Newspaper article The Canadian Press

Home Capital Group Reports Net Income of $30.6M in Fourth Quarter, Down 40%

Newspaper article The Canadian Press

Home Capital Group Reports Net Income of $30.6M in Fourth Quarter, Down 40%

Article excerpt

Home Capital reports $30.6M profit in fourth quarter

--

TORONTO - Home Capital Group Inc. reported net a income of $30.6 million in its most recent quarter, about 40 per cent less than it earned in the same quarter last year before it was hit with allegations it misled investors.

The Toronto-based mortgage lender's fourth-quarter income in the period ending Dec. 31 amounted to diluted earnings of 38 cents per share.

That compares to a net income of $50.7 million and diluted earnings of 79 cents per share in the same quarter last year.

Fourth-quarter revenue amounted to $109.5 million, down from $144.6 million in the similar quarter a year ago, but ahead of Thomson Reuters estimates of $86.5 million.

CEO Yousry Bissada said in a statement late Wednesday that Home Capital is entering 2018 with positive momentum in its business and expects to grow from here.

"We have demonstrated progress towards growing our residential and commercial business lines to more normal and sustainable levels and our employees delivered improved service," he said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.