EDMONTON, Alberta –

Carfinco Financial Group has extended its streak, reporting yet another quarter of record normalized pre-tax earnings.

In what was the first reporting quarter for the company as a public corporation, Carfinco notched $6.6 million in normalized pre-tax earnings. Its streak of records began in the third quarter of 2009.

Net earnings for the company climbed 12.3 percent year-over-year to $4.6 million. Revenues climbed 24.1 percent to $16.8 million.

Carfinco generated $32.4 million in loan originations, which was 32.6 percent stronger than the year-ago time frame. The principal balance of finance receivables jumped 18.3 percent to $172.5 million.

The company also highlighted that the 31-plus days delinquent accounts dipped from 3.3 percent at the end of the first quarter of 2011 to 2.5 percent this time around.

“Management continues to target monthly loan originations at a level that will achieve approximately 20-percent growth in finance receivables for the year. The majority of our current loan originations continue to come from Carfinco’s pre-existing underwriting programs that have been in place for a number of years,” officials stated.

“Even though we have developed tiered risk-based pricing programs, they continue to remain a minimal portion of our loan portfolio that we feel has substantial opportunity for future growth,” they added. “We have seen positive results in loan originations with the addition of new dealer representatives in strategic areas. We continue to focus on cultivating our existing dealership relationships and adding new dealerships to provide Carfinco’s finance programs.”