Globe & Mail goeasy Ltd. reported record loan originations of $628-million in the second quarter, which it said was up 66 per cent compared to the $379-million produced in the second quarter of 2021.
“The increase in lending was driven by a record volume of applications for credit, which were up 51 per cent over the prior year, leading to a record level of loan originations across several of the company’s products and acquisition channels,” it stated.
Operating income was a record $85.2-million, up 52 per cent from $56.1-million in the second quarter of 2021. Net income in the second quarter was $38.3-million, up 97 per cent from $19.5-million in the same period last year. Diluted EPS came in at $2.32 versus $1.16 in the second quarter of 2021, the company said.
Adjusted EPS came in at a record $2.83 versus $2.61 a year ago and ahead of expectations of $2.74 per share.