Q1 results were mostly inline with our expectations. Interest collections continue to be in line with historical rates through the pandemic. Lending was down 4% YoY in Q2 due to intense competition, especially in the robust multi- family residential sector. In the earnings call, management indicated that they are expecting a stronger H2-2021, with plans to expand further in Quebec. Note that Quebec is a relatively untapped market for MICs, and we see opportunities for TF to expand within the province.
This report is currently available to premium subscribers – Free subscribers will gain access on August 18th, 2021)
Join as a FREE member and get our research report delivered straight to your inbox, with a seven-day delay
