Earnings For Home Capital Down

The recent results from Home Capital showed that a small number of mortgage clients have renewed their loans with the firm as stated. The president and CEO, Martin Reid said; “Our core traditional mortgage originations continue to drive revenues alongside a stronger performance from our commercial lending business. Our performance was muted by lower-than-anticipated retention and renewal levels and elevated expenses.”

During the fourth quarter of last year, the total earning after deductions was $50.7 million, which declined from the previous year, which net earnings were $70.2 million. Martin commented; “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.”

The expenses that were taken care of, were taken in account for buildings, staff, and additional operating expenditures during the restructuring program that was in progress. In the coming year, Home Capital has made it a top priority for the mortgage business to expand and grow in every way possible.