Carfinco reports first quarter profits of $4.1 million


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