Vancouver-based Canaccord Genuity Group Inc. announced on Wednesday that although its revenue in the first quarter (Q1) of fiscal 2016, ended June 30, dropped by 13% year-over-year, cost-reduction efforts allowed the firm to return to profitability from the previous quarter.

Canaccord Genuity revealed that it generated net income of $11 million on revenue of $214.5 million in Q1 2016, down from net income of $18.9 million on revenue of $245.6 million in Q1 2015. The firm suffered a net loss of $26.3 million on revenue of $232.5 million in the fourth quarter (Q4) of 2015, ended March 31.

Diluted earnings per share (EPS) in Q1 2016 were 8¢ compared with 15¢ a year ago and a diluted loss per common share of 33¢ in Q4 2015.

Canaccord Genuity also reported a decrease of 9% in expenses, to $202 million in Q1 2016 from $222.3 million in Q1 2015.

“The steps we have taken to reduce costs across our business were evident in our first quarter results, as we returned to profitability,” says David Kassie, Canaccord Genuity’s chairman and CEO, in a statement. “We continue to focus on improving operating efficiencies and growing our recurring revenue streams across our global business, to deliver long-term value for clients and our shareholders.”

The North American arm of Canaccord Genuity Wealth Management generated $30.9 million in revenue and, after intersegment allocations and before taxes, recorded a net loss of $0.4 million before taxes Q1 2016.

Assets under administration (AUA) in Canada were $10.6 billion as of June 30, down slightly from $10.7 billion at March 31 and down from $11 billion at the end of Q1 2015. Discretionary assets under management in Canada were $1.4 billion as of June 30, down from $1.6 billion at the end of Q4 2015 and up from $1.3 billion at the end of Q1 2015.

Canaccord Genuity Wealth Management had 147 advisory teams, down from 152 advisory teams as of March 31 and a decrease from 163 advisory teams on June 30, 2014.

The firm also announced that its board of directors approved a quarterly dividend of 5¢ per common share payable on Sept. 10 to shareholders of record as of Aug. 28.