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BRIEF-Home Capital says financial statements for Q1 prepared on going concern basis
May 11, 2017 / 11:46 PM / 4 months ago

BRIEF-Home Capital says financial statements for Q1 prepared on going concern basis

May 11 (Reuters) - Home Capital Group Inc:

* Home Capital provides business update and reports first quarter 2017 results

* Q1 adjusted earnings per share c$1.02

* Q1 earnings per share c$0.90

* Q1 earnings per share view c$0.99 -- Thomson Reuters I/B/E/S

* Search for a new Chief Executive Officer and Chief Financial Officer are underway

* Total available liquidity and credit capacity of approximately $1.61 billion as of may 9, 2017

* Qtrly net interest income $125.857 million versus $120.620 million

* Interim consolidated financial statements for Q1 ended march 31, 2017 were prepared on a going concern basis

* “management’s focus is on finding more sources of funding in near term so we can be more active serving our customers”

* Material uncertainty exists regarding company’s future funding capabilities

* Home Capital Group- material uncertainty as result of reputational concerns that may cast significant doubt upon ability to continue as going concern

* Subsequent to end of quarter, company suspended its dividend to help prudently manage its liquidity position

* Home Capital Group - non-binding agreement with third party to buy funded mortgages or accept mortgage commitments ,renewals up to a total of $1.5 billion Source text for Eikon: Further company coverage:

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