(July 20 – 10:20 ET) – Home Capital Group Inc. is reporting record earnings in the second quarter ended June 30. The parent of Home Trust Co. says it earned 17¢ a share, or $2.49 million, compared with 13¢ a share, or $1.96 million in the same period a year ago.
Total assets grew from $604 million to $792 million. Its annualized return on equity was 22.9%, compared to 21.7% on a year over year basis. The company says the results reflect the power of its strategy to pursue market leadership with customers who are underserved by traditional lenders.
Home Capital is also announcing that the Hon. William G. Davis, has been elected chairman of Home Trust Co. As well, Home Trust Co. has joined the VISA Canada Association.
The trust company will launch a secured VISA credit card starting in September. The card is designed to assist consumers to establish or re-establish their credit worthiness. The company says these customer segments have been served effectively and profitably in the United States by several issuers. “We believe that we can serve this niche in a manner that is socially responsible for consumers, and low risk yet profitable for the company,” says Gerald M. Soloway, president and CEO, Home Capital Group Inc.
-IE Staff