Laurentian Financial institution celebrated a “good begin to the 12 months” after saying robust first quarter outcomes.
The Montreal-based banking group posted web revenue of $ 44.8 million and diluted earnings per share of $ 0.96 for the quarter ending Jan. 31, in comparison with $ 32.2 million and $ 0.68 for the primary quarter of 2020.
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In the meantime, income was $ 247.4 million within the first quarter, up from $ 238.7 million in the identical interval a 12 months earlier.
“I’m joyful to report that we had an excellent begin to the 12 months,” mentioned Rania Llewellyn, President and CEO of Laurentian Financial institution. “Our outcomes had been pushed by a powerful efficiency within the capital markets enterprise, the resumption of economic banking development and our robust price self-discipline. We are going to construct on the experiences of the previous 12 months to propel us ahead, whereas renewing our management group and creating an agile, environment friendly and above all customer-centric group. ”
As for its mortgage portfolio, the financial institution specifies that business loans and acceptances amounted to $ 13.2 billion for the primary quarter, a rise of three% since October 31, 2020.
Nonetheless, first-quarter residential mortgages had been $ 16.1 billion, down $ 0.2 billion, or 1%, from October 31, 2020.
The financial institution defined in its outcomes report that “the acquisition of mortgages from third events, as a part of the financial institution’s program to optimize the usage of Nationwide Housing Act mortgage-backed securities allocations, has helped mitigate the impression of different reimbursements.