Home Capital Reports Another Strong Quarter:
- Diluted Earnings per Share up 13.2% year over year to $1.72;
- Adjusted Diluted Earnings per Share* up 19.1% year over year to $1.81;
- Assets Under Administration Surpass $20 billion and Shareholders' Equity Increases to over $1 billion
TORONTO, May 8, 2013 /CNW/ - Home Capital Group (TSX: HCG) today reported another quarter of strong results for the three months ended March 31, 2013.
The Company's First Quarter Report, including Management's Discussion and Analysis, is available on Home Capital's website at www.homecapital.com and the Canadian Securities Administrators website at www.sedar.com.
|* Table 2 provides a reconciliation of net income to adjusted net income and adjusted diluted earnings per share.|
|(Unaudited)||For the three months ended|
|(000s, except Per Share and Percentage Amounts)||March 31||December 31||March 31|
|Diluted Earnings per Share||$||1.72||$||1.70||$||1.52|
|Return on Shareholders' Equity||24.0%||25.0%||26.2%|
|Return on Average Assets||1.3%||1.2%||1.2%|
|Net Interest Margin (TEB)1||2.17%||2.13%||2.02%|
|Provision as a Percentage of Gross Loans (annualized)||0.11%||0.09%||0.11%|
|Efficiency Ratio (TEB)1||28.3%||27.3%||27.7%|
|March 31||December 31||March 31|
|BALANCE SHEET HIGHLIGHTS||
|Total Assets Under Administration2||20,377,074||19,681,750||17,995,256|
|Securitized Loans On-Balance Sheet3||6,710,556||6,706,160||8,001,414|
|Total Loans Under Administration3,4,5||18,448,493||18,041,584||16,451,745|
|Common Equity Tier 1 Capital Ratio||16.57%||N/A||N/A|
|Tier 1 Capital Ratio||16.57%||17.01%||17.49%|
|Total Capital Ratio||19.82%||20.68%||21.62%|
|Assets to Regulatory Capital Multiple||13.98||13.98||13.64|
|Net Non-Performing Loans as a Percentage of Gross Loans||0.32%||0.33%||0.28%|
|Allowance as a Percentage of Gross Non-Performing Loans||59.9%||57.0%||67.6%|
|Book Value per Common Share||$||29.53||$||27.96||$||23.83|
|Common Share Price - Close||$||58.74||$||59.07||$||50.34|
|Number of Common Shares Outstanding||34,600||34,630||34,751|
1 See definition of Taxable Equivalent Basis (TEB) under Non-GAAP Measures
of the unaudited interim consolidated financial report.
2Total assets under administration include total on-balance sheet assets and off-balance sheet loans.
3In the quarter the Company classified Home Trust mortgages used as CMB replacement assets as securitized mortgages. In prior periods these were classified as pledged securities. Prior periods have been restated to reflect the current classification.
4 Total loans include loans held for sale.
5Loans under administration includes total loans and off-balance sheet loans.
6These figures relate to the Company's operating subsidiary, Home Trust Company and are calculated under Basel III for 2013 and Basel II for 2012.
FIRST QUARTER 2013 HIGHLIGHTS
Key results for Q1 2013 included:
Net income increased to $59.7 million, up 13.7% over Q1 2012 and 1.3%
over Q4 2012. Net income reflects $1.8 million in after tax charges
related to IFRS implementation (see the Non-Interest Income section of
the MD&A) and $1.5 million in after-tax charges related to the
resolution of disputed loans to commercial condominium corporations
(see the Provision and Allowance for Credit Losses section of the
MD&A). Without these charges, adjusted net income, as defined in Table
2, was $63.0 million representing an increase of 20.0% over Q1 2012.
Diluted earnings per share were $1.72 for the quarter representing
increases of 13.2% over the $1.52 earned in Q1 2012 and increases of
1.2% over the $1.70 earned in Q4 2012. Adjusting for charges for IFRS
implementation and the condominium loan resolution, adjusted diluted
earnings per share1 were $1.81, 19.1% higher than Q1 2012.
Net interest income, before provisions, continued its upward trend,
reaching $101.9 million in Q1 2013, increasing 15.5% over the $88.2
million recorded in Q1 2012 and 2.0% over the $99.9 million earned in
Q4 2012. This reflects net on-balance sheet loan growth and improving
total net interest margin.
