“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.”
However, Laurentian Bank is still expecting to reach its 2022 financial targets, mainly due to robust performance from its commercial business that saw a 29% annual increase in loans. This more than offset the bank’s mere 1% annual increase in residential mortgage origination and the 10% annual decline in personal loans.
Overall, Q3 revenue amounted to $260 million, up from $254.9 million last year.
“We continue to redeploy capital, in line with our strategic plan to support profitable, sustainable organic growth,” Llewellyn said.