BMO Financial Group's wealth management arm has posted net income of C$201m for the third quarter of 2016, down 4.3% compared to C$210m in the prior year.
The unit’s adjusted net income for the quarter ended 31 July 2016 stood at C$227m, a decrease of C$6m from a year earlier.
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Adjusted net income in traditional wealth dipped 2.2% to C$173m from C$177m in the corresponding quarter of 2015.
The unit's assets under management and administration dropped C$16bn or 2% year-on-year to C$863bn, including the impact of unfavourable foreign exchange movements.
Overall, the group posted net income of C$1.24bn for the third quarter of 2016, up 4% from a year ago.
BMO Financial Group CEO Bill Downe said: "BMO delivered strong results in the third quarter, reflecting the benefits of our consistent execution to deliver an exceptional customer experience. Adjusted net income was $1.3 billion, up 5% from last year, and adjusted earnings per share were $1.94, up 4%.”
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By GlobalData"Our performance year to date reflects our focus on the customer and strong operating discipline. We are confident that our strategy and diversification across businesses, customer segments and geographies will continue to deliver good growth and long-term value to our shareholders," Downe added.
