Canaccord Genuity Group Inc. (TSX:CF) is reporting sharply improved net income in its fiscal third quarter despite only a marginal rise in revenue.
The global wealth management firm said Wednesday that net earnings attributable to shareholders was $18.3 million, or 14 cents per diluted share, compared with $10.3 million, or eight cents per share, in the same prior-year quarter.
Ex-items, net income was $21.2 million, up from $20.5 million, which translates to 17 cents per share for both periods.
Revenue for the three months ended Dec. 31 was $231 million, up slightly from $230 million.
“During our fiscal third quarter, our strong results were driven by the record performance in the U.K. and Europe, and we were pleased with the record contribution made by our Australian operations,” president and CEO Paul Reynolds.
“This quarter, 68 per cent of our revenue came from outside of Canada, driven largely by a 75 per cent increase in global underwriting compared to last year.”