23:17:56 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Home Capital Group Inc
Symbol HCG
Shares Issued 80,246,349
Close 2017-07-17 C$ 14.34
Market Cap C$ 1,150,732,645
Recent Sedar Documents

Globe says deposits are returning to Home Capital Group

2017-07-18 07:13 ET - In the News

The Globe and Mail reports in its Tuesday edition that deposits are returning to Home Capital Group (HCG) as it recovers from a crisis of confidence. The Globe's James Bradshaw writes that on Monday, HCG provided its first liquidity update since the end of June. At that time, it was enjoying a renewed surge of faith from depositors after securing an investment worth up to $400-million from Warren Buffett's Berkshire Hathaway. In the two weeks since, to July 14, HCG attracted $125-million in net new deposits, the vast majority of them to guaranteed investment certificates, or GICs, with a fixed term. The high water mark of the so-called Buffett bounce may have passed, as HCG said it "has seen deposit inflows return to historical averages." Deposit totals have become a key barometer of HCG's health as well as broader confidence in the alternative lending space, after the firm endured a rare run on the bank earlier this year. However, the latest figures show HCG is on firmer footing after months of woes, with overall levels of liquidity moving in the right direction. HCG still faces a range of challenges as it tries to originate new mortgages and chart a path back to growth.

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