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Home Capital's deposit balances remain stable
May 12, 2017 / 11:07 AM / 7 months ago

Home Capital's deposit balances remain stable

May 12 (Reuters) - Canada’s biggest non-bank lender Home Capital Group Inc disclosed data on Friday that showed the rate of withdrawals by depositors slowed for a second day in a row.

Home Capital said its high-interest savings deposits were expected to have fallen to about C$125 million following the completion of Thursday’s settlements, down from a balance of C$128 million the day before.

Depositors have withdrawn nearly 94 percent of funds from Home Capital’s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid.

The withdrawals accelerated after April 19, when Canada’s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. (Reporting by Swetha Gopinath in Bengaluru; Editing by Saumyadeb Chakrabarty)

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