goeasy Ltd (TSE: GSY) reported second-quarter adjusted diluted earnings per share of C$1.02, a significant recovery from an adjusted diluted loss per share of C$1.90 in the previous quarter. This improvement was aided by reduced originations and a net release of credit-loss provisions, resulting in a stronger liquidity position. The company decreased originations by 70% year-over-year to C$272 million and reported gross consumer loans receivable of C$5 billion, a decline of 6.8% from the first quarter.
During the quarter, goeasy’s net charge-off rate improved to 16.7%, though it remained higher than the previous year’s figures. Total delinquencies dropped to 11.9% of the portfolio, down 100 basis points from a year earlier. The company’s liquidity at quarter-end was C$1.37 billion, with plans to focus on direct-to-consumer lending in the second half of 2026. For the third quarter, goeasy anticipates gross consumer loans receivable between C$4.8 billion and C$5 billion.
In leadership changes, Lynne Oddie was appointed as senior vice president and chief operations officer in June, while Chief Risk Officer Jason Appel will depart at the end of August. The company’s dividend and share repurchase programs remain indefinitely suspended due to recent amendments that limit financial flexibility.
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