The parent company of one of Canada’s major lenders announced its third quarter results – its strongest quarter this year.
Counsel, the parent company of Street Capital, reported $42.3 million in revenue in Q3 2014, up from $36.1 million in Q2 and $38.5 million in Q1, respectively. The results represent a 17 per cent jump, quarter-over-quarter and a 10 per cent year-over-year increase.
"We are extremely pleased with our results in the third quarter. These results reflect our strong mortgage market share, our solid top line and healthy margins," Allan Silber, chairman and CEO of Counsel Corporation said. "These factors, combined with value creation in our private equity portfolio, have resulted in significant improvements to our operating income and earnings."
The company funded $2.3 billion of mortgages in the third quarter, compared to $1.9 billion in Q2.
Counsel also updated brokers on Street Capital’s bid to attain its banking license.
"Our strategy of focusing the company solely on financial services continues to progress well. Looking ahead, we expect our strong market position and disciplined approach to lending to drive further positive results. In addition, Street Capital's bank licensing application is proceeding well and in accordance with expectations."
For its part, Street Capital
earned an overall score of 3.8 in CMP’s annual Brokers on Lenders survey, along with taking home a bronze medal in the “interest rates” category. Brokers also lauded the lender’s BDMs and underwriters, as well as the lender’s efficiencies.
“Street Capital is offering best rates, with excellent turnaround and efficiency,” one broker, who took the survey, said.