04:27 PM EST, 11/07/2024 (MT Newswires) -- goeasy Ltd. (GSY.TO), a consumer lender, after trade on Thursday reported improved earnings for the third quarter on higher revenues, buoyed by record loan originations and stable credit losses.

The company reported revenue of $383 million, up 19% from $322 million. Diluted EPS was $4.88 versus $3.87 a year earlier, and Adjusted Diluted EPS was $4.32, up from $3.81

Among other highlights, it recorded loan originations of $839 million, up 16% from $722 million; loan growth of $255 million, up 11% from $230 million; and a loan portfolio of $4.39 billion , up 28% from $3.43 billion.

Adjusted return on equity was 25.7% in Q3, compared to 26.6% in the same period of 2023.

"Our third quarter results continued to demonstrate the resilience of our business model during periods of macro-economic stress, with record loan originations, stable credit losses, and record adjusted diluted EPS which increased 13%," said Jason Mullins, goeasy's President and Chief Executive Officer.

"We were also pleased to make additional enhancements to our balance sheet, lifting our total funding capacity to over $1.8 billion. With the heightened level of liquidity and declining leverage profile, we also repurchased approximately $9 million in shares subsequent to quarter-end.

"We are pleased to remain on track to achieving all of our forecasted metrics for 2024, as we continue on our journey to become Canada's leading non-prime consumer lender and help over 60% of our customers graduate back to prime."

GSY was down $1.23 at $180.27 today.