Net interest margin (TEB) increased to 2.17% in Q1 2013 from 2.02% in Q1
2012 and 2.13% in Q4 2012. The increase reflects the combination of the
shift to higher yielding traditional mortgages relative to securitized
mortgages and, when compared to Q1 2012, improved spreads earned on
Return on equity at 24.0% for the quarter remains strong and continues
well in excess of the Company's minimum performance objective of 20%.
The loan portfolio credit quality remains solid with continued low
non-performing loans and credit losses well within expected levels. Net
non-performing loans as a percentage of gross loans (NPL ratio) ended
the quarter at 0.32% compared to 0.33% at the end of 2012 and 0.28% at
the end of Q1 2012. The annualized credit provision as a percentage of
gross loans (PCL ratio) remains within expectations at 0.11%, compared
to 0.09% in Q4 2012 and 0.11% in Q1 2012. Excluding the provisions
related to the resolution of disputed loans to the two condominium
corporations the PCL ratio would have been 0.06% in the quarter.
Home Trust adopted the new Basel III capital requirements in Q1 2013 and
continues to significantly exceed regulatory minimums. Under Basel III,
Home Trust's Common Equity Tier 1 ratio (CET 1 ratio) was 16.57%, while
Tier 1 and Total Capital Ratios were 16.57% and 19.82%, respectively.
Home Trust's assets to capital multiple was 13.98 at the end of the
quarter compared to 13.98 at December 31, 2012 and 13.64 at March 31,
Total loans under administration, which includes securitized mortgages
that qualify for off-balance sheet accounting, grew to $18.45 billion,
reflecting increases of $2.00 billion or 12.1% from $16.45 billion one
year ago, and $0.41 billion or 2.3% from $18.04 billion at the end of
2012 (9.0% on an annualized basis). At this point the Company still
expects to meet its loans under administration growth target of 10-15%
year over year.
Product demand was strong in the quarter, with $1.38 billion in total
mortgage originations up from $1.19 billion originated in Q1 2012. Even
though Q1 2012 benefited from milder weather and increased activity
ahead of mortgage insurance changes, the Company was able to increase
year over year originations. Q1 2013 originations were behind Q4 2012
originations of $1.47 billion primarily due to seasonal factors.
- Traditional mortgage originations increased to $0.99 billion in Q1 2013 from $0.92 billion in Q1 2012 and declined seasonally from $1.16 billion in Q4 2012. The Company continues to experience strong demand for its traditional product offerings combined with high credit quality. This continues to enhance profitability and asset quality.
Accelerator (insured) mortgage originations declined to $121.6 million
in Q1 2013 from $172.7 million in Q1 2012 and from $174.2 million in Q4
2012 reflecting the Company's continued preference for high margin
assets on balance sheet.
The Company continues to pursue strategies for transactions that will
qualify lower margin, insured single-family residential mortgages for
off-balance sheet treatment and lead to increased growth in this loan
portfolio. Ongoing dialogue with regulators and other interested
parties regarding these strategies has continued and management remains
cautiously optimistic that a solution can be attained.
Multi-unit residential mortgage originations were $202.6 million in Q1
2013 compared to $27.5 million in Q1 2012 and $57.2 million in Q4
2012. In the quarter the Company securitized and sold $156.2 million
of insured multi-unit residential mortgages that qualified for
off-balance sheet accounting compared to $64.6 million last quarter.
These transactions resulted in securitization gains of $1.4 million in
the quarter compared to $0.7 million last quarter. This securitization
program was initiated in the second quarter of 2012. The Company is
pleased with the results and anticipates that this program will
continue to enhance profitability and experience modest growth.
Store and apartment mortgage advances were $23.6 million in Q1 2013
compared to $37.9 million in Q1 2012 and $24.8 million in Q4 2012.
