4th Jun 2014 09:45
LONDON (Alliance News) - Canaccord Genuity Group Inc Wednesday said its fourth-quarter net profit increased by four times, boosted by higher revenue and lower expenses.
In a statement, the Canadian investment bank said net profit increased to CAD25.9 million in the three months ended March 31, from 6.4 million in the comparative quarter a year earlier. Revenue increased to CAD253.7 million from CAD218.0 million, as expenses increased to CAD221.7 million, from CAD212.0 million.
For the full year, Canaccord swung to a CAD52.1 million net profit, compared with an CAD18.8 million net loss a year earlier. Revenue rose to CAD855.2 million from CAD$797.1 million, while expenses fell to CAD790.7 million from CAD820.8 million.
"Our strong results during fiscal 2014 were driven by exceptional performance from our US and UK operations, with significant and growing contributions from the Asia-Pacific region. In addition, we are seeing a welcome pickup in volumes and transaction activity in the Canadian market," Chief Executive and President Paul Reynolds said in a statement.
"In fiscal 2015 we will look to grow our global business and continue to deliver enhanced and consistent client experiences in all our geographies," Reynolds added.
Canaccord shares were Wednesday quoted at 575 pence, untraded.
By Samuel Agini; [email protected]; @samuelagini
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