Home Capital Reports Robust Growth In Earnings and Assets
TORONTO, Oct. 23 /CNW/ - Home Capital Group Inc. (TSX: HCG.B) once again
sustained its record of outstanding financial performance and growth with
increases in earnings, earnings per share, and total assets in the third
quarter of 2003. The Company has now completed quarter-over-quarter increases
in earnings for 33 consecutive quarters.
- Net earnings increased 50.2% to $7.9 million for the three month
period ended September 30, 2003, compared with $5.3 million for the
same quarter in 2002. For the first nine months of 2003, net earnings
rose 38.0% to $20.8 million from the $15.1 million recorded for the
same period one year earlier.
- Total assets were $1.76 billion at September 30, 2003. This
represents growth of 34.0% over total assets one year earlier, and
8.9% over total assets at June 30, 2003.
- Return on equity for the third quarter was 28.8%, compared to 24.1%
for the same period in 2002; and 26.6% for the first nine months of
2003.
- During the quarter, the Company issued an additional $43.9 million in
MBS pooled residential mortgages, generating $2.4 million in
revenues. The comparable figures for the same period in 2002 were
$33.8 million and $1.4 million respectively. The MBS portfolio
administered by Home Trust reached $239.9 million at September 30,
2003.
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