CI Financial rises after Q4 profit beat

CI Financial

23/02/2024 18:04

** Shares of Canadian investment manager CI Financial
 CIX.TO  rise as much as 7.3%, last up 5.6% at C$16.71
    ** CIX posts Q4 adjusted profit of C$128.20 mln ($94.96 mln)
or C$0.81/shr vs analysts' expectations of C$0.80/shr - LSEG
    ** Q4 adjusted revenue fell to C$666.7 mln from C$669.6 mln
last year, as higher Canada wealth management fees were offset
by lower asset management fees
    ** Q4 adjusted expenses rose to C$448.70 mln from C$445.80
mln last year, due to higher advisor and dealer fees, leasing
costs, and interest expense
    ** Record total assets of C$444.84 bln, up 5.7% from last
year
    ** Stock rose 10% in 2023
    
($1 = 1.3501 Canadian dollars)

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))