22 - Wednesday, June 10, 1987 ~ North Shore News

Business

THE BANK OF Montreal recently
reported net income for the
quarter ended April 30, 1987 of
$64 million, which is $21.1 million
less than in the corresponding
quarter of 1986.

The decrease was the result of
the bank's decision to classify its
medium and long-term cross-

. reports net

border loans to Brazil, and all
loans to Ecuador, as non-perform-
ing. In announcing the decision,
the bank noted that it expects that
the balances will ultimately be col-
lectible.

The effect of the decision to
place Brazilian loans on non-per-
forming status was a $25.2 million

decrease in after-tax income, a sum
equal to the amount of interest ac-
crued in the quarter but unpaid.
The after-tax effect in the second
quarter of interest reversals related
to Ecuadorian loans was $3.6 mil-
lion.

Without these reversals totalling
$28.8 million, the bank would have

inco

realized an overall increase in net
income of $7.7 million in the se-
cond quarter.

Total assets of the bank at the
end of April 1987 were $85.7
billion, some $1.4 billion less than
a year ago. The difference is due to
the decline in the relative value of
the U.S. dollar. Growth in per-

TROIS) STs ECor areas Derr Ee:

e drop

sonal loans and mortgages in
Canada has been offset by a
reduction in low-margin, U.S.
dollar-denominated loans.

A strong liquidity position con-
tinues to be maintained; liquid
assets totalled $24.5 billion at
April 30 - $1 billion more than a
year ago.

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