Guardian Capital Group Ltd. is reporting higher profit for the third quarter ended September 30.

Net earnings for the quarter were $1.6 million, compared to $1.2 million for the same period in 2002. Cash flow from operations for the quarter increased to $1.8 million, from $1.5 million during the same period in 2002.

Gross revenues were $9.7 million, substantially higher than the $8.3 million for the third quarter of 2002.

Assets under management increased to $11.8 billion as at September 30, from $9.5 billion a year ago.

Assets under administration increased to $2.6 billion, compared to $2.2 billion one year earlier.

Guardian says the increases in AUM and AUA were due to new client assets and a favourable market during the period.