Business
MCAN Mortgage Corporation Announces Fourth Quarter and 2019 Results and Increase to Quarterly Dividend
MCAN Mortgage Corporation Announces Fourth Quarter and 2019 Results and Increase to Quarte...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Fourth Quarter and 2019 Results and 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.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 26, 2020\n\n\n\nTORONTO, Feb. 26, 2020 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: \"MKP\") reported net income of $10.6 million ($0.44 per share) for the fourth quarter ended December 31, 2019, an increase of 197% from $3.5 million ($0.15 per share) in the fourth quarter of 2018. In the fourth quarter of 2019, we recorded a $2.1 million net gain on securities compared to a $4.2 million net loss on securities in the fourth quarter of 2018. Year to date, we reported net income of $48.3 million ($2.01 per share), an increase of 33% from $36.3 million ($1.54 per share) for the same period in 2018.  The Board of Directors (the \"Board\") declared an increase to the quarterly dividend from $0.32 per share to $0.34 per share on February 26, 2020 to be paid March 30, 2020 to shareholders of record as of March 13, 2020.\n\n \n \n\n \nHighlights\nFinancial Performance\nQ4 2019\nReturn on average shareholders' equity1 of 12.84% in Q4 2019, an increase of 8.18% from 4.66% in Q4 2018. Net corporate mortgage spread income1 decreased by $0.1 million from Q4 2018. The net corporate mortgage spread income1 decreased due to a reduction in the spread of corporate mortgages over term deposit interest1 to 2.63% in Q4 2019 from 2.93% in Q4 2018. This decrease in the spread of corporate mortgages over term deposit interest1 was partially offset by a higher average corporate mortgage portfolio balance1 of...