BMO Financial’s wealth management arm has reported net income of C$266m ($209.1m) for the first quarter of fiscal 2018, a fall of 1% compared to C$269m ($211.5m) in the same period of 2017.
The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets and acquisition integration costs, dropped 3% to C$276m from C$284m last year.
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Traditional wealth reported net income increased 12% to C$184m from C$164m a year ago, while adjusted net income in traditional wealth rose 8% year-on-year to C$194m.
The division’s assets under management and administration as at 31 January 2018 totalled C$436bn, up 8% from the previous year.
Overall, the banking group registered a net income of C$973m for the first quarter of fiscal 2018, a slump of 35% from C$1.48bn last year. The income was affected by a C$425m charge booked by the bank in relation to the overhaul in the US tax rule.
BMO Financial Group CEO Darryl White said: “BMO had a good start to the year, with adjusted net income of $1.4 billion and adjusted earnings per share of $2.12. These results reflect strong operating revenue growth in Personal and Commercial Banking in Canada and the U.S., driven by good loan and deposit growth and the benefit of higher interest rates, as well as strong credit performance which is reflective of our consistent approach to effective risk management and building deep, long-term customer relationships.”
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