Wednesday, 7 November 2012

Carfinco’s Strong Loan Originations Drive Solid Q3 Results





TSX: CFN
Shares outstanding: 24.65 million
Shares fully diluted: 24.65 million

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Another strong quarter for Carfinco Financial Group has lead to a 22.6% earnings increase for the first nine months of the year compared to last year. 2012 is showing tremendous strength with the company notching net earnings of $15.6 million versus $12.7 million for the same period of last year.

Management’s stated goal is to drive a 20% minimum annual growth rate in loan originations. True to its word, those numbers have been handily exceeded this year with loan originations up an impressive 30.2% to $109.5 million versus $84.1 million for the first three quarters of 2011.  

Earnings per share in Q3/12 came in at $0.23, a healthy jump of 27.8% over the $0.18 EPS recorded in Q3/11.

Carfinco distributed 10.5 cents to its shareholders in the third quarter, a 43% pay-out ratio of distributable cash.

Please click here to read more about the company’s financial accomplishments.