“The macroeconomic environment continues to be uncertain and volatile, and is being weighed down by high inflation, very rapid interest rate increases and geopolitical tensions,” said CEO Rania Llewellyn.

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Laurentian’s net income amounted to $55.9 million during fiscal Q3, representing a decline from $62.1 million during the same period last year. Overall Q3 revenue was at $260 million, up from $254.9 million last year.

“Results were mostly driven by the conversion of our strong unfunded pipeline in the construction portfolio to support the multi-residential segments, as developers continue to catch up to the structural supply shortage in certain markets,” Llewellyn said.