Lower credit loss provisions helped boost profits
Global wealth management revenue dropped 12.5%
Revenues were generally strong but earnings differed based on loan-loss reserves, Fitch said
The bank's wealth management arm earned $169 million in the quarter, up 3% from a year ago
Net income for the bank's wealth management division increased to $750 million compared with $683 million a year ago
Assets under management in Canadian retail were $411 billion as of April 30, up from $397 billion at the end of Q2 2021
Global wealth management earnings grew 9%
Wealth management income was down in the quarter
Analyst says results could lead to negative earnings revisions around fee income growth in wealth management
CI Financial Corp. is taking a “centralized” approach to advisor recruitment, in part to avoid having its CI Assante Wealth Management and Aligned Capital Partners businesses compete against each other. “As opposed to Assante looking for advisors to recruit, Aligned looking for advisors to recruit, [and] sometimes bumping into one another, now [we’re] having just […]