Commercial mortgage advances were $30.7 million in Q1 2013 compared to
$27.7 million in Q1 2012 and $52.4 million in Q4 2012. The Company
continues to be selective and focuses on opportunities that present
strong credit and risk profiles.
|1Table 2 provides a reconciliation of net income to adjusted net income and adjusted diluted earnings per share.|
Data from the Canadian Real Estate Association indicates that real estate markets have softened in the first quarter of 2013 with an overall decline in housing activity of approximately 15% when compared to the first quarter of 2012. Average prices across Canada rose marginally in the quarter and the rate of appreciation of home prices has moderated, with pockets of pricing declines in certain markets. The Company's view and observations are that housing markets remain in balanced territory and remain healthy overall. Declines in housing activity were not unexpected given the strong start to spring last year, ahead of changes to mortgage insurance rules. While the Company experienced overall originations below the last quarter of 2012, the activity was within management's expectations given seasonality and the slower start to the spring housing market this year. The Company continues to observe good demand for its traditional mortgage products from customers with strong credit profiles and originations in this product were up over the same period last year. The Company anticipates that demand for its traditional products to continue to be robust, but recognizes that overall markets have softened and demand could be reduced in future quarters. Management is prepared to adjust its strategy in such a situation.
During the quarter the Company continued its deposit diversification initiative by further building balances in its brokered high interest savings account and in GICs directly with customers. These efforts will be further bolstered by the launch of a direct to consumer savings account later this year combined with continued advertising and business development activities and investment in information technology infrastructure to build the direct deposit channel and enhance deposit diversification.
Beginning on January 1, 2013 the Company's subsidiary Home Trust was subject to, and fully compliant with, the new regulatory capital rules known as Basel III. Generally, the new rules introduced higher minimum capital targets along with requirements for higher quality capital. Home Trust was well positioned to adopt the new rules as it already well exceeded minimum regulatory capital ratios and maintained a simple structure of high quality capital.
To further strengthen the Company's Board of Directors, Ms. Diana Graham will stand as a nominee for election to the board at the upcoming Annual General Meeting. Ms. Graham brings extensive experience to the Board, including governance, credit, operational, market and enterprise risk management, in both the United States and Canada, most recently retiring from the position of Chief Risk Officer at a Canadian financial institution. We are confident that Ms. Graham's significant experience and depth of knowledge will be assets to the Board and the Company.
Subsequent to the end of the quarter, and in light of the Company's solid performance, profitability and strong financial position, the Board of Directors declared a quarterly dividend of $0.26 per Common share, payable on June 1, 2013 to shareholders of record at the close of business on May 17, 2013.
The Company continues to deliver solid results in terms of growth and increased returns. Despite the persistent international economic instability and modest economic improvement in Canada, the Company's performance continues to reflect the strength and the successful execution of the Company's core strategy.
With solid performance in all aspects of Home Capital's business, management continues to expect the positive performance the Company experienced during the first quarter of 2013 to continue for the remainder of year.
GERALD M. SOLOWAY
Chief Executive Officer
KEVIN P.D. SMITH
Chair of the Board
May 8, 2013
Additional information concerning the Company's targets and related expectations for 2013, including the risks and assumptions underlying these expectations, may be found in Management's Discussion and Analysis (MD&A) of the quarterly report.
Conference Call and Webcast
First Quarter Results Conference Call
The conference call will take place on Thursday, May 9, 2013 at 10:30 a.m. ET. Participants are asked to call 5 to 15 minutes in advance, 647-427-7450 in Toronto or toll-free 1-888-231-8191 throughout North America. The call will also be accessible in listen-only mode via the Internet at www.homecapital.com.
Conference Call Archive
A telephone replay of the call will be available between 1:30 p.m. ET Thursday, May 9, 2013 and midnight ET Thursday, May 16, 2013 by calling 416-849-0833 or 1-855-859-2056 (enter passcode 36458511). The archived audio web cast will be available for 90 days on CNW Group's website at www.newswire.ca and Home Capital's website at www.homecapital.com.
Annual Meeting Notice
The Annual Meeting of Shareholders of Home Capital Group Inc. will be held at the Design Exchange, Trading Floor, Second Floor, 234 Bay Street, Toronto, Ontario, on Wednesday, May 15, 2013 at 11:00 a.m. local time. Shareholders and guests are invited to join Directors and Management for lunch and refreshments following the Annual Meeting. All shareholders are encouraged to attend.
