05:38 PM EDT, 08/07/2024 (MT Newswires) -- IGM Financial ( IGIFF ) on Wednesday after hours reported higher adjusted profit for the second quarter, likely boosted by growth in assets under management and advisement.

The wealth management company said adjusted earnings rose 4.3% to $220.4 million, or $0.93 per share, from $211.4 million, or $0.89 per share, last year.

Net earnings of $216.2 million compared to $138.2 million in the second quarter of 2023. Earnings per share of $0.91 compared to $0.58 in the second quarter of 2023. But the $0.91 was lower than the 0.94 forecast at Capital IQ.

Assets under management and advisement of $252.4 billion, marked a 7.6% increase from the prior year quarter. Assets under management and advisement including strategic investments were $431.7 billion, a 26.7% increase from the $376.1 billion last year.

IGM declared a dividend of $0.5625 per share, payable on October 31.

IGM closed $0.98 or 2.6% lower, to $36.49, on the Toronto Stock Exchange.