Annual Reports

Annual Report 2018

2018 at a Glance

Over 300,000

Borrowers served by First National in 2018 across Canada.

$106.2 Billion

Mortgages Under Administration (MUA) – the source of most of the Company’s earnings – reached this all-time record at year-end 2018.

$1.2 Billion

Revenue in 2018 grew 10% to a new annual record as strong productivity was assisted by the rising interest rate environment.

$166.4 Million

Net income in 2018 ($2.73 per share) reflected good execution despite tighter mortgage spreads and higher securitization activity, which reduced earnings from 2017 levels by 9%.


The after-tax, Pre-Fair Market Value1 return on shareholders’ equity in 2018, a demonstration of the efficiency of the Company’s business model.

$171.4 Million

Value of common share dividends declared in 2018, bringing the cumulative total to almost $1.3 billion since the Company’s IPO in 2006.

$1.6 Billion

The Company’s market capitalization at December 31, 2018.

Non-IFRS Measure. See MD&A for more details.