The lender says that it has $1.6 billion of liquid assets including $600 million of the $2 million line of credit backed by Canada’s major banks. It also confirmed the $1.5 billion non-binding agreement by a third party to acquire some of its mortgage assets.
Home Capital says its mortgage book continues to perform well and it will maintain low provisions for credit losses. Traditional single-family residential mortgages balance was $11.42 billion following record first quarter originations.
“Home plays a very important role in the Canadian housing market, providing financing for thousands of deserving customers, including entrepreneurs and new Canadians, and we are committed to ensuring the sustainability of this key enterprise,” said Home Capital’s chair Brenda Eprile. “We are taking the steps required to regain the full confidence of Home’s stakeholders, most notably by adding four outstanding new directors with considerable expertise in governance and business, and we will continue to look at every opportunity to strengthen Home as we move ahead.”
Reported net income was $58.0 million and diluted earnings per share were $0.90, compared with $64.2 million and $0.92. Adjusted net income was $65.5 million and adjusted diluted earnings per share were $1.02, compared with $67.5 million and $0.96.
MBN
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