BMO Financial’s wealth management unit has posted net income of C$251m for the second quarter of fiscal 2017, a surge of 86% compared to C$134m in the year ago period.
The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets and acquisition integration costs, soared 72% to C$272 from C$158m in the prior year.
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For the quarter ended 30 April 2017, net income in traditional wealth jumped 166% year-on-year to C$178m and adjusted net income in traditional wealth increased 121% to C$199m from C$90m a year ago.
The division’s assets under management and administration at the end of the quarter totalled C$920.34bn.
Overall, the banking group reported a net income of C$1.25bn for the second quarter of fiscal 2017, up 28% from C$973m in the corresponding quarter of 2016. The group’s adjusted net income increased 12% year-on-year to C$1.29bn.
BMO Financial Group CEO Bill Downe said: “BMO delivered good results in the quarter with adjusted net income of $1.3 billion and adjusted earnings per share of $1.92. Earnings growth reflects the benefits and resilience of our diversified business model, with strong contributions from our Wealth Management and BMO Capital Markets businesses, and consistent continuing investment in technology and our employees.”
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