RED DEER, ALTA. – RIFCO is reporting a fifth consecutive year of profitability after revealing that in the fiscal year ending March 31, 2011, net income increased to $2.1 million from a little over $300,000 in the prior year.
That tally marked a 589 per cent increase.
RIFCO's revenue increased 46.9 per cent to $16 million from $11 million in the prior year.
Loan originations increased 52.5 per cent to $43 million from $28 million last year. That total comes as loan delinquency decreased to 1.85 per cent from 4.55 per cent in the prior year.
While the Canadian economy had been deteriorating for some time, RIFCO's credit performance remains improved and within our published targets.
“RIFCO is seeing a significant reduction in loan delinquency, which has resulted in reduced frequency of defaults to 6.49 per cent from 8.90 per cent in the prior year,” the company said in a release. “This improvement has assisted in achieving an annualized loan loss rate for the year of 4.38 per cent down significantly from 5.90 per cent in the prior year.”