EDMONTON, ALTA. – Carfinco Income Fund said slow expansion in Quebec and risk-based pricing helped improve first quarter revenues and earnings.
The Alberta-based auto loan company reported net profits of $4.1 million or 17 cents per share for the three months ended March 31. That tally was good enough for a 21.4 per cent jump over the same time last year.
Revenue hit $13.5 million, a climb of 23.6 per cent over Q1 of 2010.
“As we branch out into risk-based pricing we believe there is still significant room for growth in the products currently offered by the fund,” the company said in a news release.
Loan originations also rose throughout the quarter by 13 per cent to $24.4 million.
- With files from The Canadian Press