May 4, 2010 / 10:32 PM / in 8 years

UPDATE 1-Home Capital Q1 profit beats estimates

* Q1 EPS C$1.20 vs est C$1.15

* Net interest income up 31 pct

May 4 (Reuters) - Canadian mortgage lender Home Capital Group Inc HCG.TO posted better-than-expected quarterly profit, backed by a 31 percent increase in net interest income.

The company is targetting a 15 percent to 20 percent growth in earnings for 2010.

Net income for the first quarter was C$41.7 million ($40.72 million), or C$1.20 cents per share, compared with C$31.4 million, or 91 Canadian cents apiece, a year earlier.

Analysts on average were expecting the company to earn C$1.15 per share, according to Thomson Reuters I/B/E/S.

Net interest income was C$47.5 million, up from C$36.2 million last year.

Shares of the company closed at C$46.30 Tuesday on the Toronto Stock Exchange. ($1=1.024 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Aradhana Aravindan)

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