Fintech
Atrium Mortgage Investment Corporation Announces Record Third Quarter & Year to Date Earnings and Appointment of New Director
Toronto, Ontario–(Newsfile Corp. – November 8, 2022) – Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the three and nine months ended September 30, 2022.
Highlights
-
Record quarterly basic and diluted earnings per share of $0.27 compared to $0.25 per share in the comparative period
-
Record nine month basic and diluted earnings per share of $0.77 and $0.76, respectively compared to $0.73 basic and diluted per share in the prior year
-
Record quarterly net income of $11.8 million, up 12.0% from the comparative period
-
Record gross mortgage portfolio of $856.9 million, an 11.7% increase from December 31, 2021
-
High quality mortgage portfolio
-
92.0% of portfolio in first mortgages
-
99.1% of portfolio is less than 75% loan to value
-
average loan-to-value of 61.4%
-
“Atrium MIC generated record basic earnings per share in Q3 of $0.27, despite the downturn in real estate values over the last six months. Year to date, our basic earnings per share is $0.77 versus $0.73 per share last year. Our business continued to benefit from higher interest rates as more than 70% of our loans are variable with interest rates that fluctuate with changes in prime. As importantly, loan quality remained high in Q3, with arrears representing less than 1.0% of the total mortgage portfolio. Atrium’s percentage of first mortgages continued to be high at 92.0%, and the portfolio loan to value remains very conservative at 61.4%. In fact, there is only one high ratio loan (a loan with a loan to value of greater than 75%), representing less than 0.90% of the mortgage portfolio. We have arranged an additional $25 million on our bank line of credit which will allow us to take advantage of high quality lending opportunities as the major banks tighten their credit standards and narrow their customer base. On a final note, I am very pleased to announce that Jennifer Scoffield, our former CFO, has been appointed to the board of directors of Atrium,” said Robert Goodall, CEO of Atrium.
Conference call
Interested parties are invited to participate in a conference call with management Wednesday, November 9, 2022 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call
1 (888) 886-7786 or (416) 764-8658, conference ID 01533012. For a replay of the conference call (available until November 22, 2022) please call 1 (877) 674-6060, conference ID 533012 #.
Results of operations
For the three months ended September 30, 2022, Atrium reported record assets of $871.3 million, up from $775.5 million at the end of 2021. Revenues were $20.6 million, an increase of 30.0% from the third quarter of the prior year. Net income for the third quarter of 2022 was $11.8 million, an increase of 12.0% from the comparative period. Atrium’s allowance for mortgage losses at September 30, 2022 totaled $9.5 million, or 1.11% of the gross mortgage portfolio.
For the nine months ended September 30, 2022, revenues were $55.2 million, an increase of 13.9% from the nine months ended September 30, 2021. Net income for the nine months ended September 30, 2022 was $33.1 million, an increase of 6.6% from the prior year period.
Basic and diluted earnings per common share were $0.27 for the three months ended September 30, 2022, compared with $0.25 basic and diluted earnings per common share in the prior year. Basic and diluted earnings per common share were $0.77 and $0.76, respectively, for the nine months ended September 30, 2022, compared with $0.73 basic and diluted earnings per common share for the nine months ended September 30, 2021.
Mortgages receivable as at September 30, 2022 were a record $850.9 million, up from $759.2 million as at December 31, 2021. During the nine months ended September 30, 2022, $454.5 million of mortgage principal was advanced and $373.5 million was repaid. The weighted average interest rate on the mortgage portfolio at September 30, 2022 was 10.04%, compared to 8.26% at December 31, 2021.
