The Standard (St. Catharines)

Home Capital shares s oar on 3Q profit beat

-

TORONTO — Shares of Home Capital Group surged as much as 25 per cent after the alternativ­e mortgage lender beat profit expectatio­ns for the third quarter. The Toronto-based company reported net income of $32.6 million during the three months ended Sept. 30, up from $30 million during same period a year earlier. Home Capital says the profit amounted to 41 cents per diluted share in its third quarter, compared with 37 cents during the same period in 2017. Analysts expected earnings per share of 36 cents, according to Thomson Reuters Eikon. The improvemen­t came as Home Capital saw mortgage originatio­ns total $1.44 billion during the quarter, roughly 273 per cent higher than the same period a year ago when Home Capital was dealing with the fallout of its earlier liquidity crisis. Home Capital’s shares in Toronto reached as high as $17.62 this morning.

Newspapers in English

Newspapers from Canada