Canaccord achieves record revenue in latest quarter

By Staff | November 9, 2020 | Last updated on November 9, 2020
2 min read

Canaccord Genuity Group Inc.’s revenue hit a record of $390.4 million in the latest quarter, up from $270.7 million in the same period a year ago.

For the second quarter of the firm’s 2021 fiscal year, which ended Sept. 30, Canaccord reported net income attributable to common shareholders of $29.1 million, up from $11.1 million a year ago.

The firm’s global wealth management operations earned revenue of $146 million, according to a release, up 26.5% from the same period last year.

Wealth management operations in North America generated net income before tax of $11.7 million, while wealth management in the U.K. and Europe generated net income before tax of $14.1 million.

Australia’s wealth management division also reported an increase in its before-tax net income, which reached $1.1 million in Q2, up from $0.4 million the previous quarter.

Total client assets sat at $73.4 billion on Sept. 30 — with $24.6 billion in North America, $45.4 billion in the U.K. and Europe and $3.4 billion in Australia.

Canaccord’s investment banking division had record quarterly revenue of $131.6 million in Q2, an increase of 153.2% from the same period in 2019.

Globally, Canaccord’s capital markets business earned pre-tax net income of $42.9 million, a 387.9% increase year over year.

Capital markets revenue was up in the U.S. by 64.9% year over year and increased in Canada by 27.2% over the same period.

Australia saw a particularly dramatic increase in capital markets revenue, which reached $46.3 million in Q2 — up from $7.1 million a year ago.

“We begin the second half of fiscal 2021 with a stronger market position in each of our businesses and geographies and a resilient business mix that is capable of delivering enduring value for our shareholders,” Dan Daviau, president and CEO of Canaccord Genuity Group Inc., said in a statement. staff


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