“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.”

Read more: Commercial lending fuels Laurentian Bank surge

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.