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Darko Mihalik

Managing Director and Senior Equity Analyst at RBC

Darko Mihelic is a Managing Director and Senior Equity Analyst at RBC Capital Markets, specializing in Canadian and North American financial services and bank stocks. He is known for covering major financial institutions such as Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, and National Bank of Canada, and third-party performance-tracking platforms attribute to him a multi-year track record with a success rate in the range of roughly 60% and positive average returns per recommendation. Over a career in equity research that began around 1999 on a financial services team, he has progressed through increasingly senior research roles before rising to a leadership position at RBC, where he has spent the bulk of his professional career focused on bank and insurance coverage. Public regulatory and industry records indicate that he holds the requisite securities registrations and licenses for a senior sell-side analyst in North America, alongside recognition on external ranking platforms for his stock-picking performance and sector expertise.

Darko Mihalik's questions to BANK OF MONTREAL /CAN/ (BMO) leadership

Question · Q4 2025

Darko Mihalik asked for clarification on the corporate segment's better-than-typical performance in the quarter and whether any unique actions or factoring impacted it. He also inquired about the Nonbank Financial Institutions (NBFI) portfolio, specifically if there were losses in parts other than equity subscription loans and if NBFI lending contributed to higher losses in 2024 and 2025.

Answer

Darryl White, CEO of BMO Financial Group, stated that no unique actions or triggers, such as ladder investments, caused the corporate segment's outperformance, attributing it to good management of liquidity and low-yielding assets. Piyush Agrawal, Chief Risk Officer, described the NBFI portfolio as highly profitable and well-diversified, with equity subscription lines (50% of the portfolio) having no losses over 30 years. He noted that the overall NBFI loss rate over 10 years was one basis point, with some losses from the insurance sector disclosed two years prior, emphasizing its well-secured, high-performing nature.

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