Laurentian Bank announces sharp rate hike

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“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.

Read more: Poll: Canadian finances labouring under inflation trends

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.

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