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Home Capital posts higher-than-expected provisions for bad loans in sign of mortgage market stress

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Home Capital Corp. said provisions for credit losses came in at $10.4 million, doubling the street’s expectations of $5 million. Read more.

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Provisions for credit losses came in at $10.4 million, doubling the street’s expectations of $5 million. These higher-than-expected provisions weighed on , which clocked in at $0.95 per share in the three months ending Dec. 31 compared to analyst estimates of $1.04, falling 11 per cent from a year ago.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way.

“We note that the 20 of as a percentage of gross loans is the highest on record since Q3 2009 and is higher than the 17 reported at the height of the 2018 oil crisis,” said Gloyn in a note to clients following the results. Gloyn added that Home Capital’s management team was bracing for worsening conditions in the economy caused by a rising unemployment rate and

 

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Home Capital posts higher-than-expected provisions for bad loans in sign of mortgage market stressHome Capital Corp. said provisions for credit losses came in at $10.4 million, doubling the street’s expectations of $5 million. Read more. Geeez. That looks like the house...that I live in.
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