Carfinco’s U.S. Ops Could Represent 10% of Earnings in 2014

Carfinco’s move into the United States ― 118 days before yearend ― contributed $700,000 to earnings last year. At that rate, the Canadian company’s U.S. business could contribute about $2.2 million to earnings in 2014.

Using 2013 data, $2.2 million would represent about 10% of the firm’s annual earnings.

Overall, Carfinco earned $20.2 million last year, down from $20.6 million in 2012. Originations totaled $171.6 million, up 14.7% from $149.6 million in 2012.

Edmonton, Alberta-based Carfinco bought Persian Acceptance Corp. in September 2013, its first move into the U.S. It also attempted to purchase Western Funding Inc., but ultimately lost that bid to Westlake Financial Services.

Carfinco had $244.2 million of loans outstanding at yearend 2013.