Home Capital Group reports $39-million Q3 profit

Home Capital Group Inc. reported its third-quarter profit rose compared with a year ago as its mortgage originations also climbed higher.

The alternative mortgage lender says it earned $39 million or 67 cents per diluted share for the quarter ended Sept. 30, up from a profit of $32.6 million or 41 cents per diluted share in the same quarter last year.

On an adjusted basis, Home Capital says it earned 72 cents per diluted share for its most recent quarter, up from an adjusted profit of 41 cents per diluted share a year ago.

Analysts on average had expected a profit of 56 cents per share, according to financial markets data firm Refinitiv.

Mortgage originations totalled nearly $1.55 billion, up from $1.44 billion in the same quarter last year.

Total provisions for credit losses amounted to $3.7 million in the most recent quarter compared with $6.1 million in its second quarter and $4.0 million in the third quarter last year.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.