March 23, 2010 / 11:30 AM / in 8 years

UPDATE 1-Quest Capital posts FY09 loss on higher provisions

* FY loss C$0.14/shr vs yr-ago EPS C$0.16

* Interest income down 47 pct

* Says repaid all bank debt

March 23 (Reuters) - Canadian mortgage financier Quest Capital Corp QC.TO reported a net loss for 2009 as it set aside more money for bad loans, and said it was able to fully repay all bank debt.

“In retiring virtually all of its debt and all of its preferred shares, the financial health of Quest has substantially improved over the course of 2009 leaving Quest with a book value of C$274 million or C$1.81 per share,” Chairman Murray Sinclair said in a statement.

The company posted a net loss of C$21.6 million, or 14 Canadian cents a share for 2009, compared with a net income of C$22.8 million, or 16 Canadian cents a share, a year ago.

Quest’s loan loss provisions more than doubled to C$31.1 million for the year.

The company impaired loans with a gross principal of C$177.8 million in 2009, compared with C$103.1 million, a year ago.

Interest income fell 47 percent to C$25 million in 2009, reflecting a reduction in performing loans upon which interest is recognized, the company said.

Shares of the Vancouver, British Columbia-based company closed at C$1.31 Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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