TORONTO, July 17, 2017 /CNW/ - 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 $165
million.
AGGREGATE LIQUIDITY AND CREDIT CAPACITY AND DEPOSIT
BALANCES
|
Aggregate
Liquidity and Credit Capacity (C$
billions)
|
HISA
(C$
millions)
|
Oaken
Savings
(C$
millions)
|
GIC
(C$
millions)
|
*GICS in a
cashable
position
(C$ millions)
|
July 14
|
$2.57
|
$104
|
$165
|
$12,274
|
$150
|
June 29
|
$1.53
|
$114
|
$157
|
$12,151
|
$146
|
*GICS in a cashable position are included in the total GIC
deposit balances reported daily.
Home Trust and Home Bank are members of CDIC. Deposits
with each are separately eligible for CDIC coverage up to
applicable limits.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities legislation. Please
refer to the Home Capital's 2016 Annual Report, available on Home
Capital's website at www.homecapital.com, and on the Canadian
Securities Administrators' website at www.sedar.com, for Home
Capital's Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto
Stock Exchange (HCG), operating through its principal subsidiary,
Home Trust Company. Home Trust is a federally regulated trust
company offering residential and non-residential mortgage lending,
securitization of insured residential mortgage products, consumer
lending and credit card services. In addition, Home Trust offers
deposits via brokers and financial planners, and through its direct
to consumer deposit brand, Oaken Financial. Home Trust also
conducts business through its wholly owned subsidiary, Home Bank.
Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.