TORONTO — Home Capital Group Inc. reported a 40 per cent drop in its first-quarter income from the same period last year, before it was hit with allegations of misleading investors.<\/p>\n
The Toronto-based mortgage lender said income in the three months that ended March 31 was $34.6 million, or diluted earnings of 43 cents per share.<\/p>\n
That compares to a net income of $58 million and diluted earnings of 90 cents per share in the same quarter of last year.<\/p>\n
The company said in a statement that the numbers reflect “the impact of reduced loan balances and lower securitization income, partially offset by lower non-interest expenses.”<\/p>\n
It’s been a tumultuous year for Home Capital, after allegations the lender had misled shareholders prompted a run on deposits by customers last April.<\/p>\n
By June, the company had agreed to pay $29.5 million to settle a class-action lawsuit and a matter before the Ontario Securities Commission concerning the allegations.<\/p>\n
Companies in this story: (TSX:HCG)<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO — Home Capital Group Inc. reported a 40 per cent drop in its first-quarter income from the same period last year, before it was hit with allegations of misleading investors. The Toronto-based mortgage lender said income in the three months that ended March 31 was $34.6 million, or diluted earnings of 43 cents per […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8606"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8606"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8606\/revisions"}],"predecessor-version":[{"id":8607,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8606\/revisions\/8607"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}