09:24:45 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Home Capital Group Inc
Symbol HCG
Shares Issued 80,246,349
Close 2017-11-15 C$ 14.85
Market Cap C$ 1,191,658,283
Recent Sedar Documents

Globe say Home Capital Q3 returns to profitability

2017-11-16 05:53 ET - In the News

The Globe and Mail reports in its Thursday edition that Home Capital Group returned to profitability in the third quarter but struggled to issue enough new home loans as it begins a rapid overhaul of its business. The Globe's James Bradshaw writes that the company originated $385-million in mortgages during the third quarter, a dramatic dip from $2.54-billion a year earlier. However, it is showing signs of stability in its deposit base, which suffered from a run of withdrawals in April over allegations it had misled investors. Home Capital had a busy, tumultuous fall trying to reshape its fortunes after a brush with insolvency. The firm recalibrated its rates, cut 65 full-time jobs as part of a wider cost-cutting plan, and turned over its executive ranks. The changes were deemed necessary, but the persistent drum beat of weekly upheaval left it unprepared to take on as many new loans as investors might have hoped it would. As the lender revamps its systems and trains new staff to process mortgages, it has been turning away more than 70 per cent of potential borrowers -- either because they are deemed too risky or because Home Capital could not respond fast enough to win the customer's business.

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