UPDATE: Manulife Financial Posts Weak Q2 Profit, Lifts Dividend

Manulife Financial

reported downbeat second-quarter profit and lifted its dividend by 19%. The Toronto, Canada based company posted quarterly earnings of 943 million Canadian dollars (US$863 million), or 49 Canadian cents per share, compared to C$259 million, or 12 Canadian cents per share, in the year-ago period. Its core earnings climbed to 36 Canadian cents per share versus 31 Canadian cents per share. Analysts were projecting a profit of 40 Canadian cents per share for the quarter. Manulife's wealth sales dropped 7% to C$13.3 billion. Its funds under management were C$637 billion. Donald Guloien , President and Chief Executive Officer said, "We are pleased with the financial results for the second quarter. Our businesses generated strong net income, solid core earnings, and produced yet another quarter of record funds under management. Our plan is unfolding well and we continue to make progress towards our financial objectives". Manulife shares closed at $20.12 yesterday.