First National Financial saw a second consecutive month of slowing mortgage originations in Q2 as rising interest rates continue to impact the housing market.
With variable rates rising by the month—and more hikes anticipated—observers are keeping a careful watch on adjustable-rate mortgages.
Despite a slowing housing market at the end of the first quarter, Equitable Group posted its best-ever quarter with net income up 27% on strong origination growth.
Home Capital saw its net income fall nearly 18% due to rising deposit costs, while the full impacts of rate increases are yet to effect its mortgage originations.
First National reported a decline in single-family originations in the face of a slowing real estate market and increased competition.
National Bank of Canada posted strong first-quarter earnings, driven largely by trading revenues, while mortgage growth was slower than that of its big-bank peers.
TD Bank kicked off the first quarter with a 13% increase in net income, while the bank's U.S. division saw a 27% leap in earnings growth.
When RBC kicked off the first-quarter earnings season recently, it did so with a bang, announcing earnings of $4.1 billion, its second-highest result on record.
Equitable Group capped off 2021 with its "best-ever" fourth quarter, which saw earnings up 12%.
CIBC and BMO closed out this year's fourth-quarter earnings season for the Big 6 banks, with both following the lead of their peers by hiking dividends and drawing down on credit-loss provisions.
