BMO Financial wealth management arm has reported a net income of C$239m ($181.4m) for the first quarter of 2019.
This is a fall of 10% from last year’s figure of C$266m.
Go deeper with GlobalData
The division’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets, also dropped 10% to C$249m from C$276m.
On a year-on-year basis, both traditional wealth reported and adjusted net income dipped 6% to C$174m and C$184m, respectively.
The fall was driven by weaker global market conditions, the bank said.
The wealth unit’s total revenue surged 33% to C$2.14bn from C$1.6bn a year earlier.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRevenue in traditional wealth was C$1.1bn, down 1% compared with last year.
The wealth unit’s assets under management totalled C$438.5bn at the end of January 2019, up 1% from a year ago.
The rise was said to be due to the impact of the stronger US dollar and growth in client assets.
Group results
Overall, the banking group posted a net income of C$1.51bn for the three months to January 2019.
The figure is a 55% jump from C$973m in the previous year.
BMO Financial Group CEO Darryl White said: “BMO’s good performance this quarter reflects the benefits of our diversified and attractive business mix which continues to deliver sustainable growth, with adjusted earnings per share up 10% from last year.”
