Sector Update: Financials; Laurentian Bank, Canaccord Genuity Post Earnings, CI Financial Reports Record Asset Levels

Financial stocks were advancing in afternoon trading, and the S&P/TSX Financials index gained 0.6%.

Laurentian Bank (LB.TO): +1.1%

Canaccord Genuity (CF.TO): +3.3%

Manulife (MFC.TO): +1.2%

Intact Financial (IFC.TO): +1.5%

CIBC (CM.TO): +0.6%

CI Financial (CIX.TO): +0.9%

In corporate news, Canaccord Genuity reported Q4 2014 adjusted net income of $29.1 million, or $0.25 per diluted share, on revenues of $253.7 million. In the same period last year, adjusted net income was $15.6 million, or $0.12 per diluted share, on revenues of $218 million.

Analyst estimates weren't available for comparison.

The financial services firm's board of directors approved the payment of a quarterly dividend of $0.05 per common share, unchanged from the previous payout, on July 2, 2014 to shareholders of record on June 20, 2014.

Meanwhile, Laurentian Bank of Canada reported adjusted net income of $39.4 million or $1.29 diluted per share for the second quarter of 2014, compared with $39.2 million or $1.24 diluted per share for the same period in 2013. Adjusted return on common shareholders' equity was 11.9% for the second quarter of 2014, compared with 12.2% for the same period in 2013. When including adjusting items, net income totalled $31.0 million or $0.99 diluted per share for the second quarter of 2014, compared with $33.8 million or $1.05 diluted per share for the second quarter of 2013. Return on common shareholders' equity was 9.2% for the second quarter of 2014, compared with 10.4% for the same period in 2013.

LB also increased the dividend on its common shares from $0.51 to $0.52 per common share. A regular quarterly dividend of 52 cents per share was declared and will be payable on August 1, 2014 to the holders on record at the close of business on July 2, 2014.

Finally, CI Financial said that assets under management as at May 31, 2014 reached a record $98.2 billion. Total assets was a also a record $126.9 billion. Assets under management increased by 18.2% from last year, while total assets grew 17.6% year-over-year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.