Net income at the private client group of Canada’s BMO, which includes BMO Harris Private Banking, fell 13 per cent year-over-year to C$101 million ($103 million) for the second quarter ended 30 April. However, excluding the insurance business, net income at the private client unit rose 41 per cent to C$100 million.

Insurance net income was $1 million, having dropped by C$43 million from a year earlier, impacted by a “C$47 million after-tax impact of unusually high claims related to the earthquakes in Japan and New Zealand,” BMO said.

Revenues at the private client unit increased 4.5 per cent from the same quarter a year ago, to C$582 million. Adjusted for earthquake-related reinsurance claims, revenues rose 13 per cent over the same period. Excluding the insurance business altogether, private client revenues increased 15 per cent, with all non-insurance businesses seeing revenue growth.

The banking group said that after adjusting for impacts of a weaker dollar, assets under management at the private client division expanded by C$35 billion to $284 billion. The company’s ETF business, launched less than two years ago, reached $2 billion in AuM.

Other notable events this year were the completion of the Lloyd George Management acquisition, and the signing of a definitive agreement to purchase Marshall & Ilsley Corporation. The latter firm will be combined with BMO’s US business and operate as BMO Harris Bank.

For the group as a whole, net income for the second quarter was C$800 million, having increased by C$55 million from a year earlier.