Exhibit 99.1
BANK OF MONTREAL
EXHIBIT TO FINANCIAL STATEMENTS FOR THE QUARTER ENDED
APRIL 30, 2020
EARNINGS COVERAGE RATIO
The following consolidated financial ratios for the Bank, are calculated for the 12 months ended April 30, 2020 and October 31, 2019.
| | | | |
| | | 12 Months Ended
April 30, 2020 | | 12 Months Ended
October 31, 2019 |
| | | Actual | | Actual |
Interest coverage on subordinated indebtedness | | 23.88 times | | 27.05 times |
In calculating theinterest coverage ratios,foreign currency amounts have been converted to Canadian dollars using rates of exchange as at the end of each month. For the 12 month period ending April 30, 2020 and October 31, 2019the average monthly exchange rates were $1.3368 per US$1.00 and $1.3288 per US$1.00, respectively.
The Bank’s earnings before interest on subordinated indebtedness and income tax for the 12 months ended April 30, 2020 were $6,610.88 million, which is 23.88 times the Bank’s aggregate interest on subordinated indebtedness requirement for this period. The Bank’s earnings before interest on subordinated indebtedness and income tax for the 12 months ended October 31, 2019 were $7,551.04 million, which is 27.05 times the Bank’s aggregate interest on subordinated indebtedness requirement for this period.
The amounts and ratios reported above are derived from information in the unaudited interim consolidated financial statements for the three months ended April 30, 2020.
