and market appreciation.
The BMO Funds U.S. was recently ranked among the Best U.S. Mutual Fund Families of 2012 according to Barron's annual survey. Our U.S. mutual fund family has now surpassed $10 billion in assets under management.
BMO Asset Management Inc. introduced seven new Exchange Traded Funds, increasing its fund line-up to 55 offerings. These innovative new ETFs are designed to help investors construct their portfolios more effectively and, with additional U.S. dollar offerings, investors now have more choice than ever before.
For the third consecutive year, Global Banking and Finance Review named BMO Harris Private Banking the Best Private Bank in Canada, citing its leadership in providing excellent wealth management solutions, access to comprehensive investment solutions and commitment to improved quality.
Harris myCFO won two awards, after being short-listed in four different categories, at the 2013 Private Asset Management Awards.
BMO Capital Markets
Net income was $275 million, up $42 million or 18% from the prior year. There was stronger revenue performance from our Trading Products business, most notably from interest rate activities. We also saw higher corporate banking revenue from our Investment and Corporate Banking business.
During the quarter we earned a number of awards, recognizing our commitment to focusing on clients. BMO Capital Markets was named Canada's Best Investment Bank for the third time and World's Best Metals and Mining Investment Bank for the fourth consecutive year by Global Finance.
BMO Capital Markets participated in 129 new issues in the quarter including 41 corporate debt deals, 28 government debt deals, 51 common equity transactions and nine issues of preferred shares, raising $52 billion.
Corporate Services
Corporate Services net loss for the quarter was $26 million, compared with net income of $73 million a year ago. On an adjusted basis, the net loss was $26 million, compared with net income of $3 million a year ago. The decrease in reported results was significantly larger than the decrease in adjusted results primarily due to high revenues from run-off structured credit activities in reported results a year ago. Adjusting items are detailed in the Adjusted Net Income section and in the Non-GAAP Measures section. Corporate Services adjusted results were lower than a year ago due to lower revenues, partially offset by reduced expenses.
Adjusted Net Income
Adjusted net income was $997 million for the second quarter of 2013, up $15 million or 2% from a year ago. Adjusted earnings per share were $1.46, up 1% from $1.44 a year ago.
Management has designated certain amounts as adjusting items and has adjusted GAAP results so that we can discuss and present financial results without the effects of adjusting items to facilitate understanding of business performance and related trends. Management assesses performance on a GAAP basis and on an adjusted basis and considers both to be useful in the assessment of underlying business performance. Presenting results on both bases provides readers with a better understanding of how management assesses results. Adjusted results and measures are non-GAAP and, together with items excluded in determining adjusted results, are disclosed in more detail in the Non-GAAP Measures section, along with comments on the uses and limitations of such measures.
Items excluded from second quarter 2013 results in the determination of adjusted results totalled $22 million of net loss or $0.04 per share and were comprised of:
All of the above adjusting items were recorded in Corporate Services except the amortization of acquisition-related intangible assets, which is charged to the operating groups.
The impact of adjusting items for comparative periods is summarized in the Non-GAAP Measures section.
Caution
The foregoing sections contain forward-looking statements. Please see the Caution Regarding Forward-Looking Statements that follows.
The foregoing sections contain adjusted results and measures, which are non-GAAP. Please see the Non-GAAP Measures section.
Management's Discussion and Analysis
Management's Discussion and Analysis (MD&A) commentary is as of May 29, 2013. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from financial statements prepared in accordance with International Financial Reporting Standards (IFRS). References to GAAP mean IFRS, unless indicated otherwise. The MD&A should be read in conjunction with the unaudited interim consolidated financial statements for the period ended April 30, 2013, as well as the audited consolidated financial statements for the year ended October 31, 2012, and Management's Discussion and Analysis for fiscal 2012. The material that precedes this section comprises part of this MD&A.
The annual MD&A includes a comprehensive discussion of our businesses, strategies and objectives, and can be accessed on our website at . Readers are also encouraged to visit the site to view other quarterly financial information.
Caution Regarding Forward-Looking Statements
Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2013 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, and the results of or outlook for our operations or for the Canadian and U.S. economies.
By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; weak, volatile or illiquid capital and/or credit markets; interest rate and currency value fluctuations; changes in monetary, fiscal or economic policy; the degree of competition in the geographic and business areas in which we operate; changes in laws or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance; judicial or regulatory proceedings; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to execute our strategic plans and to complete and integrate acquisitions; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks; changes to our credit ratings; general political conditions; global capital markets activities; the possible effects on our business of war or terrorist activities; disease or illness that affects local, national or international economies; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; technological changes; and our ability to anticipate and effectively manage risks associated with all of the foregoing factors.
We caution that the foregoing list is not exhaustive of all possible factors. Other factors could adversely affect our results. For more information, please see the discussion below, which outlines in detail certain key factors that may affect Bank of Montreal's future results. When relying on forward-looking statements to make decisions with respect to Bank of Montreal, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Bank of Montreal does 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.
