Atrium Mortgage Invest (TSE:AI) has released an update.
Atrium Mortgage Investment Corporation has announced a robust start to 2024 with first-quarter earnings per share of $0.27 and a net income of $12.0 million. The company’s mortgage portfolio grew by 4.8% to $886.1 million compared to the same period last year, with a focus on low-risk sectors and a conservative average loan-to-value of 64.0%. Despite a well-performing portfolio, Atrium has increased its allowance for mortgage losses due to ongoing challenges in the Canadian real estate market.
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