BMO Financial Group’s wealth management arm has reported a net income of C$243m for the fourth quarter of 2015, an increase of 8% compared to C$225m in the year ago quarter.
For quarter ended 31 October 2015, the division’s adjusted net income increased 8% to C$271m, while adjusted net income in traditional wealth was up 60% to C$214m, driven by a gain on sale and underlying business growth, despite softer equity markets, partially offset by a legal reserve.
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The unit’s assets under management and administration grew by 13% from the year ago period to C$864bn, driven by favourable foreign exchange movements and market appreciation.
Overall, the group reported net income of C$1.21bn for the fourth quarter of 2015, up 13% compared to the year ago period.
On 30 September 2015, BMO completed the sale of its US retirement services business and BMO Benefit Services.
BMO Financial CEO Bill Downe said: "BMO posted a strong finish to the year, delivering record results, with $4.7 billion in adjusted net income, and adjusted earnings per share of $7.00, up 6% from last year. These results reflect the benefits of our diversified business mix, with Canadian and U.S. Banking and Wealth Management all contributing to the bank’s growth.
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By GlobalData"For the first time, our Personal and Commercial Banking and Wealth Management businesses in the US generated adjusted earnings of more than $1 billion."
