Economic Forecasts and Performance Review
Global Wealth Management
Profitable, High Growth, Strong Momentum
$MM, except EPS
Q4/19
Y/Y
Q/Q
Reported
Net Income¹
$299
+16%
(1%)
Pre-Tax, Pre Provision Profit
$405
+13%
(3%)
Revenue
$1,149
+9%
+1%
Expenses
$744
+8%
+3%
•
PCLS
N/A
N/A
Productivity Ratio
64.8%
(110 bps)
+140 bps
Adjusted³
YEAR-OVER-YEAR HIGHLIGHTS
•
Adjusted Net Income up 10%³
o Reflects full quarter of MD Financial results in 2019
(closed October 3, 2018)
o Strong net sales and market appreciation
Revenue up 9%
o Driven by full quarter impact of acquisitions,
higher mutual fund revenues and higher net
interest income
Expenses up 11%³
o Driven by full quarter impact of acquisitions
Strong AUM / AUA growth
o Strong net sales of Retail Mutual Funds
o Market appreciation
Net Income¹
314
+10%
Pre-Tax, Pre Provision Profit
424
+7%
(1%)
•
Expenses
725
+11%
+3%
Productivity Ratio
63.1%
+90 bps
+90 bps
1,3
ADJUSTED NET INCOME ¹³ ($MM)
286
286
303
313
314
Q2/19
Q3/19
Q4/19
2 Provision for credit losses on certain assets-loans, acceptances and off-balance sheet exposures
3 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions
Q4/18
Q1/19
1 Attributable to equity holders of the Bank
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