
first national earnings


First National sees Q2 drop in single-family originations, but mortgage portfolio expands
Despite a drop in single-family mortgage originations, First National’s commercial lending and overall mortgage portfolio showed robust growth in Q2.

First National saw Q1 residential mortgage originations fall 20% as competition in the broker channel intensified
Canada’s largest non-bank lender continued to see a slowdown in its residential mortgage originations in the first quarter, which were down 20% from last year.

First National saw revenue rise 29% in 2023 despite drop in residential mortgage volumes
First National wrapped up a “successful” 2023 in spite challenging economic conditions and a drop in residential mortgage originations.

First National’s Q3 earnings “exceed expectations” on strong mortgage originations
Against a challenging economic backdrop, First National managed to outperform in the third quarter thanks in part to continued strong mortgage originations.

First National comments on underwriting partnership with BMO, says move is an “endorsement of the channel”
BMO’s decision to work with First National as its underwriting partner for its return to the broker channel served as an endorsement of both FN’s services and the channel as a whole.

First National reports no issues with its mortgage renewals so far
Canada’s largest non-bank lender says it has not yet encountered any issues with its mortgage borrowers renewing at higher interest rates.

First National seeing no signs of stress among mortgages renewing at higher rates
Canada’s largest non-bank lender says it hasn’t seen any signs of stress among its adjustable-rate nor fixed-rate borrowers who are renewing at higher rates.

No signs of distress among borrowers yet, First National says
Canada’s largest non-bank lender says it is keeping a close eye on its mortgage borrowers, but hasn’t seen any “measurable issues” related to higher payments so far.