July 31, 2008 / 6:29 PM / in 9 years

Power Financial profit up on strong insurer result

TORONTO, July 31 (Reuters) - Power Financial Corp (PWF.TO) reported a higher quarterly profit on Thursday as the financial services holding company benefited from stronger results at its insurance subsidiary.

Power Financial, a unit of Power Corp of Canada (POW.TO), posted net income of C$1.07 billion ($1.05 billion), or C$1.48 a diluted share, for the second quarter ended June 30.

That was up from profit of C$573 million, or 78 Canadian cents a share, in the year-before period.

$1=$1.02 Canadian Reporting by Lynne Olver; Editing by Peter Galloway

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