For the full 2025 fiscal year ended October 31, BMO Financial Group reported adjusted net income of $1.4 billion for its wealth management operations, compared with $1.1 billion in 2024. The year-over-year increase in earnings amounts to $314 million, or 29 per cent.

Net income from traditional wealth and asset management operations reached $1.1 billion in 2025. This represents an increase of $234 million, or 28 per cent, year over year. 

Net income from insurance operations totalled $316 million in 2025, up from $236 million in 2024—an increase of 34 per cent. 

In a statement released with the bank’s fourth-quarter results for fiscal 2025, Chief Executive Officer Darryl White noted that BMO recently welcomed the teams and clients of Burgundy Asset Management. The transaction closed on November 1, 2025, the day after the fiscal year-end. 

In its management report, BMO describes the firm as “a leading independent wealth manager in Canada.” The acquisition “expands our wealth management and financial planning capabilities focused on high net worth individuals, families and institutions.” 

Revenue 

Net revenue from BMO Wealth Management totalled $5.3 billion for fiscal 2025, compared with $4.6 billion the previous year. This represents an increase of $703 million, or 15 per cent. 

Revenue generated by the Asset and Wealth Management unit reached $4.84 billion in 2025, up $567 million, or 13 per cent, compared with $4.2 billion in 2024. 

The bank attributes the result “to the impact of stronger global markets and net sales, strong growth in loan and deposit balances and higher brokerage transaction volumes.” 

Insurance revenue reached $503 million in fiscal 2025, an increase of $136 million, or 37 per cent, compared with fiscal 2024. This improvement is primarily due to “favourable market movements in the current year and a gain on the sale of a portfolio of insurance contracts.” 

Assets 

At year-end, assets under management stood at $390.3 billion, up $64.3 billion or 20 per cent from the previous fiscal year. 

Assets under administration totalled $282.3 billion at the end of fiscal 2025, up $37.1 billion or 15 per cent compared with year-end 2024. 

In both cases, BMO attributes the increase to stronger global markets and growth in client assets. 

Economic outlook 

In its management report, BMO estimates that Canada’s real gross domestic product (GDP) growth reached 1.7 per cent in 2025, compared with 2.0 in 2024. “Sustained growth in consumer and government spending was partly offset by a decline in exports and business investment due to uncertainty around tariffs.” 

The bank forecasts that real GDP growth will be 1.4 per cent in 2026. For this to materialize, trade tensions will need to ease and the Canada-United States-Mexico Agreement (CUSMA) will need to be renewed. 

BMO says it expects one final 25-basis-point rate cut from the Bank of Canada, bringing the policy rate to 2.0 per cent in early 2026. The Canadian dollar is expected to strengthen moderately in 2026 if trade tensions ease and the gap narrows between interest rates in Canada and the United States. The bank projects a decrease of approximately 100 basis points in the U.S. Federal Reserve’s policy rate in 2026, which would restore a more neutral monetary policy stance. 

Over the past 12 months, the provision for credit losses decreased by $144 million to $3.6 billion.