June 23, 2010 / 1:30 PM / in 7 years

UPDATE 2-AGF Management Q2 profit up on strong revenue

* Q2 EPS C$0.30 vs C$0.19 year ago

* Revenue up 7 pct

* Loan write-offs down 22 pct (Recasts, adds details, updates share movement)

June 23 (Reuters) - AGF Management Ltd (AGFb.TO) reported a nearly 60 percent rise in quarterly profit, as improving financial markets helped revenue growth and lower loan write-offs at the Canadian wealth management company.

Net loan write-offs were C$7.8 million for the second quarter ended May 31, compared to C$10 million a year ago, the company said.

AGF’s total assets under management (AUM) grew 14.6 percent to C$42.9 billion on market appreciation and addition of new institutional clients.

For the quarter, the company earned C$27.5 million ($26.75 million), or 30 Canadian cents a share, compared with C$17.2 million, or 19 Canadian cents, a year ago.

Excluding charges related to equity investments in Smith and Williamson Holdings Ltd, AGF earned 35 Canadian cents a share.

Analysts on average expected 36 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Revenue was up 7 percent to C$153.8 million, driven by strong performance of investment management segment that saw about 17 percent growth.

Shares of the company were up more than a percent or 17 cents at Canadian cents at C$14.90 Wednesday afternoon on the Toronto Stock Exchange. ($1=1.028 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Vyas Mohan)

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