1 TSX Residential Lender Just Reported a Great Quarter and Pays a 6.8% Dividend
published 01.08.2020 16:10
First National reported a dividend of $0.1625 for July, taking its forward payout to $1.95 for the year, a forward dividend yield of 6.8%.
The pandemic did affect the company with net interest revenue earned on securitized mortgages dropping 39% to $21 million and mortgage investment income decreasing 22% to $17 million due to a lower interest rate environment because of COVID-19.
Other major reported numbers that went up are placement fees that increased 47% to $88.7 million, mortgage servicing income rose 5% to $41 million, and gains on deferred placement fee revenue increased 124% to $6.5 million.
First National Financial Corporation (TSX:FN) is Canada’s largest non-bank originator and underwriter of mortgages lender that focuses mainly on the residential space.
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