Canaccord Genuity Group has recorded an 87% year-on-year surge in its net income in the second fiscal quarter of 2022 ended 30 September 2021.
The group’s net income increased to $49.7m (C$61.8m) from C$32.9m from the same quarter a year ago.
Go deeper with GlobalData
In the three months to September 2021, earnings per share, excluding significant items, on a diluted basis was $0.58.
Second quarter revenue, excluding significant items, of C$475.2m was 22% higher than the prior year.
Canaccord’s global capital markets revenue soared 26% year-over-year to C$304m on the back of ‘substantial growth’ in advisory activity.
The unit led or co-led 83 investment banking deals worldwide, raising C$2.9bn in proceeds during this period.
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 GlobalDataAdvisory revenue climbed 279% to C$139.4m, driven by the group’s US, Canadian and UK capital markets businesses.
Canaccord’s investment banking revenue plummeted 18% to C$89.5m in fiscal Q2 2022.
Global wealth management revenue for the second fiscal quarter grew 14% to C$166.2m, but down 15% from the first quarter of fiscal 2022.
Total client assets in the company’s global wealth management business increased to $98.1bn.
This represents a growth of 33.6% from the previous year, attributed to year-over-year increases of 43% in Australia, 45.1% in Canada, as well as 26.7% in the UK and Crown Dependencies.
Canaccord Genuity Group CEO and president Dan Daviau said: “Enhanced profitability in our second quarter was driven by continued growth from our wealth management businesses and an alltime quarterly record for M&A.
“We continue to benefit from our diversification strategy, as we enter the second half of the fiscal year with a healthy pipeline of ECM and advisory activity, and a broad range of opportunities to support continued growth in our wealth management businesses.”
In April this year, Canaccord reached an agreement to acquire Adam & Company’s private client investment management business for £54m ($74.4m).
