Home Capital’s net income for the first quarter grew by 47.1% to $4,733,960. That compares with $3,218,215 recorded for the same period in 2001. Return on equity during the first quarter stood at 24.4%, compared to 25.3% for the same quarter in 2001.

Total assets at the end of the quarter were $1,131,649,943, an increase of 18.2% over total assets at the end of the same quarter last year. Total assets since year-end 2001, however, have remained stable.

Net impaired loans as at March 31, were 0.51% compared to 0.52% at December 31, and 0.48% at March 31, 2001. In addition to maintaining a very stable position on impaired loans, there were no losses realized in the company’s mortgage portfolio in this quarter. Home Trust’s general allowance, the reserve fund for unforeseen losses on currently performing loans, increased from $4.6 million at March 31, 2001 to $5.8 million at the end of this quarter.

The company has determined that it will focus on building VISA operations with products secured by either cash or property. “Our experience in recent months indicates strongly that there is a large opportunity to provide secured products to Canadians,” it says.

“Having reviewed our competitive strengths, which include people, products, market presence and reputation, we are optimistic about our ability to continue generating value for customers, employees and all shareholders. We are confident that the positive results achieved in the first quarter will continue throughout 2002.”