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MCAN Mortgage Corp T.MKP

Alternate Symbol(s):  MAMTF

Consumer Cyclical Advertising Agencies
MCAN Mortgage Corporation is a Canada-based loan company and mortgage investment corporation. Its objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction and commercial loans, as well as other types of securities, loans, and real estate investments. Its lines of business include three divisions: MCAN Home, MCAN Capital and MCAN Wealth. MCAN Home is its residential mortgage lender that partners with accredited mortgage professionals to offer both insured and uninsured mortgage solutions across Canada. MCAN Capital focuses on financing and investment opportunities in the construction and commercial loan markets, real estate investment trusts (REITs), and private investment funds focused on lending to and developing Canadian communities. MCAN Wealth offers investors Canada Deposit Insurance Corporation (CDIC) insured investment solutions.


TSX:MKP - Post by User

MCAN Mortgage Corp
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Post by Betteryear2on May 08, 2023 9:15pm
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Post# 35437660

MCAN FINANCIAL GROUP ANNOUNCES Q1 2023 RESULTS

MCAN FINANCIAL GROUP ANNOUNCES Q1 2023 RESULTS TORONTO, May 8, 2023 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $23.3 million ($0.67 earnings per share) for the first quarter of 2023, an increase from net income of $15.5 million ($0.52 earnings per share) in the first quarter of 2022.  First quarter 2023 return on average shareholders' equity1 was 18.60% compared to 14.19% in the prior year.  We reported higher total net income mainly as a result of higher net corporate mortgage spread income from the higher interest rate environment and growth in our portfolio. Our net corporate mortgage spread income1 increased by $9.0 million from Q1 2022.   

MCAN FINANCIAL GROUP ANNOUNCES Q1 2023 RESULTS AND DECLARES $0.36 REGULAR CASH DIVIDEND (newswire.ca)
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