Manulife Bank mortgage portfolio grows 12% to $28.7 billion
Manulife Bank’s mortgage portfolio reached $28.7 billion at the end of the second quarter, up 12% from $25.6 billion a year earlier as residential lending continued to drive growth.
Mortgage balances increased by $1.1 billion, or 4%, from the first quarter and by $1.5 billion, or nearly 6%, from the end of 2025.
Including other loans to banking clients, Manulife Bank’s total net lending portfolio rose to $31.75 billion, up 13% from $28.14 billion a year earlier. Average loans and mortgages increased by the same percentage to $31.1 billion.
Mortgage credit quality remains stable
Manulife reported $55 million in non-performing residential mortgages at the end of June, representing about 0.19% of its $28.37-billion residential mortgage portfolio measured at amortized cost.
That compared with $50 million, or roughly 0.19%, at the end of 2025. The allowance for residential mortgage credit losses increased to $9 million from $7 million over the same period.
A further $1.27 billion of residential mortgages were classified as Stage 2, indicating a significant increase in credit risk since origination but not necessarily delinquency. That was down from $1.38 billion at year-end.
Manulife’s company-wide expected credit loss provision was largely unchanged in the quarter. The insurer said the effect of credit migration and new originations and purchases was offset by updates to economic assumptions and models.
Manulife reports $2.1 billion in net income
Toronto-based Manulife Financial reported net income attributed to shareholders of $2.11 billion, up 17% from $1.79 billion a year earlier. Its adjusted measure of core earnings rose 12% to $1.92 billion.
Its adjusted measure of core earnings rose 12% on a constant-exchange-rate basis to $1.92 billion, while core earnings per share increased 16% to $1.09.
“Manulife delivered a strong second quarter, with disciplined execution driving momentum against our strategic priorities,” president and CEO Phil Witherington said in the company’s earnings release.
Manulife Bank generated $37 million in core earnings, unchanged from a year earlier and up from $35 million in the first quarter.
Within Manulife’s Canada segment, which includes Manulife Bank and its Canadian insurance and annuity businesses, net income fell 22% to $306 million. The company attributed the decline primarily to unfavourable insurance claims and higher expenses in its Group Insurance business, partly offset by higher investment spreads and an expected credit loss provision release.
Visited 9 times, 9 visit(s) today
Last modified: August 12, 2026
