Business
MCAN Mortgage Corporation Announces 32% Increase in First Quarter Earnings and 7% Increase to Quarterly Dividend
MCAN Mortgage Corporation Announces 32% Increase in First Quarter Earnings and 7% Increase...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces 32% Increase in First Quarter Earnings and 7% Increase to Quarterly Dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 9, 2017\n\n\n\nStock market symbol TSX: MKP \n\n\n\nTORONTO, May 9, 2017 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") reported a 32% increase in Q1 2017 net income of $10.3 million, up from $7.8 million in Q1 2016.  Earnings per share increased 29% to $0.44 in Q1 2017 from $0.34 in Q1 2016.       \n\nHighlights\n\nNet Income\n\n\nNet income was $10.3 million in Q1 2016, an increase of $2.5 million (32%) from $7.8 million in Q1 2016. We earned significant income from financial investments and other loans in Q1 2017, offset by lower corporate mortgage interest and equity income from MCAP Commercial LP (\"MCAP\").\nEarnings per share increased by $0.10 (29%) to $0.44 in Q1 2017 from $0.34 in Q1 2016.\nIncrease of 2.6% in return on average shareholders' equity to 14.37% in Q1 2017 from 11.80% in Q1 2016.\nGross distribution income of $3.5 million realized from Crown LP financial investment in Q1 2017 (offset by a corresponding reduction to accumulated other comprehensive income).\n\nDividend\n\n\nThe Board of Directors (the \"Board\") declared a 7% increase to the quarterly dividend from $0.30 per share to $0.32 per share effective with the 2017 second quarter dividend to be paid June 30, 2017 to shareholders of record as of June 15, 2017.\n\nCorporate Activity\n\n\nCorporate assets totalled $1.13 billion at March 31, 2017, a net decrease of $55 million from $1.19 billion at December 31, 2016. This was comprised of decreases of $43 million in mortgages and $17 million in cash, and an increase of $4 million in marketable securities.\nThe corporate mortgage portfolio decreased during Q1 2017 to $861 million from $904 million, comprised of decreases of $29 million in insured single family, $19 million in uninsured single family and $15 million in commercial, partially offset by increases of $11 million in construct...