Power financial group’s second-quarter profit rises

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WINNIPEG – Power Corporation of Canada (TSX:POW) reports it had $314 million of net income attributable to its participating shareholders in the second quarter.

The Montreal-based financial group’s main subsidiary, Power Financial Corp. (TSX:PWT), had $568 million of net income attributable to its common shareholders.

The parent company has a 65.8 per cent economic interest in Power Financial which, in turn, is the parent of Winnipeg-based Great-West Lifeco (TSX:GWO) and IGM Financial (TSX:IGM).

Together, the companies are involved in life insurance, wealth management and investments.

Power Corporation’s second-quarter net profit amounted to 68 cents per share, up from $246 million or 53 cents per share a year earlier.

Power Financial’s second-quarter net profit amounted to 80 cents per share, up from $475 million or 67 cents per share a year earlier.

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