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Atrium Mortgage Investment Corporation Announces First Quarter Results



Toronto, Ontario–(Newsfile Corp. – May 6, 2020) – Atrium Mortgage Investment Corporation  (TSX: AI) (TSX: AI.DB) (TSX: AI.DB.B) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) today released its financial results for the three month period ended March 31, 2020.


  • Quarterly revenues of $17.1 million, up 8.0% from the first quarter of the prior year

  • Quarterly net income of $9.9 million, up 6.8% from the first quarter of the prior year

  • $0.23 basic and diluted earnings per share for the quarter

  • Mortgage portfolio of $746.5 million, 2.3% increase from December 31, 2019

  • High quality mortgage portfolio

    • 83.7% of portfolio in first mortgages

    • 92.0% of portfolio is less than 75% loan to value

    • average loan-to-value is 59.0%

“The operating results for Q1 were relatively strong and even after taking a provision for mortgage losses of $1.0 million this quarter, our earnings exceeded our quarterly dividend. Our increased provision for mortgage losses is consistent with the some of the largest banks in the world, and reflects the common belief that the financial impact of COVID 19 will increase in future quarters. Notwithstanding that belief, we feel that Atrium is well positioned to endure the downturn as we have very little exposure to the hardest hit sectors- retail, hospitality and long-term care/retirement homes. In addition, the weighted average loan to value of our portfolio, at 59.0%, is the lowest since Atrium went public on the TSX in September 2012. Our strategy in Q2 is to scale back lending in the short term in order to be in a position to lend actively when the real estate market emerges from the downturn,” said Rob Goodall, CEO of Atrium.

Interested parties are invited to participate in a conference call with management today, Thursday, May 7, 2020 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415, conference ID 7489378. For a replay of the conference call (available until May 20, 2020) please call 1 (855) 859-2056, conference ID 7489378.

Results of operations

Atrium ended its first quarter of 2020 with assets of $759.5 million, and revenues of $17.1 million, an increase of 8.0% from the first quarter of the prior year. Net income for the first quarter of 2020 was $9.9 million, an increase of 6.8% from the first quarter of the prior year.

Basic and diluted earnings per common share were $0.23, for the three month period ended March 31, 2020, compared with $0.24 basic and diluted earnings per common share for the comparable quarter in the prior year.

Atrium had $743.1 million of mortgages receivable as at March 31, 2020 an increase of 2.2% from December 31, 2019. During the three month period ended March 31, 2020, $81.2 million of mortgage principal was advanced, and $64.9 million was repaid.

The weighted average interest rate on the mortgage portfolio at March 31, 2020 was 8.60%, compared to 8.81% at December 31, 2019.

In April 2020, the company collected 98% of the mortgage interest due in April, which is in line with historical collection rates.

Financial summary

Interim Consolidated Statements of Income and Comprehensive Income

(Unaudited, 000s, except per share amounts)

Three months ended
March 31
2020 2019
Revenue $ 17,057 $ 15,796
Mortgage servicing and management fees (1,777 ) (1,680 )
Other expenses (349 ) (287 )
Provision for mortgage losses (1,000 ) (400 )
Income before financing costs 13,931 13,429
Financing costs (4,067 ) (4,194 )
Net income and comprehensive income $ 9,864 $ 9,235
Basic earnings per share $ 0.23 $ 0.24
Diluted earnings per share $ 0.23 $ 0.24
Dividends declared $ 9,504 $ 8,648
Mortgages receivable, end of period $ 743,070 $ 706,098
Total assets, end of period $ 759,494 $ 723,225
Shareholders’ equity, end of period $ 462,249 $ 423,286


Analysis of mortgage portfolio

March 31, 2020 December 31, 2019
Outstanding % of Outstanding % of
Property Type Number amount Portfolio Number amount Portfolio
(outstanding amounts in 000s)
Low-rise residential 31 $ 197,052 26.4% 32 $ 216,144 29.6%
High-rise residential 17 191,777 25.7% 15 174,544 23.9%
Mid-rise residential 22 169,788 22.8% 21 160,456 22.0%
House and apartment 82 54,724 7.3% 91 66,083 9.1%
Condominium corporation 14 2,561 0.3% 14 2,659 0.4%
Residential portfolio 166 615,902 82.5% 173 619,886 85.0%
Commercial 21 130,574 17.5% 19 109,859 15.0%
Mortgage portfolio 187 746,476 100.0% 192 729,745 100.0%


March 31, 2020 December 31, 2019
Mortgage amount Number Outstanding
% of
Number Outstanding
% of
(outstanding amounts in 000s)
$0 – $2,500,000 117 $ 78,174 10.5% 123 $ 84,043 11.5%
$2,500,001 – $5,000,000 25 91,981 12.3% 25 91,707 12.6%
$5,000,001 – $7,500,000 14 86,376 11.6% 15 91,685 12.6%
$7,500,001 – $10,000,000 7 63,017 8.4% 6 53,373 7.3%
$10,000,001 + 24 426,928 57.2% 23 408,937 56.0%
187 $ 746,476 100.0% 192 $ 729,745 100.0%
March 31, 2020
        Weighted Weighted
Number of Outstanding Percentage average average
Location of underlying property mortgages amount outstanding loan to value interest rate
Greater Toronto Area 147 $ 541,121 72.5% 62.4% 8.54%
Non-GTA Ontario 22 21,446 2.9% 64.4% 8.26%
Alberta 4 15,457 2.0% 74.4% 8.79%
British Columbia 14 168,452 22.6% 46.1% 8.62%
187 $ 746,476 100.0% 59.0% 8.60%


December 31, 2019
Weighted Weighted
Number of Outstanding Percentage average average
Location of underlying property mortgages amount outstanding loan to value interest rate
Greater Toronto Area 153 $ 509,299 69.8% 64.1% 8.85%
Non-GTA Ontario 20 20,625 2.8% 57.6% 8.33%
Alberta 4 15,141 2.1% 64.0% 8.80%
British Columbia 15 184,680 25.3% 46.9% 8.77%
192 $ 729,745 100.0% 59.5% 8.81%


For further information on the financial results, and further analysis of the company’s mortgage portfolio, please refer to Atrium’s interim consolidated financial statements and its management’s discussion and analysis for the quarter ended March 31, 2020, available on SEDAR at, and on the company’s website at

Conference call

Interested parties are invited to participate in a conference call with management today, Thursday, May 7, 2020 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415, conference ID 7489378. For a replay of the conference call (available until May 20, 2020) please call 1 (855) 859-2056, conference ID 7489378.

About Atrium

Canada’s Premier Non-Bank Lender™

Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium’s objectives are to provide its shareholders with stable and secure dividends and preserve shareholders’ equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information about Atrium, please refer to regulatory filings available at or investor information on Atrium’s website at

For additional information, please contact

Robert G. Goodall
President and Chief Executive Officer

Jennifer Scoffield
Chief Financial Officer

(416) 867-1053
[email protected]


Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares




In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.

This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)

Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.

Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”

The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.

Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.

Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.

With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.

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VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award




VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.

The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.

VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.

This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.

The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:

  • Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
  • Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
  • Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
  • Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
  • Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.


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Nagad’s Digital Bank on cards, Sadaf to lead the side




Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.

Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.

The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.

The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.

Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.

“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”

Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.

Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.

“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.

To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.

As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.

SOURCE Nagad Limited

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