BMO Financial’s wealth management unit has posted net income of C$266m for the first quarter of fiscal 2017, an increase of 81% compared to C$147m for the same period in the previous year.

The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets and acquisition integration costs, jumped 60% to C$281m from C$175m a year ago.

For the quarter ended 31 January 2017, net income in traditional wealth surged 30% to C$162m from C$125m last year and adjusted net income in traditional wealth increased 16% year-on-year to C$177m.

The unit’s assets under management and administration at the end of the quarter were C$865bn, a rise of C$2bn from the previous year.

Overall, the group recorded a net income of C$1.48bn for the first quarter of 2017, a 39% surge from a year ago. The group’s adjusted net income jumped 30% year-on-year to C$1.53bn.

BMO Financial Group CEO Bill Downe said: "BMO's performance this quarter is strong and broad-based, we delivered adjusted earnings of $1.5 billion and adjusted earnings per share of $2.28.

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