Dundee Bancorp Inc., which holds 84% of Dundee Wealth Management Inc., bounced back into the black last year, reporting net earnings of $50.3 million, or $1.98 a share, compared with a loss of $57 million ($2.17) in 2001.

The Toronto-based company said Thursday that yearend results included a gain of $75.7 million from issuing subsidiary shares.

“Although there is still much work to do on the wealth-management integration front, we are optimistic that our efforts will continue to bear fruit throughout 2003,” the company said in a statement.

Dundee Wealth reported net profit for the year of $77.6 million ($1.35 per share) vs a loss of $7.1 million in 2001. Current year earnings include a dilution gain of $74.4 million resulting from the creation of DWM Inc., an 81.7%-owned subsidiary of Dundee Wealth, in October.

In the past year, Dundee Wealth made several acquisitions, increasing its assets under management and administration from $13.1 billion to $17.3 billion. AUM will jump to $24 billion pending the acquisition of IPC Financial Network Inc.

Dundee Wealth completed the acquisition of Canadian First Financial Group Inc. last August 2002 and DynamicNova Inc. in October. In the fourth quarter, Repadre Capital Corp. announced its merger with Iamgold Corp., boosting the value of Dundee’s investment in Repadre.

In January of this year, it was announced that Dundee Realty Corp.’s revenue-producing property will be transferred to a new interest trust and Dundee Bancorp intends to acquire public shareholders’ interest in Dundee Realty’s other assets.

In March, subsidiary Zemex Corp. announced it had agreed to a takeover by a Peruvian company for US$8.80 a share. That will generate about $40 million for Dundee Bancorp.

Dundee Bancorp also holds a large stake in Laurentian Bank.