ECN Capital reported Q1/18 adjusted net income of $6.1 million. Excluding the impact of discontinued operations, adjusted net income was $4.9 million versus $8.3 million for Q4/17 and $9.2 million for the same period in 2017. ECN noted that the sale of its Canadian Commercial and Vendor Finance business closed January 31, 2018.
Originations for Q1/18 were $349.2 million up from $249.4 million sequentially and $31.0 million for the same period in 2017.
Total earning assets owned and managed at March 31, 2018 were $4.5 billion versus $4.4 billion sequentially and $2.4 billion at March 31, 2017.
“I am very excited about ECN’s progress in the first quarter” said Steven Hudson, CEO of ECN Capital. “Service Finance is performing above expectations, Triad’s first quarter as part of ECN is on target, ECN returned an additional C$115 million to shareholders through April’s SIB and today we announced the strategic investment in The Kessler Group.”
ECN operates in four verticals: Home Improvement, Manufactured Housing, Rail Finance and Aviation Finance.
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