Manulife Bank’s mortgage portfolio hit $28.7B by the end of Q2, with residential lending driving most of the growth—up around 12% year-over-year, 4% from the last quarter, and 6% since the close of 2025. When you factor in other client loans, their total net lending portfolio reached $31.75B, up about 13% from last year. The average loans and mortgages also climbed to $31.1B during Q2. What stands out to me, with my years in lending and underwriting, is that credit quality remained steady: non-performing residential mortgages totaled just $55M at quarter’s end, staying under 0.2% of the residential portfolio. Higher-risk Stage 2 residential mortgages actually declined to $1.27B from $1.38B, and the parent company reported largely unchanged credit-loss provisions throughout the quarter. Despite these strong fundamentals, the Canada segment’s net income dipped 22% due to claims and expenses—even as the parent company delivered $2.11B in net income and $1.92B in core earnings. It’s a reminder of the importance of strategic lending and diligent risk management in today’s market.
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