TORONTO, July 31, 2014 /CNW/ - Home Capital Group Inc. ("Home Capital") (TSX:HCG) announced today that its Board of Directors has approved an increase to the Company's dividend payout target range from 13 – 17.5% to 14 – 21% of profits.
The increased dividend payout target range is based on Home Capital's strong financial performance and liquidity position, and the anticipated formation of capital through future profitability.
The Company's dividend payout target range is subject to the review by the Company's Board of Directors on a quarterly basis and modified in accordance with the performance of the Company and then current market conditions.
About Home Capital and Home Trust
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to the Home Capital's 2013 Annual Report, available on Home Capital's website at www.homecapital.com, and on the Canadian Securities Administrators' website at www.sedar.com, for Home Capital's Caution Regarding Forward-looking Statements.
SOURCE: Home Capital Group Inc.
For further information: Gerald M. Soloway, CEO, or Martin Reid, President, 416-360-4663, www.homecapital.com