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Toronto-based Manulife Financial Corp. recorded a second-quarter profit of $1.26 billion, a slight increase from the same period last year.

Net income attributable to shareholders was up from the $1.25 billion in the quarter ending June 30 last year, while earnings were 61¢ per common share for both quarters.

Earnings per share were slightly below the 62¢ expected by analysts, according to Thomson Reuters Eikon.

Core earnings were up in its Canada, U.S. and global wealth- and asset-management divisions, while earnings slipped in Asia.

Restructuring charges related to its downsizing as part of a digital strategy shift came in at $200 million for the quarter.

The company said in June it will cut 700 jobs over the next 18 months as part of a streamlining of operations.