Effective the first quarter of 2013, our regulatory capital, risk-weighted assets and regulatory capital ratios have been calculated pursuant to the Capital Adequacy Requirement (CAR) Guideline released by the Office of the Superintendent of Financial Institutions (OSFI) in December 2012 to implement the Basel III Accord in Canada. When calculating the pro-forma impact of Basel III on our regulatory capital (including capital deductions and qualifying and grandfathered ineligible capital), risk-weighted assets and regulatory capital ratios in prior periods, we assumed that our interpretation of OSFI's draft implementation guideline of rules and amendments announced by the Basel Committee on Banking Supervision (BCBS), and our models used to assess those requirements, were consistent with the final requirements that would be promulgated by OSFI. We have not recalculated our pro-forma Basel III regulatory capital, risk-weighted assets or capital ratios based on the CAR Guideline and references to Basel III pro-forma items refer to these items as previously estimated.
Assumptions about the level of asset sales, expected asset sale prices, net funding cost, credit quality, risk of default and losses on default of the underlying assets of the structured investment vehicle were material factors we considered when establishing our expectations regarding the structured investment vehicle, including the adequacy of first-loss protection. Key assumptions included that assets will continue to be sold with a view to reducing the size of the structured investment vehicle, under various asset price scenarios, and that the level of default and losses will be consistent with the credit quality of the underlying assets and our current expectations regarding continuing difficult market conditions.
Assumptions about the level of default and losses on default were material factors we considered when establishing our expectations regarding the future performance of the transactions into which our credit protection vehicle has entered. Among the key assumptions were that the level of default and losses on default will be consistent with historical experience. Material factors that were taken into account when establishing our expectations regarding the future risk of credit losses in our credit protection vehicle and risk of loss to Bank of Montreal included industry diversification in the portfolio, initial credit quality by portfolio, the first-loss protection incorporated into the structure and the hedges into which Bank of Montreal has entered.
Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, both broadly and in the financial services sector, we primarily consider historical economic data provided by the Canadian and U.S. governments and their agencies. See the Economic Review and Outlook section of this interim MD&A.
Economic Review and Outlook
The Canadian economy continues to grow modestly, held back by a strong currency, slowing household credit and fiscal policy restraint. Tighter mortgage rules have restrained activity in the housing market, while weak global demand is holding back exports. Although consumer spending and housing activity are expected to grow modestly in 2013, exports should improve as U.S. demand picks up. Business investment is expected to remain healthy, given low commercial real estate vacancy rates and ongoing development of natural resources. Strength in business loan growth should partly offset a slowing in consumer loans and residential mortgages. GDP growth is expected to increase from 1.6% in 2013 to 2.3% in 2014. The unemployment rate is projected to fall to 6.7% in 2014, below the average of the past decade. The Canadian dollar is expected to trade near parity with the U.S. dollar, supported by interest rates that are higher in Canada than in the U.S. The strong currency, together with continued low inflation, should encourage the central bank to keep overnight lending rates at 1% well into next year.
The U.S. economy continues to grow moderately, supported by a pickup in consumer spending, strength in residential construction and continued growth in business investment. A reduction in federal government spending likely slowed economic growth in the second quarter; however, improved household finances, the continued housing market recovery and pent-up demand for motor vehicles should lead to stronger growth in the second half of the year. The shale-energy renaissance will continue to support economic activity in a number of states including North Dakota, Texas and Pennsylvania. GDP growth is projected to increase from 2.2% in 2013 to 3.2% in 2014. The unemployment rate is expected to decline from 7.4% in 2013 to 6.7% in 2014, the lowest rate in five years. Nonetheless, the Federal Reserve is expected to maintain a near-zero interest-rate policy for two more years, while continuing to purchase fixed-income securities in 2013 to hold down long-term interest rates.
The U.S. Midwest economy is growing in line with the national average, supported by rising automotive production and, indirectly, the resurgent energy sector. The Midwest economy is expected to strengthen this year as the housing recovery progresses and the agricultural industry rebounds from last year's drought. In addition, an expected pickup in global demand should support manufacturing.
This Economic Review and Outlook section contains forward-looking statements. Please see the Caution Regarding Forward-Looking Statements.
Other Value Measures
BMO's average annual total shareholder returns for the one-year, three-year and five-year periods ending April 30, 2013, were 13.0%, 4.9% and 10.5%, respectively.
Foreign Exchange
The Canadian dollar equivalents of BMO's U.S.-dollar-denominated net income, revenues, expenses, provisions for credit losses and income taxes were increased relative to the first quarter of 2013, the second quarter of 2012 and the current year to date by the strengthening of the U.S. dollar. The average Canadian/U.S. dollar exchange rate for the quarter, expressed in terms of the Canadian dollar cost of a U.S. dollar, increased by 2.7% from a year ago and 2.3% from the average of the first quarter. The average rate for the year to date was essentially unchanged from a year ago. The following table indicates the relevant average Canadian/U.S. dollar exchange rates and the impact of changes in the rates.
Net Income
Q2 2013 vs Q2 2012
Net income was $975 million for the second quarter of 2013, down $53 million or 5% from a year ago. Earnings per share were $1.42, down 6% from $1.51 a year ago.
Adjusted net income was $997 million, up $15 million or 2% from a year ago. Adjusted earnings per share were $1.46, up 1% from $1.44 a year ago. Adjusted results and items excluded in determining adjusted results are disclosed in detail in the preceding Adjusted Net Income section and in the Non-GAAP Measures section, together with comments on the uses and limitations of such measures.
