The fortunes of Home Capital continue to improve and the firm is optimistic of growth ahead.
In its latest financial results released Wednesday, Home Capital reported net income of $31.9 million or 53 cents per share, compared with $27.8 million or 45 cents per share for Q1 2019 and $29.6 million or 37 cents per share for Q2 2018.
Mortgage originations climbed from $1.22 billion in the first quarter of 2019 and $1.23 billion in Q2 2018, to $1.28 billion in Q2 2019. This includes $1,054.4 million in single-family mortgage originations, up from $933.2 million in the previous quarter and $949.3 million in Q2 2018.
Total provision for credit losses was $6.1 million, the same as in Q1 2019 and down from $6.5 million in Q2 2018.
“Our performance this quarter is a clear demonstration of the success we can achieve by focusing on providing excellent service to our clients,” said Yousry Bissada, President and Chief Executive Officer. “We are pleased that investing in our relationships, growing our Oaken deposit base and improving our technological capabilities are starting to be reflected in our operating results to generate sustainable long-term benefits.”
Home Capital says that it is expecting to see stable, profitable growth for the rest of 2019, supported by the conditions in the Canadian housing market.
“We have made substantial progress in our operations in the first half of 2019”, said Mr. Bissada. “As we continue to execute our strategy of excellent customer service and strategic capital deployment, all within our sustainable risk culture, Home Capital has a significant opportunity to create long-term shareholder value.”