November 5, 2009 / 12:14 PM / 9 years ago

UPDATE 1-Canaccord Capital posts Q2 profit

* Q2 EPS C$0.12 vs yr-ago loss C$0.11/shr

* Revenue up 12 pct to C$123.7 mln

* Assets under administration down 2 pct to C$11.4 bln

* Declares quarterly dividend of C$0.05/shr

Nov 5 (Reuters) - Canaccord Capital Inc CCI.TO said on Thursday it swung to a second-quarter profit, helped by higher trading and investment banking revenues.

For the fiscal quarter ended Sept. 30, the Vancouver-based investment dealer said it earned C$6.7 million ($6.31 million), or 12 Canadian cents a share, compared with a net loss of C$5.4 million, or 11 Canadian cents a share, in the same quarter a year ago.

The result came in line with average analyst profit estimate of 12 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 12 percent to C$123.7 million.

Investment banking revenue grew 40 percent to C$47.6 million, helped by stronger capital markets activity in the United States.

Revenue derived from principal trading was C$11.6 million, an increase of C$11.5 million from last year, mainly due to stronger market-making operation in its UK subsidiary.

Canaccord said that in the second quarter its assets under administration were C$11.4 billion, down 2 percent from C$11.6 billion at the end of the quarter in 2008.

The company also approved a quarterly dividend of 5 Canadian cents per share. The company had suspended the dividend last year to protect captial.

Shares of Canaccord Capital closed at C$11.22 Wednesday on the Toronto Stock Exchange.

$1=$1.06 Canadian dollar Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below