On an adjusted basis, there were modest increases in revenue and expense, and reduced provisions for credit losses. There was strong growth in BMO Capital Markets, with a significant increase in revenue from interest rate activities, as well as higher corporate banking revenue. PCG, excluding Insurance, posted strong results with net income up 14% due to growth in new client assets and market appreciation, and a continued focus on productivity. PCG's overall results were lower due to the impact of a decline in long-term interest rates that lowered Insurance revenues. P&C U.S. adjusted net income also improved from a year ago, due to the benefits of reduced expenses and lower provisions for credit losses. P&C Canada net income was lower with the effects of strong volume growth across most products and lower provisions for credit losses being offset by the impact of reduced net interest margin. Corporate Services adjusted results were lower than a year ago due to lower revenues, partially offset by reduced expenses.
Q2 2013 vs Q1 2013
Net income decreased $73 million or 7% from a strong first quarter, and earnings per share decreased $0.11 or 7%. Adjusted net income decreased $44 million or 4% and adjusted earnings per share decreased $0.06 or 4%.
Results were lower than in the first quarter primarily due to lower revenue, partially mitigated by reduced expenses. Revenue decreased as a result of three fewer days in the current quarter and lower BMO Capital Markets revenue, compared to the levels of a very strong first quarter. P&C Canada net income decreased due to the impact of fewer days in the current quarter and higher provisions for credit losses. P&C U.S. adjusted net income decreased from a very strong first quarter that reflected high revenue on sales of newly originated mortgages and commercial lending fees, due to customers' response to anticipated U.S. tax changes that accelerated commercial borrowing, as well as high credit recoveries. Results in the current quarter were lowered by the impact of three fewer days. PCG results were lowered by the unfavourable impact of a decline in long-term interest rates relative to the prior quarter but increased, excluding Insurance, due to higher revenues from fee-based products and increased brokerage transactions. BMO Capital Markets net income was lower due to very strong first quarter investment banking revenue, primarily merger and acquisition fees. Corporate Services adjusted results improved due to reduced expenses, more favourable recoveries of credit losses on the M&I purchased credit impaired loan portfolio and higher revenues.
Q2 YTD 2013 vs Q2 YTD 2012
Net income decreased $114 million or 5% to $2,023 million. Earnings per share were $2.95, down $0.19 or 6% from a year ago. Adjusted net income increased $84 million or 4% to $2,038 million and adjusted earnings per share were $2.97, up $0.11 or 4% from a year ago. On an adjusted basis, there was strong growth in BMO Capital Markets and PCG, good growth in P&C U.S., and a more modest increase in P&C Canada. Adjusted net income in Corporate Services was lower relative to the same period a year ago.
This section contains adjusted results and measures which are non-GAAP. Please see the Non-GAAP Measures section.
Revenue
Total revenue of $3,944 million decreased $15 million from the second quarter last year. Adjusted revenue increased $32 million or 1% to $3,759 million. There was good growth in BMO Capital Markets, due to a significant increase in revenue from interest rate activities, as well as higher corporate banking revenue. There were also increases in PCG, as revenue growth in the wealth businesses was only partly offset by reduced Insurance revenue. P&C Canada revenues were consistent with the prior year as the effects of strong volume growth across most products were offset by the impact of lower net interest margin. P&C U.S. revenues decreased 4% on a U.S. dollar basis, as the effects of increased commercial lending fees and strong commercial loan growth were more than offset by reductions in certain loan portfolios, net interest margin and deposit fees. Corporate Services' adjusted revenues decreased, due to a higher taxable equivalent basis (teb) group offset in the current quarter and lower revenue from a variety of items, none of which were individually significant. The stronger U.S. dollar increased adjusted revenue growth by $28 million.
Revenue decreased $137 million or 3% from the first quarter. Adjusted revenue decreased $102 million or 3%. There were lower revenues in both P&C Canada and P&C U.S. due to fewer days in the second quarter as well as reduced margins. In the first quarter, P&C U.S. had high revenue on sales of newly originated mortgages and strong commercial lending fees. Revenue decreased in BMO Capital Markets, compared to very strong investment banking revenue, primarily merger and acquisition fees, in the first quarter. Revenue in PCG declined due to unfavourable movements in long-term interest rates relative to the first quarter. Adjusted revenues increased in Corporate Services from a variety of items, none of which were individually significant. The stronger U.S. dollar increased adjusted revenue growth by $24 million.
Revenue for the year to date decreased $51 million or 1% and adjusted revenue increased $150 million or 2%. There was growth in BMO Capital Markets, driven by increases in trading revenues and investment banking fees, and in PCG, due to higher revenues from fee-based products and recent acquisitions. P&C Canada revenues increased modestly, with the effects of higher balance and fee volumes across most products largely offset by the impact of lower net interest margin. There was a reduction in Corporate Services adjusted revenues, due to a higher group teb offset and lower revenue from a variety of items, none of which were individually significant. P&C U.S. revenue decreased moderately as the benefit of increased commercial loans and fees and higher gains on the sale of newly originated mortgages were more than offset by the effect of lower net interest margin. The stronger U.S. dollar increased adjusted revenue growth by $6 million.
Changes in net interest income and non-interest revenue are reviewed in the sections that follow.
This section contains adjusted results and measures, which are non-GAAP. Please see the Non-GAAP Measures section.
Net Interest Income
Net interest income decreased $22 million or 1% from a year ago to $2,098 million in the second quarter of 2013. Adjusted net interest income excludes amounts for the recognition of a portion of the credit mark on the M&I purchased performing loan portfolio. Adjusted net interest income decreased $46 million or 2% to $1,923 million.
