The Crown corporation, set up primarily to provide financing and business expertise to Canadian companies, says its BDC Financing unit provided $3.6 billion in new loans over the 12 months ended March 31.
BDC Financing generated $507.7 million of income, up from $305.6 million in net income in fiscal 2011, due to a smaller allowance for credit losses and higher net interest income.
Another lending unit, BDC Subordinate Financing, provided $163.8 million in financing. Its income totalled $36.2 million, up from $11.1 million a year earlier.
BDC Venture Capital, which provides money that's invested in businesses, recorded a loss of $42.7 million – more than double the $20.8-million loss recorded in fiscal 2011.
The loss at BDC Consulting increased to $11 million from $8.9 million on lower revenues.
BDC Securitization, which provides funds for small and mid-sized equipment leasing companies, had reduced net income of $46.2 million _ down from $68.1 million a year earlier.
The company had provisions for $610 million of credit losses at the end of fiscal 2012, compared with $774.6 million a year earlier. There was also an improvement in impaired loans, which fell to $550.8 million from $586.2 million.
The Crown corporation paid a $68.6 million dividend to the government, its sole shareholder. It also spent $656 million to repurchase all its preferred shares.
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