First National Financial Posts Strong Q1 Growth

First National Financial (TSE:FN) has released an update.

First National Financial Corporation has reported a robust first quarter in 2024, with a 9% increase in Mortgages Under Administration to a new high of $145.1 billion and a 20% jump in revenue to $518 million. The company’s net income surged by 40% from the previous year to $49.9 million, signaling strong profitability driven by mortgage servicing and a successful securitization strategy. Despite intense competition and a 20% drop in residential originations, growth in multi-unit originations and disciplined market approach contributed to the positive outcome.

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