Power Financial Corp. (TSX:PWF) posted a 47% increase in third-quarter net profit compared with the same period last year, when a large impairment charge depressed net profits.

The Montreal-based company behind Great-West Lifeco Inc. (TSX:GWO) and IGM Financial (TSX:IGM), said Wednesday that its net earnings in the three months ended Sept. 30 were $460 million or 65 cents per share.

That compared with $312 million of net earnings or 44 cents per share in the same 2011 period when it booked an impairment charge of $116 million. Net operating earnings for the third quarter of 2011 were $428 million, or 60 cents per share, without the special item.

The contribution to operating earnings by Lifeco, Power Financial’s insurance and investment business, was $356 million, compared with $312 million in the same period in 2011.

IGM, the financial planning and investment products division that includes Investors Group and Mackenzie, contributed $109 million, down from $121 million, while the company’s interest in Pargesa Holding SA contributed $41 million, up from $36 million.

Charges for corporate activities and dividends amounted to $46 million in the period, up from $41 million in the year-ago quarter.