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Home Capital beats expectations as second-quarter earnings surge

TORONTO — Home Capital Group Inc. beat expectations as its earnings surged in the second quarter.

The alternative mortgage lender says it earned $31.9 million or 53 cents per diluted share for the period ended June 30, up from $29.6 million or 37 cents per share a year earlier.

Excluding one-time items, adjusted earnings grew 56.8 per cent to 58 cents per share, from 37 cents per share in the prior year.

Net interest income rose 3.7 per cent year over year to $97.5 million from $84.1 million.

Home Capital saw mortgage originations rise by $50 million or four per cent to $1.28 billion while loans under administration climbed 1.7 per cent to $22.9 billion.

The Toronto-based lender was expected to post 51 cents per share in adjusted earnings on $94 million in net interest income.

The company says conditions in the Canadian real estate market should continue to support stable, profitable growth for the rest of 2019.

“We have made substantial progress in our operations in the first half of 2019,” stated CEO Yousry Bissada.


Companies in this story: (TSX:HCG)

The Canadian Press

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