“Adjusted net income in our traditional wealth businesses was a record $131 million, up $35 million or 37 per cent from a year ago,” the firm said in a statement yesterday. “Results reflect growth in client assets, increased transaction volumes and a continued focus on productivity.”

Assets under management and administration, meanwhile, grew by $63 billion or 13 per cent from a year ago to $527 billion, with AuM up 11 per cent year-over-year. This was driven by growth in new client assets coupled with market appreciation, BMO said.

For the group as a whole, BMO logged net income of $1,137 million, or $1.68 per share on a reported basis, and net income of $1,136 million, or $1.68 per share on an adjusted basis, for the third quarter ended July 31, 2013.