Highlights included revenue increasing by 14 per cent to $104.6 million; mortgage originations declining by 9 per cent to $3.2 billion; and net income increasing to $56.4 million, a 36 per cent year-over-year increase.
First National Financial Income Fund (the “Fund”) announced its financial results for Q2 2010 on Tuesday. Highlights included revenue increasing by 14 per cent to $104.6 million; mortgage originations declining by 9 per cent to $3.2 billion; and net income increasing to $56.4 million, a 36 per cent year-over-year increase.
"First National recorded strong results in the second quarter of 2010, reaching over $50 billion in mortgages under administration despite increased competition and a relatively slow real estate market," said Fund president Stephen Smith.
The Fund’s mortgages under administration rose by 16 per cent from last year driven mostly by new mortgage orientations that, despite declining from last year, exceeded mortgages lost to regular portfolio run-off.
