Toronto, November 9, 2018 - GMP Capital Inc. (GMP) (TSX: GMP) today reported revenue of $59.2 million in third quarter 2018, up a notable 72% compared with the same period a year ago. Third quarter 2018 net income was $2.9 million and EPS of $0.02, compared with a net loss of $2.8 million and a diluted loss per share of $0.06 in third quarter 2017. On an adjusted basis1, third quarter 2018 net income was $11.3 million, EPS was $0.13 and return on equity was 21.0%.
“We are pleased with our performance in third quarter 2018 as accommodative market conditions for investment banking activity drove revenue growth of 72%. The firm's enhanced operating leverage allowed us to deliver adjusted net income of $11.3 million and adjusted ROE of 21%. The declaration of a special cash dividend and, as importantly, the reinstatement of a quarterly cash dividend is indicative of GMP's vastly improved operating performance and positive outlook for the franchise. Additionally, our Wealth Management business continues to deliver solid profitability while growing client assets," said Harris Fricker, President and CEO of GMP.
Commenting further, Fricker said "Leading the way was our strong Canadian Capital Markets business, which continues to be the main driver of profitability, growing revenue by 186% across multiple sectors. We also remain encouraged that our early leadership position in the financing of emerging opportunities in cannabis and blockchain, has provided the key ingredients for a step change in our non-resource franchise. Third quarter adjusted earnings highlights the earnings potential of our franchise in a more favourable operating environment with contribution from many of our focused industry sectors."
Toronto, October 31, 2018 - GMP Securities L.P. (GMP Securities), a wholly-owned subsidiary of GMP Capital Inc. (TSX: GMP), today announced that Som Seif, Founder and CEO of Purpose Investments, as a featured speaker as part of an exciting line-up of digital visionaries at the GMP Securities Blockchain Conference to be held on November 13, 2018 at The Ritz-Carlton, Toronto.