Consolidated Statements of Income
|For the three months ended|
|thousands of Canadian dollars, except per share amounts||March 31||December 31||March 31|
|Net Interest Income Non-Securitized Assets|
|Interest from loans||$||148,031||$||144,310||$||117,565|
|Dividends from securities||3,193||3,502||3,964|
|Interest on deposits||62,938||61,873||53,128|
|Interest on senior debt||1,583||1,825||1,653|
|Net interest income non-securitized assets||88,159||85,063||67,795|
|Net Interest Income Securitized Loans and Assets|
|Interest income from securitized loans and assets||61,337||64,351||76,616|
|Interest expense on securitization liabilities||47,610||49,506||56,192|
|Net interest income securitized loans and assets||13,727||14,845||20,424|
|Total Net Interest Income||101,886||99,908||88,219|
|Provision for credit losses||4,667||3,685||4,498|
|Fees and other income||14,972||11,059||10,897|
|Net realized and unrealized gains (losses) on securities and mortgages||2,274||(883)||308|
|Net realized and unrealized (loss) gain on derivatives||(1,656)||(1,298)||4,285|
|Salaries and benefits||16,950||14,991||13,999|
|Other operating expenses||14,574||14,067||13,171|
|Income Before Income Taxes||80,427||79,140||70,043|
|NET INCOME PER COMMON SHARE|
|AVERAGE NUMBER OF COMMON SHARES OUTSTANDING|
|Total number of outstanding common shares||34,600||34,630||34,751|
|Book value per common share||$||29.53||$||27.96||$||23.83|
Consolidated Statements of Comprehensive Income
|For the three months ended|
|March 31||December 31||March 31|
|thousands of Canadian dollars (Unaudited)||2013||2012||2012|
|OTHER COMPREHENSIVE INCOME|
|Available for Sale Securities|
|Net unrealized gains on securities available for sale||7,165||1,471||4,393|
|Net (gains) losses reclassified to net income||(1,946)||457||(364)|
|Income tax expense||1,381||509||1,167|
|Cash Flow Hedges|
|Net unrealized gains on cash flow hedges||-||-||26|
|Net losses reclassified to net income||367||376||353|
|Income tax expense||95||99||110|
|Total other comprehensive income||4,110||1,696||3,131|
Consolidated Balance Sheets
|March 31||December 31|
|thousands of Canadian dollars (Unaudited)||2013||2012|
|Cash and Cash Equivalents||$||631,080||$||301,863|
|Available for Sale Securities||404,254||414,344|
|Loans held for sale||43,434||21,921|
|Non-securitized mortgages and loans||10,675,992||10,431,832|
|Collective allowance for credit losses||(30,300)||(30,000)|
|Goodwill and intangible assets||83,285||82,095|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Deposits payable on demand||$||96,513||$||105,923|
|Deposits payable on a fixed date||10,545,767||10,030,676|
|Mortgage-backed security liabilities||1,271,879||1,301,693|
|Canada Mortgage Bond liabilities||6,036,475||6,034,202|
|Deferred tax liabilities||33,046||35,800|
|Accumulated other comprehensive income (loss)||365||(3,745)|
Consolidated Statements of Changes in Shareholders' Equity
|Net Unrealized||Net Unrealized||Total|
|Gains (Losses)||Losses on||Accumulated|
|on Securities||Cash Flow||Other||Total|
|thousands of Canadian dollars,||Capital||Contributed||Retained||Available for||Hedges,||Comprehensive||Shareholders'|
|except per share amounts (Unaudited)||Stock||Surplus||Earnings||Sale, after Tax||after Tax||(Loss) Income||Equity|
|Balance at December 31, 2012||$||61,903||$||6,224||$||903,831||$||432||$||(4,177)||$||(3,745)||$||968,213|
|Amortization of fair value of|
|employee stock options||-||505||-||-||-||-||505|
|Repurchase of shares||(53)||-||
|($0.26 per share)||-||-||(8,994)||-||-||-||(8,994)|
|Balance at March 31, 2013||$||61,850||$||6,729||$||952,869||$||4,270||$||(3,905)||$||365||$||1,021,813|
|Balance at December 31, 2011||$||55,104||$||5,873||$||722,999||$||(4,141)||$||(5,050)||$||(9,191)||$||774,785|