Average earning assets in the second quarter of 2013 increased $25 billion or 5% relative to a year ago, including a $5 billion increase as a result of the stronger U.S. dollar. There was strong growth in P&C Canada and PCG, with moderate growth in P&C U.S. and BMO Capital Markets and a reduction in Corporate Services. P&C U.S. average earning assets increased US$0.9 billion or 2% primarily driven by strong commercial loan growth, partially offset by expected decreases in certain loan portfolios and personal loan balances.
Adjusted net interest margin decreased by 12 basis points to 1.64%. Changes are discussed in the Review of Operating Groups' Performance section.
Relative to the first quarter, net interest income decreased $118 million or 5%. Adjusted net interest income decreased $81 million or 4%, in part due to three fewer days in the current quarter. Adjusted net interest margin decreased 3 basis points.
Average earning assets increased $5 billion or 1% from the first quarter, of which $4 billion related to the stronger U.S. dollar. There were increases in each of the operating groups with a slight reduction in Corporate Services.
BMO's overall net interest margin decreased on a reported basis by 6 basis points from the first quarter.
Year to date, net interest income decreased $124 million or 3%. Adjusted net interest income decreased $134 million or 3% to $3,927 million, due to lower net interest margin.
Average earning assets for the year to date increased $26 billion or 6%, including a $1 billion increase as a result of a stronger U.S. dollar. There was strong growth in P&C Canada and PCG with moderate increases in the other operating groups, including P&C U.S., and a reduction in Corporate Services. P&C U.S. average earning assets increased by US$0.8 billion or 1% from the prior year primarily due to strong commercial loan growth, partially offset by expected decreases in certain loan portfolios and personal loan balances.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures.
Non-Interest Revenue
Non-interest revenue increased $7 million from the second quarter a year ago to $1,846 million. Adjusted non-interest revenue increased $78 million or 4% to $1,836 million. Adjusting items in non-interest revenue relate to the run-off of structured credit activities, which are reflected in trading revenues recorded in Corporate Services. There was an improvement in adjusted trading revenues, primarily due to increased revenue from interest rate activities. There was good growth in mutual fund revenues and lending fees. There were declines in Insurance revenues, primarily due to unfavourable movements in long-term interest rates, and underwriting and advisory fees, due to lower new issuance volumes in the current quarter and the closing of several particularly large advisory transactions in the prior year.
Relative to the first quarter, non-interest revenue decreased $19 million or 1%, and adjusted non-interest revenue decreased $21 million or 1%. Underwriting, lending and advisory fees declined from the high levels of the first quarter. Insurance revenues were appreciably lower, primarily due to unfavourable movements in long-term interest rates relative to the prior quarter. The above reductions were offset in part by increases in most other types of non-interest revenue.
Year to date, non-interest revenue increased $73 million or 2% to $3,711 million. Adjusted non-interest revenue increased $284 million or 8% to $3,693 million. There was strong growth in trading revenues, mutual fund revenues, lending fees including fees in the U.S. business, and underwriting and advisory fees.
Non-interest revenue is detailed in the unaudited interim consolidated financial statements.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
Non-Interest Expense
Non-interest expense increased $69 million or 3% from the second quarter a year ago to $2,568 million. Adjusted non-interest expense increased $45 million or 2% to $2,402 million primarily due to higher employee-related costs including higher revenue-based costs in select businesses, in line with revenue growth, increased operating costs due to recent acquisitions and select initiative spending. These factors were partially offset by savings from a continued focus on productivity. The stronger U.S. dollar increased adjusted expense growth by $21 million or 1%.
Relative to the first quarter, non-interest expense decreased $22 million or 1%. Adjusted non-interest expense decreased $62 million or 2%, primarily due to fewer days and employee compensation costs in respect of employees that are eligible to retire, which are expensed each year in the first quarter. These factors were partially offset by increased professional fees, and communication and premises costs. The stronger U.S. dollar increased adjusted expense growth by $18 million or 1%.
Year-over-year operating leverage on a reported basis was negative 3.2% and adjusted operating leverage was negative 1.0%. Adjusted quarter-over-quarter operating leverage was essentially break even.
Non-interest expense for the year to date increased $105 million or 2% to $5,158 million. Adjusted non-interest expense increased $131 million or 3% to $4,866 million, primarily due to higher employee-related costs including higher performance-based compensation, in line with higher revenues in select businesses. The stronger U.S. dollar increased adjusted expense growth by $6 million.
Non-interest expense is detailed in the unaudited interim consolidated financial statements.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
Risk Management
Our risk management practices and key measures have not changed significantly from those outlined on pages 75 to 92 of BMO's 2012 annual MD&A.
Provisions for Credit Losses
Q2 2013 vs Q2 2012
The provision for credit losses (PCL) was $145 million, a decrease of $50 million from the prior year. Adjusted PCL was $110 million, a decrease of $41 million. The majority of the decrease in adjusted PCL was due to lower provisions in P&C Canada and BMO Capital Markets.
P&C Canada provisions decreased by $13 million due to a decrease in provisions in the consumer portfolio. P&C U.S. provisions decreased by $5 million, primarily reflecting better credit quality across all retail portfolios, partially offset by higher provisions on commercial loans. In BMO Capital Markets, provisions declined by $25 million due to a combination of higher recoveries of previously written-off amounts, coupled with elevated provisions in the prior year primarily due to a single large account. Corporate Services provisions were relatively stable year over year.
