Canaccord Genuity Group has earned revenues of C$208.1m for the third quarter of fiscal 2017, a 14.4% rise compared to C$181.8m the year ago.
The company's net income for the quarter ended 31 December 2016 was C$4.5m compared to a net loss of C$346.4m in the prior corresponding period. Expenses during the period slumped 62% year-on-year to C$202.4m.
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Canaccord Genuity Wealth Management generated C$68.5m in revenue globally during the third quarter of fiscal 2017, while Canaccord Genuity Wealth Management (North America) generated C$32.8m in revenue.
In North America, assets under administration reached C$12bn as at 31 December 2016, a surge of 32.5% from C$9bn a year ago. Discretionary assets under management in North America were C$2.5bn as at 31 December 2016, a 100.2% rise from C$1.3bn in the prior corresponding period.
Canaccord Genuity Wealth Management (UK & Europe) earned C$34.5m in revenue during the third quarter of fiscal 2017. In the UK & Europe, the unit's assets under management (discretionary and non-discretionary) were C$23.4bn at end of December 2016, a fall of 4.7% from C$24.5bn as at 31 December 2015.
Canaccord Genuity Group president and CEO Dan Daviau said: “While the long term impact of recent developments in the U.S. and UK remains to be seen, we are encouraged to see more investors putting capital to work in the growth sectors of the global economy, a development that has given us a positive near-term outlook for our business.
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By GlobalData“As activity levels improved, we have maintained a strong focus on driving down overall expenses to enhance profitability across our operations. In addition, we have made meaningful progress to advance our global wealth management strategy which will further contribute to long-term earnings stability.”
