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Power Financial profit jumps despite strong C$

Thu May 8, 2008 11:02am EDT

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TORONTO, May 8 (Reuters) - Power Financial Corp (PWF.TO) said on Thursday first-quarter earnings rose more than 20 percent, even as the strong Canadian dollar ate into results.

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The financial services company, which owns Canada's second biggest life insurer and its largest independent mutual fund company, reported net income of C$586 million ($580.2 million), or 80 Canadian cents a diluted share, for the three months ended March 31.

That compared with C$482 million, or 65 Canadian cents a share, in the same 2007 period.

($1=$1.01 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway)

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