E280 – Decoding Q3 Canadian Bank Earnings

Listen to this episode from BMO ETFs: Views from the Desk on Spotify. Last quarter, our mantra was “the best offence is a good defence.” Does it still make sense in today’s environment? In this episode, special guest Sohrab Movahedi, ETF and Alternatives Strategist Bipan Rai, and your host, Skye Collyer, provide a third-quarter update on the Big Six, discussing recent earnings results, key themes to watch, and their outlook for the months ahead.Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management. She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds, at BMO Global Asset Management, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. This episode was recorded on Tuesday, September 2, 2025.ETFs mentioned in the podcast:BMO Equal Weight Banks Index ETF (Ticker: ZEB)BMO Covered Call Canadian Banks ETF (Ticker: ZWB) Buyback Programs: When a company repurchases a portion of its shares, reducing the number available on the open market.Capital Ratios: The ratio of bank capital and reserves to total assets.Operating Leverage: A measure of how revenue growth translates into operating income growth.USMCA: The United States-Mexico-Canada AgreementBMO has the largest and most liquid bank ETFs in Canada with a combined AUM (Assets Under Management) of $7.6 billion. AUM Flows, Performance source Bloomberg,as of July 31, 2025.Disclaimers:This podcast is for information purposes. No part of this podcast may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, recording or otherwise, without the written permission of BMO Investments Inc. or BMO Asset Management Inc. (collectively, BMO GAM).The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. Theinformation contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involverisks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider theareas of risk described in the most recent prospectus.Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in marketvalue and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and aportfolio manager, and a separate legal entity from Bank of Montreal.BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.Please check out link for full disclaimers.Please click here for BMO Capital Markets disclosures.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.