Q2 2013 vs Q1 2013
The PCL of $145 million decreased $33 million from the prior quarter. Adjusted PCL of $110 million was up $14 million from the prior quarter mainly due to higher provisions in P&C Canada and P&C U.S., partially offset by higher recoveries related to the purchased credit impaired loan portfolio. Adjusting items this quarter included a $65 million specific provision on the M&I purchased performing loan portfolio and a $30 million reduction in the collective allowance, of which $8 million was related to the M&I purchased performing loan portfolio.
P&C Canada provisions increased by $26 million, with the bulk of the increase in the commercial portfolio, primarily due to a higher provision related to one account. P&C U.S. provisions increased by $23 million from the unusually low levels of the prior quarter, with the majority of the increase in the commercial portfolio, due to higher recoveries in the prior quarter. BMO Capital Markets recoveries decreased by $9 million, due to a large recovery related to a single account that was realized last quarter. Corporate Services adjusted provisions reflect a $48 million increase in recoveries related to the purchased credit impaired loan portfolio.
Impaired Loans
Total gross impaired loans were $2,848 million at the end of the current quarter, down from $2,912 million in the first quarter of 2013 and up slightly from $2,837 million a year ago. The stronger U.S. dollar raised gross impaired loans by $20 million relative to the first quarter of 2013 and $38 million relative to a year ago. Included in the amount above at the end of the quarter was $1,062 million of gross impaired loans related to acquired portfolios, of which $142 million is subject to a loss-sharing agreement with the Federal Deposit Insurance Corporation that expires in 2015 for commercial loans and in 2020 for retail loans.
Impaired loan formations (excluding the M&I purchased performing loan portfolio) totalled $347 million in the current quarter, down from $355 million in the first quarter of 2013 and $455 million a year ago. Impaired loan formations related to the M&I purchased performing loan portfolio were $248 million in the current quarter, compared with $275 million in the first quarter of 2013 and $444 million a year ago.
Real Estate Secured Lending
Residential mortgage and home equity line of credit (HELOC) exposures are areas of interest in the current environment. BMO regularly performs stress testing on its mortgage and HELOC portfolios to evaluate the potential impact of tail events. These stress tests incorporate moderate to severe adverse scenarios. The resulting credit losses vary depending on the severity of the scenario and are considered to be manageable.
In 2012 new residential real estate lending rules were introduced for federally regulated lenders in Canada including restrictions on loan-to-value (LTV) for revolving HELOCs, waiver of confirmation of income, debt service ratio maximums, as well as maximum amortization of 25 years and maximum home value of $1 million for high ratio insured mortgages (LTV greater than 80%). The regulatory changes resulted in some adjustments to loan underwriting practices including reducing the maximum LTV on revolving HELOCs to 65% from 80% previously.
Market Risk
Total Trading Value at Risk (VaR) decreased slightly over the quarter as a result of lower credit exposure in fixed income businesses and reduced foreign exchange exposures. The available-for-sale (AFS) VaR decrease was primarily the result of reduced asset holdings.
Total Trading Stressed VaR increased modestly with additional interest rate risk offset by reductions in both credit and foreign exchange exposures, broadly reflective of the changes in Total Trading VaR for the quarter.
There were no significant changes in our structural market risk management practices during the quarter. Structural Market Value Exposure (MVE) is driven by rising interest rates and primarily reflects a lower market value for fixed-rate loans. Structural Earnings Volatility (EV) is driven by falling interest rates and primarily reflects the risk of prime-based loans repricing at lower rates. MVE and economic value exposures under rising interest rate scenarios increased from the prior quarter primarily due to higher mortgage commitment volumes, increased customer preferences for fixed-rate mortgages and loans, and book capital growth. Changes from the prior quarter in EV and earnings exposures under falling interest rate scenarios were modest. BMO's market risk management practices and key measures are outlined on pages 82 to 86 of BMO's 2012 Annual Report.
Liquidity and Funding Risk
Liquidity and funding risk is managed under a robust management framework. There were no material changes in the framework during the quarter.
BMO's liquid assets are primarily held in our trading businesses and in supplemental liquidity pools that are maintained for contingency purposes. Liquid assets include high-quality assets that are marketable, can be pledged as security for borrowings and can be converted to cash in a time frame that meets our liquidity and funding requirements. As at April 30, 2013, BMO owned liquid assets were $176 billion, compared with $175 billion as at January 31, 2013. The slight increase in liquid assets from January 31, 2013, was primarily attributable to an increase in cash on deposit at central banks, partially offset by a decrease in securities. BMO's cash and securities as a percentage of total assets was 30.1% as at April 30, 2013, compared with 30.6% as at January 31, 2013.
Liquid assets are primarily held at the parent bank level, in our U.S. legal entity BMO Harris Bank and in BMO's broker/dealer operations in Canada and internationally. In some cases, a portion of those liquid assets have been pledged by certain entities to others in exchange for funding.
