Despite beating expectations, the bank's stock fell about 2.5% in midday trading
The bank also reported record flows into its mutual fund sales business
Declines in wealth management were partially offset by gains in individual insurance
Wealth management results were "very impressive," analyst says
Profit in wealth management was up 20% year over year
Banks are in a better position than before the pandemic, earnings suggest
The bank recorded a first-quarter profit of almost $2.4 billion
More than 40% of earnings came from the U.S., where the vaccine rollout has been strong
Analysts expect solid results when the banks report quarterly earnings
IG Wealth Management and Mackenzie Investments recorded record-high asset levels