Even as Canadian businesses prepare to reopen gradually this summer after a year of intermittent lockdowns, banks are wary about the prospects of a fast uptick in credit growth as an economic recovery remains patchy and cautious commercial clients hold on to record amounts.
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Mark Burgess
Toronto-based CI Financial Corp. reported a $124.2-million profit for the first quarter, with assets under management growing despite another period of net redemptions.
The asset manager’s $124.2-million net income attributable to shareholders was 3% higher than the same period last year, and 18% higher than the previous quarter.
Adjusted earnings per share of $0.73 in Q1, a 30% year-over-year increase, beat analyst expectations. So did record adjusted revenue of $603.2 million, a 22% improvement from the same period in 2020.
Assets under management on March 31 totalled $138.5 billion, an increase of 3% from Dec. 31 and 25% higher than a year ago. Canadian wealth management assets totalled $71.1 billion at the end of Q1, a 6% increase from the previous quarter and 61% higher than a year ago. Much of that increase can be attributed to CI’s acquisition of Aligned Capital Partners Inc. in October 2020.