Here is an article out of this month's CMP Magazine...
Home Capital likely to double assets in four years
| Monday, 7 June 2010
Home Capital Group Inc., the mortgage lender whose stock outperformed Canada's eight banks last year, will likely double its assets in the next four years, reported Bloomberg Businessweek.
"We think we can be a C$20-billion ($18.9 billion)-plus company within three to four years because of the momentum we have," CEO Gerald Soloway said. The Toronto-based company had about C$12 billion in assets at the end of the first quarter, and reported a record profit of C$41.7 million.
Home Capital primarily offers uninsured mortgages to clients who can't get loans from Canadian banks. Since the financial crisis began, Home Capital president Martin Reid said half of 25 "decent competitors," including General Electric Co.'s GE Money and Accredited Home Lenders, have exited the C$200 billion market. Home Capital only does business within Canada, and deals mostly with lending, credit cards and deposit products.
Home capital fell C$1.02 to close at C$41.60 on June 4 on the TSX. The shares have fallen less than 1 per cent this year after more than doubling in 2009.
