BMO Financial’s wealth management unit has reported net income of CAD172m ($136.1m) for the fourth quarter of fiscal 2017, a slump of 38% compared to CAD279m ($220.9m) in the year ago period.
The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets and acquisition integration costs, also dipped 38% to CAD186m from CAD302m last year.
Go deeper with GlobalData
Traditional wealth net income for the quarter ended 31 October 2017 dipped 6% to CAD 189m from CAD201m in the corresponding year ago quarter, while adjusted net income in Traditional wealth fell 9% year-on-year to CAD203m.
The division’s assets under management and administration at the end of October 2017 totalled CAD789bn, down 10% from CAD875bn in the previous year.
Overall, the banking group registered a net income of CAD1.23bn in the fourth quarter of 2017, a fall of 9% compared with CAD1.34bn in the fourth quarter of fiscal 2016.
BMO Financial Group CEO Darryl White said: “BMO finished the year with strong performance, delivering record annual adjusted earnings of $5.5 billion, up 10% from last year, and earnings per share of $8.16. Earnings growth reflects the benefit of our diversified business mix, including continued momentum in the U.S. segment, which has achieved 13% compound growth over the last two years on a U.S dollar basis, contributing 25% or $1.4 billion to bank earnings.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
