BMO Financial’s wealth management unit has reported net income of CAD172m ($136.1m) for the fourth quarter of fiscal 2017, a slump of 38% compared to CAD279m ($220.9m) in the year ago period.
The unit’s adjusted net income, which excludes the amortisation of acquisition-related intangible assets and acquisition integration costs, also dipped 38% to CAD186m from CAD302m last year.
Traditional wealth net income for the quarter ended 31 October 2017 dipped 6% to CAD 189m from CAD201m in the corresponding year ago quarter, while adjusted net income in Traditional wealth fell 9% year-on-year to CAD203m.
The division’s assets under management and administration at the end of October 2017 totalled CAD789bn, down 10% from CAD875bn in the previous year.
Overall, the banking group registered a net income of CAD1.23bn in the fourth quarter of 2017, a fall of 9% compared with CAD1.34bn in the fourth quarter of fiscal 2016.
BMO Financial Group CEO Darryl White said: “BMO finished the year with strong performance, delivering record annual adjusted earnings of $5.5 billion, up 10% from last year, and earnings per share of $8.16. Earnings growth reflects the benefit of our diversified business mix, including continued momentum in the U.S. segment, which has achieved 13% compound growth over the last two years on a U.S dollar basis, contributing 25% or $1.4 billion to bank earnings.”