looking good Home Capital Group Inc. ("The Company" TSX: HCG) today reported its aggregate liquidity and credit capacity position as of July 14, 2017 has strengthened significantly since the last update on June 29, 2017.
The Company continues to source deposits through its deposit broker channel and Oaken, its direct to consumer channel, and has seen deposit inflows return to historical averages. Additionally, cash received from the completion of the sale of commercial mortgage assets, and other recent transactions previously announced, has added to the Company's liquidity position. Proceeds from the sale of assets were used to reduce the outstanding balance under the Company's $2 billion dollar line of credit with Berkshire Hathaway to $900 million outstanding as of July 14, 2017.
The Company's liquidity position is stable and the next update will be on August 2 with second quarter 2017 financial results.
Liquidity and Deposit Update
-- Aggregate available liquidity and credit capacity stood at approximately $2.57 billion including the undrawn amount of $1.1 billion under the Company's $2.0 billion credit facility with Berkshire Hathaway. -- Home Trust High Interest Savings Account (HISA) deposit balances stood at approximately $104 million. -- Total Guaranteed Investment Certificate (GIC) deposits, including Oaken and broker GICS, stood at approximately $12.27 billion and Oaken savings accounts stood at approximately $165 million.
AGGREGATE LIQUIDITY AND CREDIT CAPACITY AND DEPOSIT BALANCES
Aggregate Liquidity and Credit Capacity HISA Oaken Savings GIC *GICS in a cashable (C$ billions) position (C$ millions) (C$ millions) (C$ millions) (C$ millions) ------------ ------------ ------------ ------------ July 14 $2.57 $104 $165 $12,274 $150 ------- ----- ---- ---- ------- ---- June 29 $1.53 $114 $157 $12,151 $146 ------- -----