Canadian-based Canaccord Genuity Wealth Management has just announced its financial results for the quarter ending June 2023.

Canaccord Genuity Wealth Management generated C$72.6 million ($54 million) in fiscal first quarter revenue in North America, which was in line with the same quarter a year ago.

Revenue in this business continues to reflect the impact of the prolonged weaker environment for investment banking activity, partially offset by increased interest revenue attributable to the higher interest rate environment, the firm said in a statement. Net income before taxes for this business amounted to C$9 million in the first quarter, which represents a year-over-year increase of 38.7 per cent, the firm added.

The company's combined global wealth management operations earned revenue of C$191 million for the first fiscal quarter, a year-over-year increase of 17.8 per cent. Net income before taxes excluding significant items for this segment increased by 45.6 per cent year-over-year, to C$36 million.

Total client assets in the firm’s global wealth management business increased by 7.2 per cent year-over-year to C$97.3 billion, reflecting year-over-year increases of 9.8 per cent in Canada, 4.8 per cent in the UK and Crown Dependencies (a decrease of 2.4 per cent in local currency) and a rise of 15.2 per cent in Australia, the firm said.

"Following a brief period of modest recovery, market conditions in our first fiscal quarter continued to be challenging for capital raising and M&A activities. Our wealth management businesses have continued to perform well, providing resiliency in our results," Dan Daviau, president and CEO of Canaccord Genuity Group, said.

"The environment appears to be improving as our clients begin to anticipate recovery and we are hopeful for stronger business activity toward the second half of this fiscal year,” he added.

Overall, the firm's first quarter revenue reached C$343.3 million, an increase of 8.2 per cent over the same period in the prior year. First quarter net income before taxes excluding significant items totalled $32.9 million, an increase of 19.8 per cent or C$5.4 million year-over-year (on an IFRS basis, net income before taxes amounted to C$6.3 million, a year-over-year increase of 231.7 per cent).