Source: The Canadian Press
GMP Capital Inc. (TSX:GMP), a Toronto-based investment dealer and wealth manager, nearly tripled its profits in the latest quarter as the company generated sharply higher revenues from its capital markets operations.
GMP reported early Friday its net profit in the third quarter jumped to $22.4 million or 32 cents a share from $8.4 million or 12 cents in the same period last year.
Revenues rose 41% to $100.9 million from $71.5 million, driven by strong results in capital markets operations.
Capital markets involve share issues, lending, deal financing , trading and other financial services to companies and big investors.
“We are pleased with our strong operating performance in third quarter which is a reflection of our unwavering commitment to ensuring the financial success of our clients, CEO Harris Fricker said in a release before stock markets opened.
“The capital markets business benefited from improved client trading activity, particularly in the latter part of the quarter and robust investment banking activity in the Canadian mid-market. GMP Investment Management continued to make good progress in growing their assets under management this quarter, while our Wealth Management segment, through Richardson GMP, benefited from improving equity markets and the substantial completion of its integration activities.”
GMP Capital Inc. carries on business through GMP Securities L.P., Griffiths McBurney Corp., GMP Securities Europe LLP, EdgeStone Capital and other brands. The company also has a significant non-controlling ownership interest in Richardson GMP Limited.
The company has offices in Toronto, Calgary, Montreal and London, England. and focuses on investment banking and institutional equities for corporate clients and institutional investors.