Financial Results Highlights:

　　Fourth Quarter 2015 Compared with Fourth Quarter 2014:

　　- Net income of $1,214 million, up 13%; adjusted net income(1) of $1,264 million, up 14%

　　- EPS(2) of $1.83, up 17%; adjusted EPS(1,2) of $1.90, up 17%

　　- ROE of 12.9%, compared with 13.1%; adjusted ROE(1) of 13.5%, compared with 13.7%

　　- Provisions for credit losses of $128 million, compared with $170 million

　　- Basel III Common Equity Tier 1 Ratio of 10.7%

　　- Dividend increased by $0.02 from the preceding quarter to $0.84

　　Fiscal 2015 Compared with Fiscal 2014:

　　- Net income of $4,405 million, up 2%; adjusted net income(1) of $4,681 million, up 5%

　　- EPS(2) of $6.57, up 2%; adjusted EPS(1,2) of $7.00, up 6%

　　- ROE of 12.5%, compared with 14.0%; adjusted ROE1 of 13.3%, compared with 14.4%

　　- Book value per share of $56.31, up 17%

　　- Provisions for credit losses of $612 million, compared with $561 million

　　- Dividend increased by $0.04 or 5%

　　TORONTO, ONTARIO--(Marketwired - Dec 1, 2015) - For fiscal 2015, BMO Financial Group (TSX:BMO)(NYSE: BMO) reported net income of $4,405 million or $6.57 per share on a reported basis and net income of $4,681 million or $7.00 per share on an adjusted basis. For the fourth quarter ended October 31, 2015, net income was $1,214 million and EPS was $1.83. Adjusted net income was $1,264 million and adjusted EPS was $1.90.

　　"BMO posted a strong finish to the year, delivering record results, with $4.7 billion in adjusted net income, and adjusted earnings per share of $7.00, up 6% from last year," said Bill Downe, Chief Executive Officer, BMO Financial Group. "These results reflect the benefits of our diversified business mix, with Canadian and U.S. Banking and Wealth Management all contributing to the bank's growth.

　　"For the first time, our Personal and Commercial Banking and Wealth Management businesses in the U.S. generated adjusted earnings of more than $1 billion. With the acquisition of GE Capital Transportation Finance which closed today, we continue to strengthen our large, well-established North American commercial banking customer base.

　　"Our business is still fundamentally about people helping people. We are increasingly adept at thinking like customers, using online and mobile to dramatically increase the number of customers we can serve. And when we get the digital and the personal in balance, the result is perfectly aligned with our brand promise - and will be difficult to duplicate.

　　"As we look ahead, our well-diversified portfolio of businesses provides a strong platform from which we will continue to deliver profitable growth."

　　(1) Results and measures in this document are presented on a GAAP basis.

　　They are also presented on an adjusted basis that excludes the impact

　　of certain items. Adjusted results and measures are non-GAAP and are

　　detailed for all reported periods in the Non-GAAP Measures section,

　　where such non-GAAP measures and their closest GAAP counterparts are

　　disclosed.

　　(2) All Earnings per Share (EPS) measures in this document refer to diluted

　　EPS unless specified otherwise. EPS is calculated using net income

　　after deductions for net income attributable to non-controlling

　　interest in subsidiaries and preferred share dividends.

　　Note: All ratios and percentage changes in this document are based on unrounded numbers.

　　Concurrent with the release of results, BMO announced a first quarter 2016 dividend of $0.84 per common share up $0.02 per share or 2% from the preceding quarter and up $0.04 per share or 5% from a year ago, equivalent to an annual dividend of $3.36 per common share.

　　BMO's 2015 audited annual consolidated financial statements and accompanying management's discussion & analysis (MD&A), along with the supplementary financial information report, are available online at www.bmo.com/investorrelations and atwww.sedar.com.

　　Total Bank Overview

　　Net income was $1,214 million for the fourth quarter of 2015, up $144 million or 13% from the prior year.

　　Adjusted net income was $1,264 million, up $153 million or 14% from the prior year with good income growth across all of our operating groups. Adjusted EPS was up 17% year-over-year. Return on equity was 12.9% and adjusted return on equity was 13.5%. Book value per share increased 17% from the prior year to $56.31 per share. The Basel III Common Equity Tier 1 Ratio was strong at 10.7%.

