BMO Financial Group’s wealth management division has reported a net income of C$194 million for the second quarter of 2014, an increase of C$54 million or 38% from a year ago.
The division’s adjusted net income for the latest quarter was C$200 million, up C$53 million or 36% compared to the year ago period.
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Adjusted net income in traditional wealth was C$139 million, up C$27 million or 23% resulting from strong growth in client assets, the Canadian bank said in a statement.
The wealth management division’s assets under management and administration grew by C$91 billion or 17% from a year ago to C$612 billion, driven by market appreciation, the stronger U.S. dollar and growth in new client assets.
Overall, the group reported net income of C$1.07 billion or C$1.60 per share on a reported basis and net income of C$1.09 billion or C$1.63 per share on an adjusted basis for the second quarter ended 30 April 2014.
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