BMO Financial Group’s wealth management division has reported an adjusted net income of C$186m for the first quarter of 2015 ended 31 January 2015, up 2% from C$182m a year earlier.
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The unit’s assets under management and administration for the quarter grew by C$254bn or 43% from a year ago to C$852bn, with the acquired F&C business contributing C$148bn to the increase.
Excluding F&C, assets under management and administration grew by 18% driven by market appreciation, the stronger US dollar and growth in new client assets, the bank said in a statement.
The bank said that the adjusted net income in traditional wealth was C$155m, up C$33m or 28% resulting from growth of acquired F&C business.
Overall, the group reported first quarter 2015 net income of C$1bn, or C$1.46 per share, compared to C$1.04bn, or C$1.58 per share, for the same period last year.
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By GlobalDataBMO Financial Group CEO Bill Downess said: "BMO’s first quarter results reflect the impact of an unsettled environment in which we saw significant movements in oil prices, long-term interest rates and the Canadian dollar. We also had good results in our Traditional Wealth businesses, with adjusted earnings up 28% from last year."
