Home Capital Group: COVID-19 Related Provisions Affect Q1 2020 Results
Home Capital Group Inc. reported Q1 2020 net income of $27.7 million, a 26% decline quarter over quarter (QOQ), as continued expansion in net interest margin (NIM) and a decline in operating expenses were offset by significant growth in provisions for credit losses (PCL) owing to the Coronavirus Disease (COVID-19) pandemic.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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