01:14:53 EDT Sat 27 Apr 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

FP says Home Capital Group not fully recovered

2017-11-16 05:56 ET - In the News

Also In the News (C-EQB) Equitable Group Inc

The Financial Post reports in its Thursday edition that the Home Capital Group (HCG) boss Yousry Bissada says restoring loan growth is taking longer than planned. The Post's Barbara Shecter writes that Mr. Bissada says management's top priority is to boost training and technology. HCG has not fully recovered from the regulatory and financial crisis that rocked it earlier this year, as third quarter results released Tuesday revealed significant lost market share on the residential lending side of the business. Total mortgage originations in the quarter also plummeted to $385-million from $2.54-billion a year ago. Home Capital posted net income of $30-million or 37 cents a share. That compared with $66.2-million or $1.01 a year earlier. Mr. Bisssada says, "The most important thing was stabilizing our liquidity and getting our deposits in a position so that we could carry on with our business of lending." Mr. Bissad was tapped to lead the company in July. As mortgage lenders brace for the impact of tougher regulatory stress tests for uninsured home buyers in January, HCG has lost ground to competitors, says CIBC analyst Marco Giurleo. He says HCG is "significantly lagging key peer" Equitable Group.

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