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First National profit rises 28 per cent

The Canadian Press

TORONTO — First National Financial Income Fund reported “record profitability” in the second quarter, with revenue rising 23 per cent to $76.9-million from a year earlier and net income up 28 per cent at $30.1 million.

Canada’s largest non-bank originator and underwriter of mortgages raised its monthly distribution to 11.25 cents per unit, or $1.35 annualized, up eight per cent from $1.25.

First National Financial said Wednesday its mortgages under administration increased 28 per cent year-over-year to $36.6-billion at June 30, as originations grew 14 per cent to $3.2-billion.

This growth was attributed to a rising market share in the single-family residential mortgage broker channel and a strengthened position in commercial mortgages.

“First National reached new heights of profitability in the second quarter of 2008, driven by strong volume growth

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