BMO Q4 results show a surge of income in its wealth management division. BMO posted a net income of C$219m ($164.7m) for its wealth management division, a surge of 25% compared to C$175m ($131.6m) a year ago.

The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, was C$229m for the quarter ended 31 October 2018. The figure marked a 21% jump from C$189m in the same quarter of 2017.

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Traditional wealth reported net income remained stable at C$192m. Adjusted net income in traditional wealth dipped 2% year-on-year to C$202m.

The wealth division’s total revenue was C$1.57bn, down 7% from C$1.68bn in the previous year.

The unit’s assets under management totalled C$438.27bn at the end of October 2018, a 2% rise from last year. The rise was said to be due to growth in client assets.

Overall, the banking group reported a net income of C$1.69bn for the fourth quarter of fiscal 2018. The figure was a 38% surge on a year-on-year basis.

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BMO Financial Group CEO Darryl White said: “BMO’s fourth quarter results demonstrated continued positive momentum and ended a successful year in which the bank delivered $6 billion in adjusted earnings and growth in adjusted earnings per share of 10%, led by strong performance in our Personal and Commercial banking businesses.

“This year, we continued to make good progress against our strategic objectives. We grew our U.S. segment at an accelerated pace, increased momentum in our commercial banking business, adding relationships, loans and deposits, and delivered real value to our personal customers with new and enhanced digital capabilities.

“We’ve invested in and grown our businesses, and at the same time, improved efficiency, returned capital to our shareholders through increased dividends and share buybacks, and maintained a strong CET 1 ratio of 11.3%.”