Board re-elected, funded volumes increase, CEO sees brighter days ahead
Mortgage giant Dominion Lending Centres (DLCG) has announced the results of its annual general meeting of shareholders.
All seven director nominees – Gary Mauris, Chris Kayat, Trevor Bruno, James Bell, Kingsley Ward, Ron Gratton, and Dennis Sykora – were re-elected. Additionally, DLCG reappointed Ernst & Young LLP as its auditor.
The announcements come on the heels of DLCG's first-quarter financial results for Q1 2024, which revealed a significant increase in funded mortgage volumes.
“Continuing our momentum from Q4-2023, we were pleased to report a 14% increase in funded volumes for Q1-2024 compared to Q1-2023,” said Gary Mauris, executive chairman and CEO of Dominion Lending Centres. “We believe the Canadian residential real estate market has stabilized following multiple interest rate increases and market activity seems to be increasing.”
The mortgage lender posted Q1 2024 funded volumes of $11.2 billion, up 14% year-over-year. Revenues rose 17% to $13.7 million, while adjusted EBITDA nearly doubled to $5.0 million from $2.6 million in Q1 2023.
Net income swung to $2.6 million from a $47,000 loss a year earlier, buoyed by higher operating income and lower non-cash financing costs. DLCG declared a quarterly dividend of $0.03 per common share.
“DLCG is well-positioned for the real estate market recovery and we are laser-focused on recruitment and retention of franchises and brokers and onboarding of brokers onto our connectivity platform Velocity,” Mauris said.
“As such, we remain optimistic for fiscal 2024, and we anticipate seeing further positive momentum in our mortgage volumes, revenues, and margins as the real estate market improves over the next 12-18 months with the prospect of declining interest rates starting in 2024.”
Headquartered in British Columbia, DLCG operates through Dominion Lending Centres and its subsidiaries, MCC Mortgage Centre Canada, MA Mortgage Architects, and Newton Connectivity Systems. Founded in 2006 by Mauris and Chris Kayat, the company has expanded to include over 8,000 agents and more than 500 locations across Canada.
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