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Chesswood Reports 21% Jump in Originations in Third Quarter

November 12, 2018, 07:25 AM
Filed Under: Corporate Earnings

Chesswood Group Limited, a North American commercial equipment finance provider for small and medium-sized businesses, reported its record third-quarter results for the period ended Sept. 30.

"Our third-quarter operating income of $9.4 million helped deliver strong quarterly net income of $6.1 million up significantly from $3.2 million the third quarter of 2017," said Barry Shafran, Chesswood's President and CEO. Results for the quarter are in Canadian dollars.

Chesswood's gross finance receivables grew to a record $854 million in the quarter driven by excellent quarterly originations of $98.6 million, a 21 percent increase from $81.1 million in the third quarter of last year.

"We continue to see the benefits of our long-term growth in strong earnings, while this quarter was also helped by the seasonally lower delinquencies we usually experience at this time of year" added Shafran. The company generally experiences higher delinquencies and provision for credit losses in the final quarter of the year due primarily to reduced collection time in December.

Through two wholly owned subsidiaries in the U.S. and Canada, Chesswood Group Limited is North America's only publicly-traded commercial equipment finance company focused on small and medium-sized businesses. Our Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through established relationships with over 600 independent brokers in U.S. In Canada, Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans since 1996, and today operates through a nationwide network of more than 50 independent brokers.

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