Banks report earnings, mortgage revenue

Canada’s big banks are in reporting season for their quarterly financial results and the figures show mixed fortunes for their mortgage lending activities. Overall the trend in revenue shows some tougher times for the banks’ domestic revenues with those that are more active internationally gaining.

Among the data for mortgages, National Bank has reported strong gains while TD’s revenue from home loans has been more pressured. National reported a 6 per cent growth in personal lending and noted “the most significant increases coming from mortgage loans.” TD by comparison reported that its net interest income was down by $6 million in the first quarter of 2016 compared to the end of 2015; it highlighted “seasonally lower mortgage renewal revenue” as the main factor in the decrease. Its margin on average earning assets was down by 4 basis points, attributed to “the low interest rate environment and competitive pricing and lower mortgage renewal revenue.”

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