Business
MCAN Mortgage Corporation Announces Q3 2021 Results and Declares $0.34 Cash Dividend Per Share
MCAN Mortgage Corporation Announces Q3 2021 Results and Declares $0.34 Cash Dividend Per ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Mortgage Corporation Announces Q3 2021 Results and Declares $0.34 Cash Dividend Per Share\n \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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP-COLOR:; BORDER-COLLAPSE: COLLAPSE; BORDER-LEFT-COLOR:; BORDER-BOTTOM-COLOR:; BORDER-RIGHT-COLOR:\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 5, 2021\n \n /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: MKP) reported strong net income of\n \n $13.0 million\n \n (\n \n $0.47\n \n earnings per share) for the third quarter of 2021, a decrease from net income of\n \n $22.7 million\n \n (\n \n $0.92\n \n earnings per share) in the third quarter of 2020 primarily due to an expected decrease in equity income from MCAP related to lower mortgage origination and processing fees, including non-recurring new contracts in the prior year.  Third quarter 2021 return on average shareholders' equity was 13.22% compared to 28.04% in the prior year.  Results for the third quarter of 2021 were positively impacted by growth in our core business compared to the third quarter of 2020.\n \n \n \n \n \n \n \n \n \n Year to date, we reported net income of\n \n $48.3 million\n \n (\n \n $1.84\n \n earnings per share), an increase of 132% from a net income of\n \n $20.8 million\n \n (\n \n $0.85\n \n earnings per share) for the same period in 2020. Year to date return on average shareholders' equity was 17.40% compared to 8.61% in the prior year.  Year to date 2021 results were mainly impacted by fair value gains on our marketable securities compared to fair value losses at the onset of the pandemic and growth in our core business, partly offset by an expected decrease in equity income from MCAP.  The Company typically sees swings in its earnings per share due to fluctuations in marketable and non-marketable securities investment income, realized gains a...