Q: Comments on quarterly earnings please and thank you. Michael
5i Research Answer:
Distributable earnings were $1.325B, or 84c per share, up 19% from last year and ahead of 82c estimated. Wealth division profits doubled in the quarter. The division also won a new mandate from the UK this week. BN says the wealth division will double its assets to $300B in the next five years. Other divisions reported more muted growth, with property down 7%. Asset management was up 14%. BN notes transaction activity has picked up, and it still has $150B in availabe capital for deals. The quarter was solid for sure and the outlook good. The stock is up about 3% pre market. We remain entirely comfortable here. We would expect 10% to 15% gains assuming a normal market.