05:29 PM EDT, 03/19/2024 (MT Newswires) -- Dominion Lending Centres (DLGC.TO) on Tuesday said it returned to a fourth-quarter adjusted profit on higher revenue.

The mortgage lender reported an adjusted profit, which excludes most one-time items, of C$1.78 million, or C$0.04 per share, in the period, compared with and adjusted loss of C$0.18 million, or nil, in the year-prior quarter.

Net loss, including items, was C$2.0 million, or C$0.04, compared with a loss of C$1.31 million, or C$0.03, a year earlier.

Revenue rose 13% to C$15.76 million from C$13.93 million.

"With our continued focus on recruitment and on onboarding of brokers onto our connectivity platform 'Velocity', we have seen an increase in funded volumes, revenues, and adjusted EBITDA in the fourth quarter (as compared to Q4 2022). We anticipate seeing further recovery in our margins and mortgage volumes as the market stabilizes over the next 12-18 months," chief executive Gary Mauris said in a release.

Dominion shares closed down C$0.09 to C$2.65 on the Toronto Stock Exchange.