It’s a mortgage-related product brokers say they don’t have enough access to, and it’s one that has helped a Big-Six bank chalk up impressive quarterly profits
Two more banks have released quarterly financial statements, revealing more details about how the country’s biggest players are performing in the mortgage market.
RBC is crediting year-over-year growth of its residential mortgage business (6.3%) with bolstering its $32 billion rise overall in its loan book for Q3.
But it’s National Bank
growth and how it achieved it that may turn brokers green with envy.
“Personal Banking’s total revenues rose $25 million, mainly due to higher loan volume, particularly mortgage loans and home equity lines of credit,” National Bank writes in its investor’s report.
National Bank’s residential mortgage portfolio grew 9% year-over-year.
“Consumer loans increased by 5%, primarily due to home equity lines of credit and personal loans,” National Bank writes. “Rising 7%, residential mortgages also grew since October 31, 2014.”
RBC and National Banks’ financial releases followed BMO’s own, which also showed growth in its mortgage portfolio.
BMO funded over $104 billion in residential mortgages during the third quarter of this year, and the bank expects its mortgage business to show higher percentage growth than its consumer credit lines for the rest of the year.
“Growth in residential mortgages is expected to remain steady near 5% this year, while consumer credit should grow close to 3%,” BMO writes in its Q3 investor’s report.