News

Quest Capital on track

08 August 2008 08:16:00

Quest Capital enjoyed strong growth in interest income and mortgage loans during the second quarter and first half, while second quarter net income remained little changed.

The mortgage investment corporation covering Canadian real estate markets said the $7.5m net income figure was up on last year's $7.4m despite an expected drop in other income from corporate finance and investment operations discontinued late in 2007.

Interest income increased 23% to $11.5 m during the three months to 30 June from the same time last year, total loans funded were up 22% to $72m, while the loan portfolio grew 26% from the end of 2007 to $350.4m.

"Quest is firmly on track with the growth strategy we introduced for 2008," said president and chief executive Stephen Coffey.

"We are experiencing a significant increase in new lending opportunities from quality borrowers and are meeting this demand as a dedicated Mortgage Investment Corporation or MIC."

The firm also took the first steps towards applying for a deposit-taking license, which it says, if successful, will accelerate its growth potential in the years ahead.

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