05:17 PM EDT, 04/30/2024 (MT Newswires) -- First National Financial ( FNLIF ) Tuesday said its first-quarter profit rose 40% on higher revenue.

The mortgage provider said it earned C$49.9 million, or C$0.82 per share, in the period, up from C$35.7 million, or C$0.58, in the year-prior quarter.

Revenue rose 20% to C$518 million from C$432.1 million.

"On the strength of mortgage servicing and our securitization strategy, we generated solid profitability. The presence of these income sources and the diversified nature of our lending activities once again proved to be important as we experienced intense competition for new mortgage business," chief executive said Jason Ellis said in a statement.

For the quarter, mortgages under administration increased 9% to a record $145.1 billion compared to $133.0 billion at March 31, 2023.

First National shares closed up C$0.15 to C$38.35 on the Toronto Stock Exchange.