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Manulife net income up slightly as core earnings grow, offset by charge
TORONTO – 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 cents per common share for both quarters.
Earnings per share were slightly below the 62 cents 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.
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