In the ordinary course of the bank's day-to-day business activities, BMO may pledge certain cash and security holdings as collateral to support its trading activities and participation in clearing and payment systems. In addition, BMO may receive highly liquid assets as collateral and may re-pledge these assets in exchange for cash or as collateral for trading activities. Net unencumbered liquid assets, defined as BMO owned cash and securities plus eligible collateral received less collateral encumbered, totalled $161 billion at April 30, 2013, compared with $159 billion at January 31, 2013. BMO may also pledge mortgage and loan assets to raise secured long-term funding.
Our funding philosophy requires that secured and unsecured wholesale funding used to support loans and less liquid assets be longer term (typically maturing in two to ten years) to better match the term to maturity for these assets. Wholesale secured and unsecured funding for liquid trading assets is generally shorter term (maturing in less than one year), aligned with the liquidity of the assets being funded, subject to haircuts applied to assets in order to reflect the potential for lower market values during times of market stress. Supplemental liquidity pools are funded with a mix of wholesale term funding to prudently balance the benefits of holding supplemental liquid assets against the cost of funding.
Diversification of our wholesale funding sources is an important part of our overall liquidity management strategy. During the second quarter, BMO issued $4.9 billion of wholesale term funding in Canada and internationally. Total wholesale term funding outstanding was $77.0 billion at April 30, 2013, compared with $74.6 billion at January 31, 2013. The increase was used to refinance upcoming wholesale term funding maturities and fund net asset growth. The bank expects to continue accessing the wholesale term funding markets in 2013, primarily to refinance wholesale term funding maturities and net asset growth that may occur over the course of the year.
BMO's liquidity and funding management practices and key measures are outlined on pages 86 to 88 of BMO's 2012 annual Report.
Credit Rating
The credit ratings assigned to BMO's short-term and senior long-term debt securities by external rating agencies are important in the raising of both capital and funding to support our business operations. Maintaining strong credit ratings allows us to access the capital markets at competitive pricing levels. Should our credit ratings experience a material downgrade, our cost of funds would likely increase significantly and our access to funding and capital through capital markets could be reduced. A material downgrade of our ratings could have other consequences, including those set out in Note 10 to the audited consolidated financial statements on page 143 of BMO's 2012 Annual Report.
The credit ratings assigned to BMO's senior debt by the rating agencies are indicative of high-grade, high-quality issues. The ratings are as follows: DBRS (AA); Fitch (AA-); Moody's (Aa3); and Standard & Poor's (S&P) (A+).
We are required to deliver collateral to certain counterparties in the event of a downgrade to our current credit risk rating. The incremental collateral required is based on mark-to-market exposure, collateral valuations and collateral threshold arrangements, as applicable. As at April 30, 2013, the bank would be required to provide additional collateral to counterparties totalling $0.8 billion and $1.1 billion under a one-notch and two-notch downgrade, respectively.
Insurance Risk
There were no significant changes in the risk management practices or risk levels of our insurance business during the quarter. BMO's insurance risk management practices are outlined on page 89 of BMO's 2012 Annual Report.
Information Management and Security Risk
As described in the Operational and Infrastructure Risks section of our annual MD&A, information security risks for financial institutions like BMO have increased in recent years. Our operations include online and mobile financial services that feature the secure processing, transmission and storage of confidential information. Given our use of the Internet and reliance on digital technologies, we face cyber security risks, which could include (i) information security risk such as threats of hacking, identity theft and corporate espionage; and (ii) denial of service risk such as threats targeted at causing system failure and service disruption. BMO maintains systems and procedures to prevent, monitor, react to and manage cyber security threats. It is possible that we, or those with whom we do business, may not anticipate or implement effective measures against all such security threats because the techniques used change frequently and can originate from a wide variety of sources, which have become increasingly sophisticated. In the event of such an occurrence, BMO may experience losses or reputational damage.
Derivative Transactions
As discussed in the Select Financial Instruments section, the Enhanced Disclosure Task Force has recommended enhanced disclosures in a numbers of areas including counterparty credit risk arising from derivative transactions. With limited exceptions, we utilize the International Swaps and Derivatives Association (ISDA) Master Agreement to document our contractual trading relationships for over-the-counter (OTC) derivatives with our counterparties. ISDA Master Agreements set out the legal framework and standard terms that apply to all the derivative transactions entered into bilaterally between the parties. In addition to providing "Events of Default" and "Termination Events", which can lead to the early termination of transactions prior to their maturity date, ISDA Master Agreements also contain rules for the calculation and netting of terminations values (also known as "Close-out Amounts") for transactions between counterparties to produce a single net aggregate amount payable by one party to the other.
Credit Support Annexes (CSAs) are commonly included with ISDA Master Agreements to provide for the exchange of collateral between the parties where one party's OTC derivatives exposure to the other party exceeds an agreed amount (Threshold). The purpose of collateralization is to mitigate counterparty credit risk. Collateral can be exchanged as initial margin and/or variation margin. CSAs outline, among other things, provisions setting out acceptable collateral types (e.g. government treasuries and cash) and how they will be valued (haircuts are often applied to the market values), as well as Thresholds, whether or not the collateral can be re-pledged by the recipient and how interest is calculated.
Caution
This Risk Management section contains forward-looking statements. Please see the Caution Regarding Forward-Looking Statements.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
Income Taxes
The provision for income taxes of $256 million increased $19 million from the second quarter of 2012 and decreased $9 million from the first quarter of 2013. The effective tax rate for the quarter was 20.8%, compared with 18.7% a year ago and 20.2% in the first quarter.
