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goeasy Ltd. TSX Symbol : GSY goeasy Ltd. 33 City Centre Drive Suite 510 Mississauga , Ontario L5B 2N5 Canada Tel : 905-272-2788 Fax : 905-272-9886 Press Release May 11 , 2021 goeasy Ltd. Reports Record Results for the First Quarter Loan Portfolio of $ 1.28 billion , up 10 % Net Charge - Off Rate of 9.1 % , down from 13.2 % Adjusted Quarterly Net Income of $ 36.7 million , up 67 % Adjusted Quarterly Diluted Earnings per Share of $ 2.34 , up 66 % First Quarter Results Mississauga , May 11 , 2021 : goeasy Ltd. ( TSX : GSY ) , ( " goeasy " or the " Company " ) , a leading full - service provider of goods and alternative financial services , announced its results for the first quarter ended March 31 , 2021 . During the quarter , the Company continued to experience a gradually improving level of demand , complemented by stable credit performance , leading to record financial results . The Company generated $ 272 million in total loan originations in the first quarter , up 13 % compared to the $ 242 million produced in the first quarter of 2020. The improved originations led to growth in the loan portfolio of $ 30.5 million during the quarter , which finished at $ 1.28 billion , up 10 % from $ 1.17 billion as of March 31 , 2020. The growth in the consumer loan portfolio , which was partially impacted by lower commissions related to higher levels of loan protection insurance claims , led to an increase in revenue to $ 170 million in the quarter , up 2 % over the same period in 2020 . During the quarter , the Company also continued to experience strong credit and payment performance . The net charge - off rate for the first quarter was 9.1 % , compared to 13.2 % in the first quarter of 2020 . Although there remains uncertainty about the exact timing and pace of an economic recovery , the improvement in underlying credit performance and the general macroeconomic environment resulted in the Company decreasing its allowance for future credit losses to 9.88 % from 10.08 % in the prior quarter . Improved operating leverage and lower credit losses , led to record operating income of $ 63.9 million , up 45 % from $ 44.2 million in the first quarter of 2020 , while the operating margin expanded to a record 37.6 % , up from 26.4 % in the prior year . During the quarter , the Company also recorded an additional $ 87.3 million pre - tax unrealized fair value gain related to the investment in shares of Affirm Holdings Inc. ( " Affirm " ) . Net income in the first quarter was a record $ 112.0 million , up from $ 22.0 million in the same period of 2020 , which resulted in diluted earnings per share of $ 7.14 , up from $ 1.41 in the first quarter of 2020 . Return on equity was 90.1 % , up from 25.8 % in the first quarter of 2020. After adjusting for $ 75.8 million after - tax unrealized fair value gains on investments recorded in the first quarter of 2021 and $ 0.5 million of after - tax transaction costs related to the acquisition of LendCare Holdings Inc. ( " LendCare " ) incurred in the quarter , adjusted net income was a record $ 36.7 million , up 67 % from $ 22.0 million in 2020 , resulting in adjusted diluted earnings per share of $ 2.34 , up 66 % from $ 1.41 in the first quarter of 2020. Adjusted return on equity was 29.5 % in the quarter , up from adjusted return on equity of 25.8 % in 2020 .