BMO Financial wealth management arm has reported a net income of C$249m ($187.1m) for the third quarter of 2019.

This is a 14% decrease from the previous year net income of C$291m.

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The division’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, dropped 15% to C$257m from C$301m.

In traditional wealth, reported net income increased 11% to $225m from C$202m while adjusted net income rose 10% year-on-year to C$233m.

Total revenue at the wealth unit surged 37% to C$2.11bn from C$1.54bn.

Traditional wealth revenue of C$1.15bn was 2% higher than the previous year.

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Assets under management totalled C$464.7bn at the end of July 2019, up 3% from a year ago. The firm attributed the growth to stronger equity markets.

BMO Group highlights

Overall, the banking group’s reported net income in the third quarter of 2019 was C$1.56bn, up 1% from C$1.54bn last year.

Adjusted net income at the group rose 1% to C$1.58bn on a year-on-year basis.

The group’s net revenue increased 5% to C$5.78bn from C$5.52bn.

BMO Financial Group CEO Darryl White said: “We remain committed to our strategic priorities, including our focus on improving efficiency, which was below 60% on an adjusted basis this quarter, and growing our diversified U.S. businesses, which contributed 34% of the bank’s year-to-date adjusted earnings.

“Our capital position remains strong at 11.4% and we are taking actions to continue to position our businesses for growth and sustainable long-term performance.”