Home Capital Group reports $37.2M Q4 profit, up from $35.8M a year ago

TORONTO — Home Capital Group Inc. reported a fourth-quarter profit of $37.2 million, up from $35.8 million in the same quarter a year earlier.

The alternative mortgage lender says the profit amounted to 65 cents per share for the quarter ended Dec. 31 compared with a profit of 46 cents per share for the fourth quarter of 2018.

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On an adjusted basis, Home Capital says it earned 72 cents per share in its latest quarter, up from an adjusted profit of 46 cents per share a year earlier.

Total provision for credit losses in the quarter amounted to $3.9 million compared with $3.9 million in the fourth quarter of 2018.

Mortgage originations in the final quarter of 2019 totalled $1.62 billion compared with $1.61 billion in the fourth quarter of 2018.

In its outlook, Home Capital says it expects the stable conditions that characterized the Canadian housing market for 2019 will persist through the beginning of 2020.

"We made a lot of progress in 2019 through the consistent execution of our strategy," Home Capital chief executive Yousry Bissada said in a statement.

"In 2020 we believe we have an opportunity to build on that progress by continuing to invest in service and innovation with the goal of creating long-term sustainable value."

This report by The Canadian Press was first published Feb. 21, 2020.

Companies in this story: (TSX:HCG)

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