BMO Financial Group’ Private Client Group has reported net income of $141 million for the second quarter ended 30 April 2013, down $6 million or 4% from a year ago.
Adjusted net income for the quarter was $148 million, down $5 million or 3% from a year ago. Adjusted net income in Private Client Group (PCG), excluding Insurance, was $114 million, up $13 million or 14% from a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The division’s assets under management (AUM) grew by $57 billion or 12% from a year ago to $522 billion, driven by growth in new client assets and market appreciation.
Overall, the Canadian lender’s net income attributable to shareholders declined to C$957 million in second-quarter from last year’s C$1.010 billion. Earnings per share were C$1.42, down 6% from C$1.51 a year ago.
The group’s total revenue of C$3.944 billion also decreased C$15 million from the second quarter last year.
Bill Downe, president and CEO of BMO Financial Group, said: "BMO’s second quarter reflects solid operating performance. Our wealth, capital markets, and U.S. personal and commercial banking businesses each had a good quarter."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"During the quarter, our Basel III Common Equity Tier 1 Ratio increased, while we also purchased four million shares under our normal course issuer bid," he added.