　　Operating Segment Overview

　　Canadian P&C

　　Net income was $560 million and adjusted net income was $561 million both up $34 million or 7% from the prior year. Revenue was up $58 million or 3% from the prior year due to higher balances across most products and increased non-interest revenue. Expenses increased $28 million and adjusted expenses increased $27 million or 3% reflecting continued investment in the business, net of lower employee-related costs. Adjusted operating leverage was 0.1%. Year-over-year loan growth was 4% and deposit growth was 5%.

　　In our personal banking business, year-over-year loan and deposit growth was 3% and 4%, respectively. During the quarter, MoneySense™ magazine named our Premium Cashback MasterCard for Business as Canada's #1 Business CashBack Card in their annual credit card rankings. Our Summer Campaign was a success with a 26% increase in sales of everyday banking plans and higher products per customer compared to the prior year.

　　In our commercial banking business, loans and deposits grew 6% and 7% year-over-year, respectively. During the quarter, World Finance magazine named BMO the Best Commercial Bank in Canada in their 2015 Banking Awards. The World Finance awards celebrate achievement and innovation in the financial industry, and BMO was recognized as a result of our commitment to building customer relationships, innovative solutions and strong regional and industry focus, particularly in Aboriginal Banking and Women in Business. In our upper mid-market business we launched equipment leasing to expand our product offerings. We remain second in Canadian business banking loan market share for small and medium-sized loans.

　　U.S. P&C

　　Net income of $207 million increased $38 million or 23% from a year ago. Adjusted net income of $221 million increased $39 million or 22%. All amounts in the remainder of this section are on a U.S. dollar basis.

　　Net income of $157 million increased $6 million or 4% from a year ago. Adjusted net income of $167 million increased $5 million or 3%, driven by lower provisions for credit losses.

　　Revenue of $723 million remained stable as higher loan and deposit volume and mortgage banking revenue were offset by lower net interest margin. Adjusted non-interest expense of $474 million increased $14 million or 3% primarily due to higher employee-related costs.

　　Year-over-year loan growth was $2.0 billion or 3%, led by good growth in commercial and industrial (C&I) loans of $3.1 billion or 11%.

　　During the quarter, the Federal Deposit Insurance Corporation released their annual deposit market share results. In the Chicago and Wisconsin areas we maintained our strong second place rankings, as BMO Harris Bank's deposit market share improved to 12.5% and 12.8% respectively. We maintained our number four market share ranking within our primary footprint of Wisconsin, Illinois, Missouri, Kansas, Indiana, and Minnesota.

　　On September 10, 2015, we announced the signing of an agreement to acquire General Electric Capital Corporation's (GE Capital) Transportation Finance business with net earning assets of approximately $8.9 billion U.S. dollars on closing. The acquisition builds on our position as a market leader in commercial banking and enhances our business position in the United States by further diversifying net income, adding scale and enhancing profitability and margins. The acquisition is expected to close in the first quarter of 2016.

　　Wealth Management

　　Net income was $243 million up $18 million or 8% from a year ago. Adjusted net income of $271 million increased $19 million or 8% from a year ago. Adjusted net income in traditional wealth was $214 million, driven by a gain on sale and underlying business growth, despite softer equity markets, partially offset by a legal reserve. Adjusted net income in traditional wealth was up $79 million or 60%. Adjusted net income in insurance was $57 million, compared to $117 million a year ago due to high actuarial benefits in the prior year.

　　Assets under management and administration grew by $70 billion or 9% from a year ago to $864 billion, driven by favourable foreign exchange movements and market appreciation. During the quarter, BMO Private Bank was named Best Domestic Private Bank, U.S. for 2015 by Global Financial Market Review for the third consecutive year. We were chosen for our client service, high-quality wealth advisors and innovative solutions demonstrating our team's consistent dedication to our clients, understanding their needs and delivering a great product offering.

　　On September 30, 2015, we closed the sale of BMO's U.S. retirement services business and BMO Benefit Services. These transactions are consistent with BMO Global Asset Management's strategy to focus on our world-class asset management business.

　　Contacts:

　　Media Relations Contacts

　　Ralph Marranca, Toronto

　　416-867-3996

　　[email protected]

　　Ronald Monet, Montreal

　　514-877-1873

　　[email protected]

　　Investor Relations Contacts

　　Lisa Hofstatter

　　Managing Director, Investor Relations

　　416-867-7019

　　[email protected]

　　Christine Viau

　　Director, Investor Relations

　　416-867-6956

　　[email protected]

　　Corporate Secretary

　　Barbara Muir

　　Corporate Secretary

　　416-867-6423

　　[email protected]