First National has reported its financial results for the three months to the end of June and show some strong growth in its mortgage business, especially on the commercial side. Mortgages under administration hit a record high of $90.1 billion, up 13 per cent compared to a year earlier. Mortgage originations were up 9 per cent to $5.1 billion. The bank’s revenue overall grew by 25 per cent to $251.2 million while net income was up 51 per cent to $42.5 million.
“As expected, originations were strong in the second quarter reflecting typical seasonality in the Canadian housing market,” said Moray Tawse, executive vice president. “Single family mortgage originations increased 5 per cent to almost $4 billion and would have been higher except for market conditions in Alberta and Saskatchewan. Originations out of our Calgary operations were 12 per cent lower than at this time last year. On the commercial side, originations in the quarter reached $1.1 billion, a 26 per cent increase over last year.”
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