DBRS Morningstar: Home Capital Group Inc. Reports Lower Q4 2019 Earnings Because of Transformation Initiatives
Home Capital Group Inc. (HCG or the Group) reported Q4 2019 net income of $37.2 million, a 5% decline quarter over quarter (QOQ), as the Group invests in the transformation of its core operations system. For F2019, the Group experienced a 3% im-provement in earnings year over year to $136 million, which can largely be attributed to continued expansion in net interest margin (NIM). During the quarter, HCG benefitted from NIM expansion and steady growth in originations, all while main-taining sound asset quality.Home Capital Group is a holding company that operates primarily through its principal subsidiary, Home Trust Company, which provides insured and uninsured deposits, residential and non-residential commercial mortgage lending and consumer lending. Co. also conducts business through its wholly owned subsidiary, CFF Bank, a Canadian retail bank. Co.'s subsidiary, Payment Services Interactive Gateway Inc. (PSiGate) provides payment card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
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