Element Financial reported net income for the nine month period ended September 30, 2015 of C$70.0 million ($52.7 million) compared to a net income of C$7.0 million ($5.3 million) for the same period in 2014. Year-to-date revenue of C$468.3 million ($352.9 million) was up from C$208.3 million ($157.0 million) a year earlier. Element noted management fees and other revenues of C$181.8 million ($137 million) for the nine-month period ended September 30, 2015 were up 156% from C$71.0 million ($53.5 million) a year earlier.

The following highlights were excerpted from the news release:
(Note: data in Canadian dollars)

• Reported earnings and metrics for Q3/15 exclude the full benefit of the 55 basis point reduction in Element’s cost of funding arising from the closing the GE Fleet transaction and the achievement of an investment grade rating.
• Overall, Q3/15 new originations amounted to $1.9 billion, up 61% from $1.2 billion  reported for the same period last year.
• New originations by business segment: Fleet Management at $867.9 million; Commercial & Vendor at $579.9 million; Rail Finance at $358.4 million and Aviation Finance at $83.7 million.
• YTD through September originations of $5.1 billion represented an increase of 68.7% over the same period last year.
• U.S. market accounted for 73% of Q3/15 period-end earning assets compared to 63% for the same period last year.
• Total earning assets increased to $19.3 billion at Q3/15 end versus $10.6 billion sequentially and $8.3 billion at the end of the same period last year.
• Finance receivables increased to $15.2 billion and equipment under operating leases increased to $4.0 billion at Q3/15 end versus $8.6 billion and $1.9 billion, respectively reported at the end of the previous quarter reflecting the close of the GE Fleet transaction as well as organic growth by way of new origination volumes.