The Canadian non-prime lender reported a turnaround in earnings as originations fell 70% year over year to $272 million.
Goeasy (TSE:GSY) posted second-quarter adjusted diluted earnings per share of $1.02, reversing a $1.90 loss in the prior quarter. The improvement stemmed from reduced originations, lower credit-loss provisions, and a smaller loan portfolio, which bolstered liquidity amid pressure on non-prime borrowers.
Originations plunged 70% year over year to $272 million, down from $904 million in Q2 2025, as the company tightened credit standards, particularly in its merchant-originated LendCare unit. Gross consumer loans receivable fell to $5 billion, a 6.8% decline from the first quarter and a 2% drop from a year earlier. Revenue decreased 9.6% to $390 million due to the contracted portfolio.
CEO Patrick Ens emphasized a six-point plan focused on growing direct-to-consumer lending responsibly, improving credit performance, and strengthening the balance sheet in the second half of the year.