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    BMO   CA0636711016

BANK OF MONTREAL

(BMO)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 05/07 04:00:00 pm
117.84 CAD   +0.46%
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Factbox-Canadian banks' approaches to getting to 'net-zero financing emissions' by 2050

05/03/2021 | 10:54am EDT

TORONTO (Reuters) - Some of Canada's biggest banks have announced plans to achieve "net-zero financing emissions," that is, reducing funding for emission-producing activities in their lending and underwriting books, by 2050. An outline of how they intend to get there. For a related story:

ROYAL BANK OF CANADA

RBC said in February it aims to achieve net-zero emissions in its lending operations by 2050 and increased its sustainable financing commitment to C$500 billion, from its previous C$100 billion, by 2025. It is working on setting interim targets and expects to measure and disclose financed emissions for key sectors starting in 2022.

It is also in discussions to determine whether to join the Net-Zero Banking Alliance, a spokesman said.

TORONTO-DOMINION BANK

TD announced plans for net zero emissions by 2050 in November.

It plans to disclose more details about its progress and some interim goals in its 2021 report, expected to be released next year, said Andrea Barrack, TD's global head of sustainability and corporate citizenship. It has contributed over C$56 billion of its 2030 low-carbon financing target of C$100 billion.

BANK OF MONTREAL

BMO made its net-zero commitment in March and doubled its sustainable finance commitment to C$300 billion by 2025. It said it will set an intermediate target for emissions for 2030, without saying when this will be released and will report progress annually beginning this year.

CEO Darryl White cautioned against "disruptive change" when BMO announced its net-zero goal. BMO is also in active discussions to determine its participation in the Net-Zero Banking Alliance, a spokesman said.

BANK OF NOVA SCOTIA

Scotiabank has not made a formal net-zero commitment, but Chief Executive Brian Porter said in February the bank's senior leadership is assessing pathways to be net-zero by 2050.

Its plans for green-house-gas emissions reduction targets in its financing activities include establishing an emissions baseline and researching ways to net zero, a spokesman said. The bank has not set a time for releasing an interim target, but it will report progress annually.

Scotiabank has also committed C$100 billion to reduce climate change impacts by 2025, and has so far mobilized C$28 billion.

CANADIAN IMPERIAL BANK OF COMMERCE

CIBC has not made a public 2050 net-zero commitment, but the traditional energy sector is "working diligently to reduce green-house gas emissions," CEO Victor Dodig told Reuters.

The bank is developing tools that will help align financial decision-making to the transition to a low-carbon economy, a spokeswoman said.

CIBC has committed to C$150 billion in sustainable financing by 2027.

(Reporting By Nichola Saminather; Editing by Denny Thomas and Dan Grebler)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF MONTREAL 0.46% 117.84 Delayed Quote.21.20%
CANADIAN IMPERIAL BANK OF COMMERCE 0.38% 130.7 Delayed Quote.19.76%
ROYAL BANK OF CANADA 0.58% 120.26 Delayed Quote.14.98%
THE TORONTO-DOMINION BANK 0.22% 86.1 Delayed Quote.19.72%
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Financials
Sales 2021 24 446 M 20 151 M 20 151 M
Net income 2021 6 844 M 5 642 M 5 642 M
Net Debt 2021 - - -
P/E ratio 2021 11,4x
Yield 2021 3,66%
Capitalization 75 748 M 62 378 M 62 439 M
Capi. / Sales 2021 3,10x
Capi. / Sales 2022 3,00x
Nbr of Employees 43 360
Free-Float 99,3%
Chart BANK OF MONTREAL
Duration : Period :
Bank of Montreal Technical Analysis Chart | MarketScreener
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Technical analysis trends BANK OF MONTREAL
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 118,55 CAD
Last Close Price 117,84 CAD
Spread / Highest target 12,0%
Spread / Average Target 0,60%
Spread / Lowest Target -9,20%
EPS Revisions
Managers and Directors
NameTitle
Darryl White Chief Executive Officer & Director
Tayfun Tuzun Chief Financial Officer
George Alexander Cope Chairman
Steven Tennyson Chief Operations & Technology Officer
Cameron Fowler Chief Operations & Strategy Officer
Sector and Competitors