For the third quarter of 2023, BMO recorded web revenue of $1,454 million or $1.97 per share on a reported foundation, and web revenue of $2,037 million or $2.78 per share on an adjusted foundation, whereas Scotiabank reported web revenue of $2,212 million in comparison with $2,594 million in the identical interval final 12 months. Diluted earnings per share (EPS) had been $1.72, in comparison with $2.09 in the identical interval a 12 months in the past.
Each banks reported difficult circumstances for his or her wealth administration companies.
BMO Wealth Administration web revenue was $303 million and adjusted web revenue was $304 million, each a lower of $21 million or 7% from a 12 months earlier. Wealth and Asset Administration reported web revenue was $222 million and adjusted web revenue was $223 million, each a lower of $41 million or 16%, “as the inclusion of Financial institution of the West and better income from progress in consumer belongings was greater than offset by greater underlying bills.”
At Scotiabank, web revenue attributable to fairness holders was $366 million, in comparison with $376 million a 12 months earlier. Adjusted web revenue attributable to fairness holders was $373 million, down $10 million or 3%. “The decline was due primarily to greater non-interest bills, partly offset by robust income progress within the worldwide companies and better brokerage revenues in Canada,” the financial institution stated.
Final week’s stories from RBC and TD additionally revealed weaker outcomes for wealth administration.