|Stock options settled||6,431||(1,254)||-||-||-||-||5,177|
|Amortization of fair value of|
|employee stock options||-||588||-||-||-||-||588|
|Repurchase of shares||(41)||-||(1,159)||-||-||-||(1,200)|
|($0.20 per share)||-||-||(6,979)||-||-||-||(6,979)|
|Balance at March 31, 2012||$||61,494||$||5,207||$||767,395||$||(1,279)||$||(4,781)||$||(6,060)||$||828,036|
Consolidated Statements of Cash Flows
|For the three months ended|
|March 31||March 31|
|thousands of Canadian dollars (Unaudited)||2013||2012|
|CASH FLOWS FROM OPERATING ACTIVITIES|
|Net income for the period||$||59,725||$||52,534|
|Adjustments to determine cash flows relating to operating activities:|
|Deferred income taxes||(2,754)||(1,546)|
|Amortization of capital assets||686||705|
|Amortization of intangible assets||1,927||1,591|
|Amortization of net premium on securities||477||929|
|Amortization of securitization and senior debt transaction costs||3,114||3,460|
|Provision for credit losses||4,667||4,498|
|Change in accrued interest payable||40,909||39,292|
|Change in accrued interest receivable||(2,105)||(667)|
|Net realized and unrealized gains on securities and mortgages||(2,274)||(308)|
|Realized gain on securitization||(1,587)||-|
|Settlement of derivatives||3,115||-|
|Loss (gain) on derivatives||1,857||(4,285)|
|Net increase in mortgages||(679,017)||(313,250)|
|Net increase in credit card loans and other consumer retail loans||(6,667)||(4,810)|
|Net increase in deposits||505,681||375,002|
|Proceeds from obligations under repurchase agreement||-||49,720|
|Proceeds from sale of mortgage-backed securities||143,553||-|
|Proceeds from securitization of mortgage-backed security liabilities||285,616||-|
|Settlement and repayment of securitization liabilities||(316,334)||(181,242)|
|Amortization of fair value of employee stock options||505||588|
|Changes in taxes payable and other||(6,039)||(19,777)|
|Cash flows provided by operating activities||35,055||2,434|
|CASH FLOWS FROM FINANCING ACTIVITIES|
|Repurchase of shares||(1,746)||(1,200)|
|Exercise of employee stock options||-||5,177|
|Dividends paid to shareholders||(9,003)||(6,954)|
|Cash flows used in financing activities||(10,749)||(2,977)|
|CASH FLOWS FROM INVESTING ACTIVITIES|
|Activity in securities|
|Proceeds from sales||321,975||7,145|
|Proceeds from maturities||883,337||7,058|
|Purchases of capital assets||(1,299)||(1,629)|
|Purchases of intangible assets||(3,117)||(2,890)|
|Cash flows provided by (used in) investing activities||304,911||(234,171)|
|Net increase (decrease) in cash and cash equivalents during the period||329,217||(234,714)|
|Cash and cash equivalents at beginning of the period||301,863||534,394|
|Cash and Cash Equivalents at End of the Period||$||631,080||$||299,680|
|Supplementary Disclosure of Cash Flow Information|
|Dividends received on investments||$||1,768||$||4,671|
|Income taxes paid||38,744||33,571|
Home Capital published its financial objectives for 2013 on page 18 of the Company's 2012 Annual Report. The following table compares actual performance to date against each of these objectives.
Table 1: 2013 Targets and Performance
|For the three months ended March 31, 2013|
|2013 Targets||Actual Results||Amount||Increase over 2012|
|Growth in net income||13%-18%||13.7%||$||59,725||$||7,191|
|Growth in diluted earnings per share||13%-18%||13.2%||1.72||0.20|
|Growth in total loans under administration1||10%-15%||9.0%||18,448,493||406,909|
|Return on shareholders' equity||20.0%||24.0%|
|Efficiency ratio (TEB)2||28.0% - 34.0%||28.3%|
|Provision as a percentage of gross loans (annualized)||0.10% - 0.18%||0.11%|
1 Change represents growth over December 31, 2012 on an annualized basis
and includes loans held for sale.
