Q1 2025 Canaccord Genuity Group Inc Earnings Call Transcript
Key Points
- Firm-wide revenue improved by 25% year over year and 5% sequentially to $429 million.
- Capital markets division revenue increased by 41% year over year to $206 million.
- Wealth management business revenue grew by 13% year over year to $216 million.
- Client assets in the wealth management division reached a record $106 billion.
- The Board of Directors approved a dividend per common share of $0.085, consistent with previous quarters.
- Profitability was impacted by higher interest expenses and increased G&A expenses.
- Development costs were higher due to ongoing investments in wealth management operations.
- Non-compensation expenses are expected to continue over the coming year.
- The US capital markets business reported a small loss due to increased G&A expenses.
- Revenue from principal trading and commission and fee activity declined compared to the prior fiscal quarter.
Good morning ladies and gentlemen. Thank you for standing by. I'd like to welcome everyone to the Canaccord Genuity Group Inc Fiscal 2025 first-quarter results conference call. (Operator Instructions) As a reminder, this conference call is being broadcast live, online, and recorded.
I would now like to turn the conference call over to Mr. Dan Daviau, President and CEO. Please go ahead, Mr. Daviau.
Thank you, operator, and thanks for everyone joining us for today's call. As always, I'm joined by Don MacFayden, our Chief Financial Officer. Today's remarks are complementary to our earnings release, MD&A and supplemental financials, copies of which have been made available for download on SEDAR+ and on the Investor Relations section of our website at cgf.com.
Within our update, certain reported information has been adjusted to exclude significant items to provide a transparent and comparative view of our operating performance. These adjusted
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