Post by
canader on Aug 06, 2020 8:40am
Yousry Bissada on BNN 4:10pm
-Home Capital Group posted double-digit profit growth for the second quarter as its mortgage originations climbed 17 per cent from a year earlier. Have to point out, however, that provisions for credit losses were up 207 per cent. We'll dig into the results and the outlook for the mortgage market with CEO Yousry Bissada at 4:10 p.m. ET.
https://www.bnnbloomberg.ca/the-daily-chase-toronto-housing-comes-roaring-back-earnings-bonanza-1.1476287
Comment by
CanadianKia on Aug 06, 2020 8:47am
They are setting themselves up for the future, in case the second wave comes and people lose their jobs. I think they are in a solid position considering the world is falling apart. I love this company! We will be at $40 in no time.
Comment by
WBuffett1 on Aug 06, 2020 9:09am
As Yousry said in the call, the provisions were a result of harsher assumptions on several macro factors for their forward looking model. They continue to see low deliquency and write offs in their existing portfolio. They said one of the macro assumptions in their model was drop in home prices....which is not the case so far so they are being really conservative