June 10, 2010 / 1:00 PM / 8 years ago

UPDATE 1-Xceed's Q2 profit rises on higher securitization income

* Q2 EPS C$0.01 vs C$0.00

* Interest earned falls 45 pct

June 10 (Reuters) - Canada’s insured mortgages provider Xceed Mortgage Corp (XMC.TO) reported a nine-fold rise in quarterly profit, helped by higher securitization income. For the second quarter ended April 30, it reported net income of C$414,000, or 1 Canadian cent a share, from C$46,000, or break even on a per share basis, a year ago.

Interest earned fell 45 percent to C$542,000.

The company said its securitization income rose to C$4.1 million from C$2.8 million last year.

The company, whose mortgages and assets under management fell 4 percent to C$1.78 billion from the previous quarter, said it continues to be hopeful on its pending application to become a federally regulated deposit-taking institution.

The company also said it was not certain about continuing improvement in spreads.

Shares of the company closed at C$1.47 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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