Source: The Canadian Press

Residential mortgage lender Home Capital Group Inc. (TSX:HCG) credits growth in interest earnings and record securitization income for a more than 24% increase in fourth-quarter profits.

The Toronto-based lending company, which owns Home Trust, said Wednesday that in earned $50.4 million or $1.45 per diluted share in the three-month period ended Dec. 31. That was up from $40.5 million or $1.16 in the same 2009 quarter.

Revenue for the three months ended Dec. 31 was $144.7 million, up from $121.4 million.

The total value of mortgages originated in the fourth quarter was $1.85 billion, an increase of 32.7% over the $1.39 billion originated in the 2009 quarter, while the value for the year was $6.87 billion, an increase of 43.1% over the $4.80 billion originated in 2009.

Shares in Home Capital, which reported after the markets closed, were down 58 cents at $56.20 Wednesday on the Toronto Stock Exchange.

IE