Element Financial Corporation reported unaudited consolidated financial results for the first quarter ended March 31, 2016. For the quarter, the company reported total interest income and rental revenue, net was CAD 296,990,000 against CAD 137,200,000 a year ago. Net financial income was CAD 309,760,000 compared to CAD 133,718,000 a year ago. Net income before taxes was CAD 121,869,000 compared to CAD 64,458,000 a year ago. Net income for the period was CAD 101,269,000 against CAD 49,497,000 a year ago. Basic and diluted earnings per share was CAD 0.24 compared to CAD 0.16 a year ago. Pre-tax adjusted return on average earning assets increased to 3.62% in first quarter 2016 versus 3.30% in first quarter 2015. Pre-tax adjusted return on average common equity increased to 13.9% in first quarter 2016 versus 11.0% in first quarter 2015. After-tax adjusted operating income for the three-month period ending March 31, 2016 was CAD 143.3 million or CAD 0.35 per share (basic), in line with consensus estimates, versus CAD 60.4 million or CAD 0.21 per share for the same period last year. Before-tax adjusted operating income was CAD 182.9 million, or CAD 0.45 per share, compared to CAD 78.4 million, or CAD 0.27 per share for the same period last year. Total debt decreased to CAD 17.9 billion as at March 31, 2016 from CAD 18.7 billion as at the end of the preceding quarter and CAD 9.1 billion as at the end of the same period last year. Book value per share was CAD 12.61 compared to CAD 10.20 a year ago. The increase in net income reported in the current quarter over the comparative quarter ended March 31, 2015 is primarily due to higher financial revenue as a result of the acquisition of the GE Fleet Operations on August 31, 2015 and September 30, 2015, and the continuing organic origination volumes and growth in the earning assets in the intervening period. The small decrease over the immediately preceding quarter, is primarily due to lower income tax expense during that previous quarter for fiscal 2015 adjustments.