The Toronto-listed group said that its wealth management arm logged stronger net income in its latest quarterly report.

Bank of Montreal said that the net income of its wealth management business stood at C$320 million ($246.6 million) in the three months to October 31, rising by 20 per cent from a year earlier, while adjusted net income stood at C$328 million from a year earlier.

The adjusted net income result strips out the net impact of major reinsurance claims incurred in the prior year after the announced wind-down of the reinsurance business and the amortization of acquisition-related intangible assets in both years, BMO said in a statement today. 

The lender’s “Traditional Wealth” arm logged net income of C$253 million, an increase of C$17 million or 7 per cent, and adjusted net income was C$261 million, rising by 6 per cent, with higher revenue, partially offset by higher expenses. 

During the latest quarter, BMO Harris Financial Advisors, part of the group, said it was partnering with LPL Financial, the broker-dealer provider.

Across the whole of BMO, the Toronto-listed financial group logged net income of C$1.584 billion, up from C$1.194 billion. Revenue, net of insurance claims, commissions and changes in policy benefit liabilities, rose to C$5.986 billion, up from C$5.752 billion, it said.

"BMO continued to demonstrate strong operating momentum this quarter, delivering adjusted earnings of C$1.6 billion and adjusted earnings per share of C$2.41, with pre-provision, pre-tax earnings up 7 per cent from last year, good operating leverage and an efficiency ratio of 58.7 per cent," Darryl White, chief executive, said.

Canadian banks typically report their quarterly results with a different time-line to those in the US. RBC is due to issue its latest quarterly numbers tomorrow (December 2).