• In Q3-2024,  mortgage receivables (gross) rose 2% QoQ to $926M – the highest in AI's history.  However, due to sluggish sector activity, loan advancements declined 50% YoY.
  • As 86% of AI’s portfolio are floating-rate mortgages, lending rates have been falling since the Bank of Canada (BoC) began cutting rates. As a result, Q3 revenue was down 3% YoY, missing our estimate by 0.9%. However, EPS increased 4%, driven by significantly lower loan loss provisions, despite missing our estimate by 0.7%.