2 See definition of TEB under Non-GAAP Measures in the unaudited interim consolidated financial report.
Table 2: Reconciliation of Net Income to Adjusted Net Income
|(000s, except % and per share amounts)||Q1||Q4||%||Q1||%|
|Reconciliation of Net Income to Adjusted Net Income|
|Net income per Consolidated Statements of Income||$||59,725||$||58,965||1.3%||$||52,534||13.7%|
|Adjustment for derivative restructuring - IFRS conversion (net of tax)||1,783||$||2,602||(31.5)%||-||-|
|Adjustment for disputed loans to condominium corporations (net of tax)||1,508||-||-||-||-|
|Adjusted Net Income1||$||63,016||$||61,567||2.4%||$||52,534||20.0%|
|Adjusted Basic Earnings per Share1||$||1.82||$||1.78||2.2%||$||1.52||19.7%|
|Adjusted Diluted Earnings per Share1||$||1.81||$||1.77||2.3%||$||1.52||19.1%|
|1 Adjusted net income and Adjusted earnings per share are defined in the Non-GAAP section of the MD&A.|
Caution Regarding Forward-Looking Statements
From time to time Home Capital Group Inc. makes written and verbal forward-looking statements. These are included in the Annual Report, periodic reports to shareholders, regulatory filings, press releases, Company presentations and other Company communications. Forward-looking statements are made in connection with business objectives and targets, Company strategies, operations, anticipated financial results and the outlook for the Company, its industry, and the Canadian economy. These statements regarding expected future performance are "financial outlooks" within the meaning of National Instrument 51-102. Please see the risk factors, which are set forth in detail on pages 55 through 68 of the Company's 2012 Annual Report, as well as its other publicly filed information, which are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, for the material factors that could cause the Company's actual results to differ materially from these statements. These risk factors are material risk factors a reader should consider, and include credit risk, funding and liquidity risk, structural interest rate risk, operational risk, investment risk, strategic and business risk, reputational risk and regulatory and legal risk along with additional risk factors that may affect future results. Forward-looking statements can be found in the Report to the Shareholders and the Outlook Section in the quarterly report. Forward-looking statements are typically identified by words such as "will," "believe," "expect," "anticipate," "estimate," "plan," "forecast," "may," and "could" or other similar expressions.
By their very nature, these statements require the Company to make assumptions and are subject to inherent risks and uncertainties, general and specific, which may cause actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, global capital market activity, changes in government monetary and economic policies, changes in interest rates, inflation levels and general economic conditions, legislative and regulatory developments, competition and technological change. The preceding list is not exhaustive of possible factors.
These and other factors should be considered carefully and readers are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update any forward-looking statements, whether written or verbal, that may be made from time to time by it or on its behalf, except as required by securities laws.
Assumptions about the performance of the Canadian economy in 2013 and its effect on Home Capital's business are material factors the Company considers when setting its objectives and outlook. In determining expectations for economic growth, both broadly and in the financial services sector, the Company primarily considers historical and forecasted economic data provided by the Canadian government and its agencies. In setting and reviewing the outlook and objectives for the remainder of 2013, management's expectations continue to assume:
The Canadian economy will produce modest growth in 2013 with relatively
stable to modestly improving employment conditions in most regions. The
economy will continue to be heavily influenced by the economic
conditions in the United States and global markets. Inflation will
generally be within the Bank of Canada's target of 1% to 3%.
The Bank of Canada continues to indicate that increases to its target
overnight interest rate are not imminent and, as such, the Company is
assuming the rate will remain at its current level for most of 2013.
This is expected to continue to support low mortgage interest rates.
The housing market will remain relatively stable with balanced supply
and demand conditions in most regions supported by continued low
interest rates, relatively stable to modestly improving employment, and
immigration. There will be declines in housing starts and resale
activity compared to prior years with stable to modestly declining
prices throughout most of Canada.
Consumer debt levels will remain serviceable by Canadian households.
The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with GAAP, are not defined by GAAP, and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. Definitions of non-GAAP measures can be found under Non-GAAP Measures in the Management's Discussion and Analysis included in the Company's First Quarter 2013 Report.
The Company's continuous disclosure materials, including interim filings, annual Management's Discussion and Analysis and audited consolidated financial statements, Annual Information Form, Notice of Annual Meeting of Shareholders and Proxy Circular are available on the Company's website at www.homecapital.com, and on the Canadian Securities Administrators' website at www.sedar.com.
About Home Capital
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering deposits, residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
SOURCE Home Capital Group Inc.
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