Power Financial Corp. on Friday reported an increased profit for the second quarter ended June 30.

The financial services holding company said its profit rose to $451 million in the second quarter, from $431 million a year earlier.

Net earnings for the quarter rose to 62¢ a share, compared with 59¢ a share a year ago.

Revenue fell slightly to $6.3 billion from $6.4 billion.

Operating earnings climbed to $449 million from $413 million, while other income fell to $2 million from $18 million.

“Growth in the corporation’s operating earnings reflects an increase in the contribution from its subsidiaries,” which include Great-West Lifeco Inc., IGM Financial Inc. and Parjointco N.V., the company said in a news release.

Net income, after restructuring charges, increased to $446 million from $401 million last year at Great-West Lifeco.

IGM reported net income of $168 million, compared with $153 million in the second quarter of 2004.

Parjointco, which holds Power Financial’s interest in Pargesa Holding, its European affiliate, will report its six-month results in September.

Power Financial’s board also declared a quarterly dividend of 21.75¢ per share.