The adjusted provision for income taxes of $250 million increased $13 million from a year ago and decreased $10 million from the first quarter. The adjusted effective tax rate was 20.0% in the current quarter, compared with 19.5% in the second quarter of 2012 and 19.9% in the first quarter of 2013. The adjusted tax rate is computed using adjusted net income rather than net income in the determination of income subject to tax.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
Summary Quarterly Earnings Trends (Cont'd.)
BMO's quarterly earnings trends were reviewed in detail on pages 96 and 97 of BMO's 2012 annual MD&A. Readers are encouraged to refer to that review for a more complete discussion of trends and factors affecting past quarterly results including the modest impact of seasonal variations in results. Table 13 outlines summary results for the third quarter of fiscal 2011 through the second quarter of fiscal 2013.
Periodically, certain business lines and units within the business lines are transferred between client operating groups to more closely align BMO's organizational structure with its strategic priorities. Comparative figures have been restated to conform to the current presentation. In the first quarter of fiscal 2013, we commenced charging provisions for credit losses to the bank's operating groups based on actual credit losses incurred. Previously we had charged the groups with credit losses based on an expected loss provisioning methodology. Prior period results have been restated accordingly.
We have remained focused on embracing a culture that places the customer at the centre of everything we do. Economic conditions were at times challenging for some of our businesses in 2011 and 2012, but conditions have improved overall and quarterly adjusted results have generally trended higher over the past two years. In recent quarters, we have become more focused on improving our productivity.
P&C Canada volume growth remains strong across most products in both personal and commercial segments. Net income has generally trended higher. Excluding the effect of three fewer days in the most recent quarter, revenue grew moderately and expenses were lower than in the preceding quarter, with the continuing effects of good volume growth partially offset by the ongoing impact of net interest margin pressure in the low interest rate environment.
P&C U.S. results started to improve significantly late in the third quarter of 2011, due to the benefits of the M&I acquisition as well as increases in commercial loan balances, which had seen minimal growth since the economic downturn that started in 2007. P&C U.S. had very strong results in the first quarter of 2013. Net income has generally been stable to improving with good core commercial and industrial loan growth and lower expenses. Net interest margin has been declining, as expected.
PCG operating results have been strong in recent quarters. Quarterly results in PCG, excluding Insurance, have grown on a relatively consistent basis, driven by growth in client assets and a continued focus on productivity. Quarterly results in Insurance have been subject to variability.
BMO Capital Markets results in the first nine months of 2012 were good, but results in the final quarter of 2012 were stronger, due to increased revenues and a recovery of prior periods' income taxes. Strong results continued in the first two quarters of 2013, with very strong results in the first quarter in investment banking revenue, primarily merger and acquisition fees.
BMO's overall provisions for credit losses measured as a percentage of loans and acceptances continued to trend lower in recent quarters relative to 2012 and 2011. Adjusted provisions, which exclude provisions on the M&I purchased performing loan portfolio and changes in the collective allowance, were relatively consistent throughout 2012 and into the second quarter of 2013 and lower than in 2011, primarily due to recoveries of provisions on the M&I purchased credit impaired loan portfolio and an improvement in the U.S. credit environment.
Corporate Services quarterly net income can vary, in large part due to the inclusion of the adjusting items, which are largely recorded in Corporate Services. Adjusted results in Corporate Services were relatively steady in 2012 and better than in 2011. This was primarily due to a reduction in the adjusted provision for credit losses recorded in Corporate Services in 2012, reflecting the significant recoveries of provisions on the M&I purchased credit impaired loan portfolio. These recoveries can vary and reduced recoveries in the first quarter of 2013 together with lower revenues and increased expenses lowered Corporate Services results that quarter. These recoveries increased in the most recent quarter and, together with reduced expense, increased net income in the current quarter.
The U.S. dollar weakened in the first half of 2011 before strengthening in the fourth quarter and reaching a level close to parity. Movements in exchange rates in 2012 and for 2013 to date have been more subdued. A stronger U.S. dollar increases the translated value of U.S.-dollar-denominated revenues, expenses, provisions for credit losses, income taxes and net income.
The effective income tax rate can vary, as it depends on the timing of resolution of certain tax matters, recoveries of prior periods' income taxes and the relative proportion of earnings attributable to the different jurisdictions in which we operate. The adjusted effective rate was lower in 2012 than in 2011 due in large part to a 1.6 percentage point reduction in the statutory Canadian income tax rate in 2012 and higher recoveries of prior periods' income taxes. The rate has increased in 2013 due to reduced recoveries.
Caution
This Quarterly Earnings Trends section contains forward-looking statements. Please see the Caution Regarding Forward-Looking Statements.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
Balance Sheet
Total assets of $555.3 billion at April 30, 2013, increased $29.8 billion from October 31, 2012, including a $1.8 billion increase as a result of the stronger U.S. dollar. The increase primarily reflects growth in cash and cash equivalents and interest bearing deposits with banks of $18.4 billion, securities borrowed or purchased under resale agreements of $12.5 billion and net loans and acceptances of $9.7 billion, partly offset by a decrease in securities of $5.9 billion and remaining assets of a net $4.9 billion.
The $18.4 billion increase in cash and cash equivalents and interest bearing deposits with banks was primarily due to increased balances held with central banks.
The $12.5 billion increase in securities borrowed or purchased under resale agreements was mainly due to increased client-driven activities.
