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.
"The good momentum in the business is the consequence of a clear strategy and consistent execution, doing what we said we would do. Our roadmap is focused on providing customers with intuitive products and services that meet their evolving preferences, while improving efficiency in all of our channels.”
