Home Capital Group Inc. sustained its upward momentum throughout 2002, completing the most successful fourth quarter and year in its history.

Through its wholly owned subsidiary, Home Trust Company, Home Capital has now achieved 30 consecutive quarter-over-quarter increases in earnings. As well, 2002 represents the fifth consecutive year in which return on equity has exceeded 20%.

Return on equity for the fourth quarter was 24.1%, compared to the 22.5% achieved one year earlier. For the year, return on equity increased to 24.3% from the 23.8% recorded in 2001.

Net income for the fourth quarter grew by 34.7% to $5.5 million from the $4.1 million recorded for the same period in 2001. Net earnings per share for the quarter rose by 22.2% to 33¢ from 27¢ for the comparable quarter of 2001.

For the year, the company realized earnings of $20.6 million, up 38.6% over the $14.9 million achieved during 2001. Net earnings per share for the year rose by 26.3% to $1.25 from 99¢.

Total assets grew to $1.39 billion, an increase of 22.7% over the $1.14 billion at year-end 2001.

Net impaired loans at the end of 2002 represented 0.35% of the total portfolio, down from both the third quarter of 2002 at 0.46% and from the 0.52% recorded at year-end 2001.

At year-end, the company’s tier 1 capital ratio was 11.7% and the total capital ratio was 14.5%, which is significantly higher than the average tier 1 capital ratio and total capital ratio of the six leading banks at 9.1% and 12.2% respectively.