How did the network cope with a year of the pandemic?
Dominion Lending Centres has announced robust financial results for the quarter and year ending December 31, 2020.
The network posted its strongest performance on record when it comes to funded mortgage volumes, totalling around $17.5 billion during Q4 2020 and approximately $51.5 billion for the whole of the pandemic year. This represented annual growth rates of 46% and 23%, respectively.
Gary Mauris, executive chairman and CEO, said that these increases “drove annual revenue and EBITDA growth of 17% and 30%, respectively.”
“Due to the dedication of our national teams at Dominion Lending Centres, MA, MCC and Newton, the DLC Group was able to successfully navigate a year filled with significant uncertainty caused by the global pandemic,” Mauris said. “The DLC Group will continue building leading mortgage brokerage platforms and connectivity solutions to assist our mortgage professionals in growing their businesses.”
DLC also saw its revenues reach record highs of $17.5 million for Q4 2020 (up 33% annually) and $52.4 million (up 17%) for the whole of 2020.
The network enjoyed net incomes of $22.6 million for Q4 2020 and $25.6 million for the year ending December 31, 2020. This includes $16.7 million deferred tax recovery “for non-capital losses that are usable against future taxable income,” DLC said.