BMO Financial’s wealth management unit has reported net income of CAD264m ($210.7m) for the third quarter of 2017, a surge of 32% compared with CAD201m ($160.4m) reported a year ago.
The division’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets and acquisition integration costs, increased 23% to CAD279m from CAD227m a year earlier.
Go deeper with GlobalData
For the period ended 31 July 2017, Traditional wealth net income rose 28% to CAD188m from CAD147m a year ago, while adjusted net income in Traditional wealth increased 17% year-on-year to CAD203m.
The unit’s assets under management and administration at the end of July 2017 totalled CAD878bn, a rise of 2% compared to the previous year.
Overall, the banking group posted a net income of CAD1.38bn for the third quarter of 2017, an increase of 11% from CAD1.24bn in the corresponding quarter of 2016.
BMO Financial Group CEO Bill Downe said: “BMO’s performance this quarter continues to demonstrate the strength of our differentiated operating model, delivering resilient earnings growth in an evolving environment, with adjusted earnings of $1.4 billion, up 6% from last year, and adjusted earnings per share of $2.03.
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“Year-to-date, we delivered double-digit earnings growth with adjusted net income of $4.2 billion, driven by good underlying revenue growth, strong credit performance, and a focus on improving efficiency while making investments that strengthen customer relationships across all channels.”
