Business
MCAN Mortgage Corporation Announces Second Quarter Results and 24% Increase in Net Income
MCAN Mortgage Corporation Announces Second Quarter Results and 24% Increase in Net Income ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Second Quarter Results and 24% Increase in Net Income\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, Aug. 9, 2018\n\n\n\nStock market symbol TSX: MKP \n\n\n\nTORONTO, Aug. 9, 2018 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") announced net income of $11.1 million ($0.47 per share) for the second quarter ended June 30, 2018, up 24% from $8.9 million ($0.39 per share) in the second quarter of 2017.  \n\nHighlights\n\nFinancial Performance\n\nQ2 2018\n\n\nReturn on average shareholders' equity was 14.54% in Q2 2018 compared to 12.37% in Q2 2017.\nRecognized a $3.3 million unrealized gain on financial instruments (consisting of marketable securities and financial investments) in Q2 2018. IFRS 9, Financial Instruments, which was adopted effective January 1, 2018, requires unrealized gains and losses on equities to be recorded through net income. Prior period financial information was governed by IAS 39, Financial Instruments: Recognition and Measurement, which required unrealized gains and losses on equities to be recorded through other comprehensive income. Prior period financial information was not restated on adoption of IFRS 9.\n\nYear to Date 2018\n\n\nFor 2018 year to date, we earned net income of $21.7 million, up $2.5 million (13%) from $19.2 million in 2017.\nEarnings per share were $0.92 for 2018 year to date, up $0.09 (11%) from $0.83 in 2017.\nReturn on average shareholders' equity was 14.32% for 2018 year to date compared to 13.37% in 2017.\n\nDividend\n\n\nThe Board of Directors (the \"Board\") declared a third quarter dividend of $0.37 per share to be paid on September 28, 2018 to shareholders of record as of September 14, 2018. \n\nCorporate Activity\n\n\nCorporate assets, which totalled $1.21 billion at June 30, 2018, increased by $90 million (8%) from March 31, 2018.\nCorporate mortgage portfolio increased by $60 million (7%) during Q2 2018 to $919 million from $859 million, which included increases of $50 million in insured single family, $25 million in c...