BMO Financial’s wealth management arm has reported net income of C$291m ($225.1m) for the third quarter of fiscal 2018, an increase of 8% compared to C$269m ($208.1m) in the previous year.
The division’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, rose 6% to C$301m from C$284m a year earlier.
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Traditional wealth reported net income was C$202m for the quarter ended 31 July 2018, up 6% from C$192m in the same period last year. Adjusted net income in traditional wealth rose 3% year-on-year to C$212m.
The wealth division’s total revenue was C$1.54bn, up 7% from C$1.44bn in the previous year.
The unit’s assets under management at the end of July 2018 totalled C$451bn, up 9% from last year. The bank attributed the rise to market appreciation, growth in client assets, and favourable foreign exchange movements.
Overall, the banking group posted a net income of C$1.53bn for the third quarter of fiscal 2018, an 11% rise from C$1.39bn in the corresponding quarter of 2017.
BMO Financial Group CEO Darryl White said: “BMO delivered strong results and ongoing earnings momentum this quarter.
“Adjusted net income was up 14% and adjusted earnings per share grew 16% with a particularly good contribution from our U.S. segment and from our competitively advantaged commercial businesses on both sides of the border. Total Bank adjusted operating leverage was 2.9% and was positive in each of our operating groups.”
