Canada's Home Capital profit jumps, lender ups dividend

Wed Feb 11, 2015 5:13pm EST
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TORONTO Feb 11 (Reuters) - Canadian mortgage lender Home Capital Group Inc posted a 39 percent rise in fourth-quarter profit on Wednesday, as it upped its dividend by 10 percent.

The Toronto-based company, which operates as Home Trust, had net income of C$95.9 million in the quarter, or C$1.36 a share, up from C$68.8 million, or 98 Canadian cents a share in the year-ago period. On an adjusted basis it earned C$1.04 a share.

Analysts had on average expected Home Capital to earn C$1.16 a share, according to Thomson Reuters I/B/E/S.

Home Capital applied for a banking license in November in a bid to expand and diversify its deposit base. It currently collects deposits via brokers and financial planners and through its consumer brand, Oaken Financial. (Reporting by Alastair Sharp; editing by Matthew Lewis)