November 2, 2010 / 10:40 PM / 7 years ago

UPDATE 1-Home Capital Q3 profit beats estimates

* Q3 EPS C$1.31 vs est C$1.27

* Net interest income up 17.2 pct

* Raises quarterly dividend by 12.5 pct

Nov 2 (Reuters) - Canadian mortgage lender Home Capital Group Inc (HCG.TO) posted a quarterly profit above market estimates, helped partly by higher net interest income.

The company, whose profit beat market expectations for the seventh quarter in a row, said it continues to target 15-20 percent growth in net earnings.

Home Capital also raised its quarterly dividend by 12.5 percent to 18 Canadian cents per share.

    Net income for the third quarter was C$45.5 million ($45.09 million), or C$1.31 per share, compared with C$38.2 million, or C$1.10 apiece, a year earlier.

    Analysts on average were expecting the company to earn C$1.27 per share, according to Thomson Reuters I/B/E/S.

    Net interest income, after provision for credit losses, was C$47 million, up from C$40.1 million last year.

    The Toronto-based company’s shares, which have gained over 17 percent year-to-date, closed at C$48.84 on Tuesday on the Toronto Stock Exchange. ($1=1.009 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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