6th Nov 2014 10:43
LONDON (Alliance News) - Canaccord Genuity Group Inc Thursday reported a swing to second-quarter profit, supported by growth in advisory and wealth management.
In a statement, the wealth management and capital markets business recorded net income of CAD17.6 million in the quarter ended September 30, compared with a net loss of about CAD100,000 in the corresponding quarter last year.
Revenue rose by 29% to CAD236.3 million, while expenses rose by 15% to CAD211.3 million.
"During our second fiscal quarter, we achieved strong results in our global advisory business and steady recurring revenue growth from our global wealth management operations", said Paul Reynolds, president and chief executive, said in a statement.
"While fundamentals of the broader market environment adversely impacted transaction and trading activity during the quarter, our longer term outlook for our capital markets business is stable and positive," Reynolds added.
Canaccord Genuity shares were untraded on Thursday at 512.5 pence.
By Samuel Agini; [email protected]; @samuelagini
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