BMO Financial Group’s wealth management arm has posted a net income of C$175 million for the first quarter ended 31 January 2014, an increase C$13 million or 8% from a year ago.
Adjusted net income of C$183 million also increased 8%. Adjusted net income in the bank’s traditional wealth businesses was C$123 million, up C$19 million or 17% from strong growth in client assets and increased transaction volumes.
During the quarter, assets under management and administration grew by C$97 billion or 19% from a year ago to C$597 billion, driven by market appreciation, the stronger US dollar and growth in new client assets, the Canadian bank said in a statement
Overall, BMO Financial Group reported net income of C$1.06 billion or C$1.58 per share on a reported basis and net income of C$1,083 million or $1.61 per share on an adjusted basis.