EDMONTON, Alberta -
Carfinco Income Fund revealed earlier this week that it continued its record-breaking streak during the third quarter.

For the sixth straight quarter, net earnings for the company reached an all-time high, this time coming in at $4.6 million. This performance was 112.5 percent stronger than Carfinco’s net earnings in the year ago-period and a 7-percent hike over the previous quarter when the prior record was set.

“These results reflect strong monthly loan originations and increasing finance receivables, combined with a significant decrease in delinquent accounts,” officials noted.
Carfinco took in $9.8 million in revenues during the third quarter. These were up 17.5 percent year-over-year and 6.3 percent on a sequential basis.
The company’s loan originations improved 43.5 percent from the third quarter of 2009 to $25.8 million. Compared to the second quarter, loan originations improved 2.8 percent.
“We are pleased with the monthly loan originations and the effect they have had on the growth of the finance receivables,” officials stated.
Looking at that growth in greater detail, finance receivables moved up to $133.3 million in the third quarter, a gain of 6.3 percent.
Through September, finance receivables have climbed 17.8 percent. Expanded out, this would represent full-year growth of 23.7 percent, which exceeds the goal management previously made for full-year growth (15 percent to 20 percent).
Summing up the earnings report, officials noted: “As the fund continues to achieve the financial targets set by management, we are very optimistic about the future growth and performance of the Fund’s finance receivables.”