BMO Financial’s wealth management unit has reported net income of C$279m for the fourth quarter of fiscal 2016, a jump of 15% from C$243m in the year ago quarter.

The unit’s adjusted net income, which excludes acquisition integration costs and the amortisation of acquisition-related intangible assets, increased 11% to C$302m from C$271m a year ago.

For the quarter ended 31 October 2016, adjusted net income in traditional wealth increased to C$224m from C$214m in the corresponding year ago period.

The division’s assets under management and administration at the end of the quarter stood at C$875bn, a rise of 1% or C$12bn compared to the year ago period.

Overall, the group posted net income of C$1.34bn for the fourth quarter of fiscal 2016, up 11% compared to C$1.21bn in the corresponding year ago quarter.

BMO Financial Group CEO Bill Downe said: "The actions we have taken over the last several years to advance our strategic priorities are reflected in strong performance for the fourth quarter and the year. Adjusted earnings for 2016 surpassed $5 billion for the first time and we delivered adjusted earnings per share of $7.52, both up 7% from the previous year.

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"These results reflect, in addition to a strong and diversified business model, the role our technology capabilities are playing in differentiating our offering and the customer experience we are able to deliver. They are allowing us to be faster and more efficient while delivering ever-increasing value.”