BMO Financial wealth management arm has reported a net income of C$239m ($181.4m) for the first quarter of 2019.

This is a fall of 10% from last year’s figure of C$266m.

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The division’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, also dropped 10% to C$249m from C$276m.

On a year-on-year basis, both traditional wealth reported and adjusted net income dipped 6% to C$174m and C$184m, respectively.

The fall was driven by weaker global market conditions, the bank said.

The wealth unit’s total revenue surged 33% to C$2.14bn from C$1.6bn a year earlier.

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Revenue in traditional wealth was C$1.1bn, down 1% compared with last year.

The wealth unit’s assets under management totalled C$438.5bn at the end of January 2019, up 1% from a year ago.

The rise was said to be due to the impact of the stronger US dollar and growth in client assets.

Group results

Overall, the banking group posted a net income of C$1.51bn for the three months to January 2019.

The figure is a 55% jump from C$973m in the previous year.

BMO Financial Group CEO Darryl White said: “BMO’s good performance this quarter reflects the benefits of our diversified and attractive business mix which continues to deliver sustainable growth, with adjusted earnings per share up 10% from last year.”