Montreal-based Power Financial Corp. reported better-than-expected second-quarter (Q2) net income, the highest in the company’s history.
The Power Corp. of Canada subsidiary reported net earnings of $658 million and earnings per share of 92¢ compared with $622 million, or 87¢ a share in Q2 2017.
The earnings beat analysts’ estimates for the quarter of $618 million, or 82¢ share.
Power Financial cited strong performance from subsidiaries Great-West Lifeco Inc., Putnam Investments and IGM Financial Inc., which reported record assets under management of $159.1 billion, up by 7.1% from the year prior.
The strong results at Power Corp.’s main financial services division were offset by declines in its other divisions including Sagard Investment Funds and China AMC as well as other investments and subsidiaries.
Power Corp. reported net earnings of $347 million, or 75¢ per share, largely in line with those in the year-earlier quarter.