Goeasy (OTC) ( (EHMEF) ) has released its Q3 earnings. Here is a breakdown of the information Goeasy (OTC) presented to its investors.
Goeasy Ltd., a prominent Canadian consumer lender, specializes in providing a broad array of financial services to individuals with non-prime credit through its brands such as easyfinancial and easyhome. With a focus on unsecured and secured installment loans, the company aims to facilitate financial inclusivity across Canada.
In its latest earnings report, Goeasy Ltd. announced record results for the third quarter of 2024, highlighting a significant surge in loan originations and overall revenue. The company reported an impressive 16% increase in loan originations, amounting to $839 million, and a 19% rise in revenue, reaching $383 million. Additionally, the company’s loan portfolio expanded by 28% to $4.39 billion, reflecting strong consumer demand.
Key financial metrics show robust growth, with a 26% increase in operating income, totaling $160 million, and a 28% rise in net income to $84.9 million. The company’s diluted earnings per share also grew by 26% to $4.88. Notably, Goeasy’s adjusted operating margin improved to a record 42.6%, and the efficiency ratio showed a marked improvement, underscoring enhanced operational efficiency.
Further highlighting its strategic initiatives, Goeasy expanded its funding capacity to over $1.8 billion, ensuring a strong liquidity position. The company also maintained stable credit and payment performance, which is attributed to enhancements in its credit models and underwriting practices.
Looking forward, Goeasy remains on track to achieve its forecasted metrics for 2024. With a focus on enhancing its balance sheet and sustaining its growth trajectory, the company is poised to solidify its position as a leading non-prime consumer lender in Canada.
