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

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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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