Power Corp. net profit surges in third quarter to $741 million

MONTREAL – Power Corp. beat expectations as its net profit attributable to shareholders surged nearly 47 per cent to $741 million in its latest quarter.

The Montreal-based holding company says it earned $1.09 per diluted share in the third quarter, up from 75 cents per share a year earlier when net income was $505 million.

Excluding restructuring and other one-time items, adjusted profit for the three months ended Sept. 30 reached $748 million or $1.10 per share, compared with $483 million or 72 cents per share in the third quarter of 2020.

Power was expected to report 96 cents per share in adjusted profits, according to financial data firm Refinitiv.

Great-West Lifeco Inc.’s contribution to adjusted profits increased 27.7 per cent to $580 million and IGM Financial Inc. was up 25.6 per cent to $167 million.

Power holds full control of Power Financial and with that majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.

This report by The Canadian Press was first published Nov. 10, 2021.

Companies in this story: (TSX:POW)