RY 160.91 0.3555% SHOP 116.03 -0.4718% TD 83.98 0.2148% ENB 62.82 1.4699% BN 68.81 1.6396% TRI 251.78 0.6959% CNQ 39.88 2.0732% CP 103.16 1.9771% CNR 137.31 0.483% BMO 129.32 0.4661% BNS 65.69 0.551% CSU 4682.54 -0.7613% CM 81.6 0.1473% MFC 39.65 -0.0252% ATD 71.3 1.3072% NGT 76.22 -1.6643% TRP 68.46 0.9586% SU 47.8 2.006% WCN 273.36 0.3156% L 213.68 0.1594%
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IGM Financial’s (TSX:IGM) FY24 Achieves Revenue Growth, but Higher Taxes Weigh on Net Profit
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Highlights
IGM Financial Inc. (TSX:IGM) is an asset management firm in Canada that operates independently of any banking institution. It is a member of the Power Financial group, which also includes Great-West Life, London Life, Canada Life, and Putnam Investments.
In the financial year 2024 (FY24), IGM’s wealth management revenue grew by 10.7% YoY, reaching CAD 2,436.1 million, driven by higher financial advisory fees, as well as increased investment management and related administration fees. Similarly, net asset management revenue rose by 6.1% YoY to CAD 673.5 million, reflecting higher asset management revenue, though partly offset by increased dealer compensation expenses. Earnings before income taxes in FY24 also saw a 5.7% YoY increase, standing at CAD 1,209.6 million, primarily due to the growth in revenue.
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