BMO Financial Group’s wealth management arm has reported a net income of C$148m for the first quarter of fiscal year 2016, a decrease of 7% compared to C$159m in the year ago quarter.
For quarter ended 31 January 2015, the division’s adjusted net income fell 5% to C$176m from C$186m a year ago, while adjusted net income in traditional wealth was $154m, relatively unchanged from the prior year largely as a result of business growth being offset by the impact of weaker equity markets.
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The unit’s assets under management and administration grew by 1% from the year ago period to C$864bn, driven by favourable foreign exchange movements, partially offset by market declines.
BMO Financial CEO Bill Downe said:"BMO continued to deliver good operating results this quarter with $1.2 billion in adjusted net income and adjusted earnings per share of $1.75, up 14% from last year.
"Our results this quarter reinforce our confidence that successfully executing on our strategy will enable us to meet customers’ changing expectations and continue to perform well in an unsettled environment," added Downe.
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