Fewer mortgage customers of Home Capital have renewed their loans with the firm according to its latest financial results.

“Our core traditional mortgage originations continue to drive revenues alongside stronger performance from our commercial lending business,” said president and CEO Martin Reid. “Our performance was muted by lower-than-anticipated retention and renewal levels and elevated expenses.”

Net earnings for the fourth quarter of 2016 were $50.7 million, down from $70.2 million a year earlier.

“In 2017, we remain committed to improving customer retention, increasing our loans under administration and growing revenue as well as lowering our expense base to help drive positive operating leverage and increase profitability,” Reid said.

That expenses base includes employees, premises and other operating costs amid a program of restructuring. The growth of Home Capital’s mortgage business is a top priority for the year ahead.

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