The $9.7 billion increase in net loans and acceptances was primarily due to an increase in loans to businesses and governments in both P&C Canada and P&C U.S. and an increase in residential mortgages, primarily in P&C Canada.
The $5.9 billion decrease in securities was mainly due to a decline in available-for-sale securities.
The $4.9 billion net decrease in the remaining assets was primarily related to a decline in derivative financial assets, primarily in interest rate contracts. There was a comparable decrease in derivative financial liabilities.
Liabilities and equity increased $29.8 billion from October 31, 2012. The change primarily reflects increases in deposits of $34.6 billion and shareholders' equity of $0.7 billion, partly offset by decreases in derivative financial liabilities of $4.7 billion. All remaining liabilities and equity decreased by a combined $0.8 billion.
The $34.6 billion increase in deposits was largely driven by a $26.6 billion increase in business and government deposits due to increased U.S. dollar deposits and wholesale funding issuances. Deposits by banks increased $4.4 billion, while deposits by individuals increased $3.6 billion.
Contractual obligations by year of maturity were outlined in Table 23 on page 113 of BMO's 2012 Annual Report. There have been no material changes to contractual obligations that are outside the ordinary course of our business. Note 19 to the unaudited interim consolidated financial statements provides further details on contractual maturities of assets and liabilities at the end of the quarter.
Capital Management
Second Quarter 2013 Regulatory Capital Review
BMO's Basel III capital position is strong, with a Common Equity Tier 1 (CET1) Ratio of 9.7% at April 30, 2013, up from 9.4% at the end of the preceding quarter and well in excess of the expectation of the Office of the Superintendent of Financial Institutions (OSFI) that banks attain a 7% target, as discussed in the following paragraph.
Effective the first quarter of 2013, regulatory capital requirements for BMO are determined on a Basel III basis. In 2013, the minimum required Basel III capital ratios are a 3.5% CET1 Ratio, 4.5% Tier 1 Ratio and 8% Total Capital Ratio, such ratios being calculated using a five year phase-in of regulatory adjustments and nine year phase-out of instruments that no longer qualify as regulatory capital under the Basel III rules. However, OSFI's guidance requires Canadian deposit-taking institutions to meet the 2019 Basel III capital requirements in 2013, other than the phase-out of non-qualifying capital (also referred to as the 'all-in' requirements), and expects them to attain a target Basel III CET1 Ratio of at least 7% (4.5% minimum plus 2.5% capital conservation buffer) by January 31, 2013. On March 26, 2013, OSFI announced that, effective 2016, BMO and five other "domestic systemically important banks" (D-SIBs) would each be required to hold an additional 1% CET1 buffer, in addition to the 2.5% capital conservation buffer, to reduce the probability of D-SIB failure.
The CET1 Ratio increased by approximately 30 basis points from the first quarter and by approximately 100 basis points from our pro-forma ratio at October 31, 2012, due to higher CET1 capital and lower risk-weighted assets (RWA), as described below.
CET1 capital at April 30, 2013, was $20.2 billion, up $0.3 billion from the first quarter and up $0.9 billion from the pro-forma CET1 capital estimate of $19.3 billion at October 31, 2012, due mainly to retained earnings growth and the issuance of common shares through the Shareholder Dividend Reinvestment and Share Purchase Plan (DRIP) and the exercise of stock options, partly offset by purchase and cancellation of common shares under the bank's share repurchase program.
The Basel III RWA of $208 billion at April 30, 2013, was down $3 billion from the first quarter, and was $14 billion lower than the Basel III pro-forma estimate of $222 billion at October 31, 2012. Compared to October 31, 2012, the decrease in RWA was due mainly to lower Credit Valuation Adjustment (CVA) RWA, lower risk in certain portfolios and better risk assessments.
The lower CVA RWA resulted from OSFI's decision, announced in December 2012, to delay the effective date for the imposition of the CVA risk capital charge until January 2014. The delay is intended to synchronize Canada's implementation of the CVA risk capital charge with Basel III implementation in the United States and European Union countries. This delay improved our CET1 Ratio at April 30, 2013, by approximately 35 basis points.
The bank's Basel III Tier 1 and Total Capital Ratios were 11.4% and 13.7%, respectively, at April 30, 2013, compared with 11.1% and 13.4%, respectively, in the first quarter and 10.5% and 12.9%, respectively, on a pro-forma basis at October 31, 2012. The ratios improved from the year end due to higher CET1 capital and lower RWA, as described above, partly offset by the phase-out of non-common instruments that do not meet OSFI's Basel III requirements, including the non-viability contingent capital requirements, and the redemption of $200 million Class B Preferred Shares Series 5 and US$250 million Exchangeable Preferred Stock, Series A, both as described in Other Capital Developments.
BMO's Assets-to-Capital Multiple (ACM), a leverage ratio monitored by OSFI and calculated using the transitional total capital prescribed by OSFI, was 16.3 at April 30, 2013. BMO's ACM increased from 16.1 in the first quarter, and from 15.2 at October 31, 2012, on a Basel II basis primarily due to balance sheet growth and Basel III transitional modifications.
Additional details on the Basel III regulatory capital changes can be found in the Enterprise-Wide Capital Management section on pages 60 to 64 of BMO's 2012 Annual Report.
BMO's investments in U.S. operations are primarily denominated in U.S. dollars. Foreign exchange gains or losses on the translation
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