Wealth management company CI Financial Corp. (TSX:CIX) reported a hefty increase in third-quarter net earnings Tuesday to $90.8 million or 32 cents per share.
Profits for the quarter represented a 23% increase on an earnings per share basis compared with the $75.9 million or 26 cents of EPS it made in the same quarter of 2010, when it faced a tax adjustment of $3 million.
Excluding this item, earnings per share would have increased 19% year over year as the company generated $104.2 million in free cash compared with $91.5 million in the third quarter of 2010.
Assets under management as of Sept. 30 totalled $67.4 billion, up from $66.8 billion at the end of September 2010.
“During the quarter, we focused on factors that we can control,” said Stephen MacPhail, CI president and CEO. “We emphasized regular communications with our clients, and continued to build our investment management teams, sales and marketing presence, and training programs across all aspects of our operations.”