BMO Financial Group’s wealth management arm has reported a net income of C$210m for the third quarter of 2015, an increase of 11% compared to the year ago quarter.
For quarter ended 31 July 2015, the division’s adjusted net income increased 10% to C$233m.
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The unit’s assets under management and administration grew by C$103bn or 13% from the year ago to C$879bn, driven by favourable foreign exchange movements and market appreciation.
During the quarter, BMO Financial agreed to sell its US retirement services business. The deal is expected to complete in the fourth quarter of 2015.
Overall, the group reported net income of C$1.19bn for the third quarter of 2015, up C$66m or 6% compared to the year ago period.
BMO Financial CEO Bill Downe said: "These results were driven by good operating group performance, particularly in our combined Personal and Commercial Banking business which posted adjusted earnings of C$792 million, up 13% from last year, and in Wealth Management where adjusted net income was up 10%. Credit provisions continued to be stable.
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By GlobalData"Our performance reflects the benefit of BMO’s diversified business mix and confirms that the investments we have made are generating growth while ensuring that we keep pace with a new generation of banking customers," added Downe.
