By Kimberly Chin
Manulife Financial Corp. said profit fell in the fiscal second quarter as the company was affected by interest rates driven by narrower corporate spreads and a steepening of the yield curve and incurred charges related to investments.
The Canadian financial services provider said net profit was 727 million Canadian dollars ($555.6 million), or C$0.35 a share, down from C$1.48 billion, or C$0.73 a share, a year earlier. Analysts surveyed by FactSet were expecting earnings of C$0.11 a share.
Excluding certain items, core earnings rose to C$1.56 billion from C$1.45 billion a year ago.
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