Financial summary
Interim Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)
| Three months ended | Nine months ended | |||||||||||
| September 30 | September 30 | |||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Revenue | $ | 20,634 | $ | 15,870 | $ | 55,212 | $ | 48,468 | ||||
| Mortgage servicing and management fees | (2,056 | ) | (1,792 | ) | (6,395 | ) | (5,463 | ) | ||||
| Other expenses | (292 | ) | (283 | ) | (828 | ) | (1,133 | ) | ||||
| Impairment of investment property held for sale | − | − | (1,832 | ) | − | |||||||
| Recovery of (provision for) mortgage losses | (1,114 | ) | (400 | ) | 316 | (1,269 | ) | |||||
| Income before financing costs | 17,172 | 13,395 | 46,473 | 40,603 | ||||||||
| Financing costs | (5,346 | ) | (2,840 | ) | (13,374 | ) | (9,549 | ) | ||||
| Net income and total comprehensive income | $ | 11,826 | $ | 10,555 | $ | 33,099 | $ | 31,054 | ||||
| Basic earnings per share | $ | 0.27 | $ | 0.25 | $ | 0.77 | $ | 0.73 | ||||
| Diluted earnings per share | $ | 0.27 | $ | 0.25 | $ | 0.76 | $ | 0.73 | ||||
| Dividends declared | $ | 9,706 | $ | 9,601 | $ | 29,029 | $ | 28,726 | ||||
| Mortgages receivable, end of period | $ | 850,920 | $ | 758,007 | $ | 850,920 | $ | 758,007 | ||||
| Total assets, end of period | $ | 871,302 | $ | 774,353 | $ | 871,302 | $ | 774,353 | ||||
| Shareholders’ equity, end of period | $ | 480,462 | $ | 469,372 | $ | 480,462 | $ | 469,372 | ||||
Analysis of mortgage portfolio
| September 30, 2022 | December 31, 2021 | ||||||||||||||||
| Outstanding | % of | Outstanding | % of | ||||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | |||||||||||
| (outstanding amounts in 000s) | |||||||||||||||||
| High-rise residential | 21 | $ | 300,850 | 35.1% | 18 | $ | 234,847 | 30.6% | |||||||||
| Mid-rise residential | 31 | 243,816 | 28.5% | 34 | 253,507 | 33.0% | |||||||||||
| Low-rise residential | 13 | 121,128 | 14.1% | 15 | 122,569 | 16.0% | |||||||||||
| House and apartment | 141 | 101,084 | 11.8% | 101 | 70,944 | 9.3% | |||||||||||
| Condominium corporation | 14 | 2,302 | 0.3% | 13 | 1,752 | 0.2% | |||||||||||
| Residential portfolio | 220 | 769,180 | 89.8% | 181 | 683,619 | 89.1% | |||||||||||
| Commercial | 24 | 87,675 | 10.2% | 16 | 83,512 | 10.9% | |||||||||||
| Mortgage portfolio | 244 | $ | 856,855 | 100.0% | 197 | $ | 767,131 | 100.0% | |||||||||
| September 30, 2022 | ||||||||||||||
| Weighted | Weighted | |||||||||||||
| Number of | Outstanding | Percentage | average | average | ||||||||||
| Location of underlying property | mortgages | amount | outstanding | loan to value | interest rate | |||||||||
| (outstanding amounts in 000s) | ||||||||||||||
| Greater Toronto Area | 161 | $ | 582,797 | 68.0% | 61.6% | 10.28% | ||||||||
| Non-GTA Ontario | 55 | 34,642 | 4.0% | 68.9% | 7.65% | |||||||||
| British Columbia | 26 | 231,076 | 27.0% | 59.5% | 9.75% | |||||||||
| Alberta | 2 | 8,340 | 1.0% | 71.2% | 11.73% | |||||||||
| 244 | $ | 856,855 | 100.0% | 61.4% | 10.04% | |||||||||
| December 31, 2021 | ||||||||||||||
| Weighted | Weighted | |||||||||||||
| Number of | Outstanding | Percentage | average | average | ||||||||||
| Location of underlying property | mortgages | amount | outstanding | loan to value | interest rate | |||||||||
| (outstanding amounts in 000s) | ||||||||||||||
| Greater Toronto Area | 126 | $ | 472,851 | 61.6% | 62.3% | 8.34% | ||||||||
| Non-GTA Ontario | 44 | 33,361 | 4.4% | 67.4% | 7.65% | |||||||||
| British Columbia | 25 | 253,771 | 33.1% | 56.7% | 8.17% | |||||||||
| Alberta | 2 | 7,148 | 0.9% | 94.4% | 8.90% | |||||||||
| 197 | $ | 767,131 | 100.0% | 60.9% | 8.26% | |||||||||
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 three and nine month period ended September 30, 2022, available on SEDAR at www.sedar.com, and on the company’s website at www.atriummic.com.
Appointment of Board Member
Atrium is pleased to announce the appointment of Jennifer Scoffield as a Board Member, effective November 8, 2022. Jennifer is the former CFO of Atrium and retired from that position in September 2022. Jennifer brings a wealth of experience from leadership positions in both public and private companies throughout her career.
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 www.sedar.com or investor information on Atrium’s website at www.atriummic.com.
For additional information, please contact
Robert G. Goodall
President and Chief
John Ahmad
Executive Officer Chief Financial Officer
(416) 867-1053
[email protected]
www.atriummic.com
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
-
Fintech5 days agoFintech Pulse: Industry Innovations and Partnerships Drive Global Fintech Forward
-
Fintech4 days agoFintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
-
Fintech PR7 days agoStatement From Universal Music Group N.V.
-
Fintech PR2 days agoUniversal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS
-
Fintech PR3 days agoCayman Enterprise City Receives Two Prestigious Awards from the Financial Times’ fDi Intelligence Global Free Zones of the Year 2024
-
Fintech PR2 days agoDC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation
-
Fintech PR2 days agoNoble Corporation plc announces submission of request for removal from trading and official listing on Nasdaq Copenhagen
-
Fintech PR2 days agoBlockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals