Lower mutual, segregated fund sales dampen Canadian results
Richardson Wealth added three new advisor teams and lost one during a "challenging" quarter
Volatile markets contributed to losses in the insurance and wealth management businesses
Lower credit loss provisions helped boost profits
Global wealth management revenue dropped 12.5%
Revenues were generally strong but earnings differed based on loan-loss reserves, Fitch said
The bank's wealth management arm earned $169 million in the quarter, up 3% from a year ago
Net income for the bank's wealth management division increased to $750 million compared with $683 million a year ago
Assets under management in Canadian retail were $411 billion as of April 30, up from $397 billion at the end of Q2 2021
Global wealth management earnings grew 9%