Business
MCAN Mortgage Corporation Announces Strong Q2 2021 Results and Declares $0.34 Cash Dividend Per Share
MCAN Mortgage Corporation Announces Strong Q2 2021 Results and Declares $0.34 Cash Divide...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Mortgage Corporation Announces Strong Q2 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: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Aug. 12, 2021\n \n /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: MKP) reported net income of\n \n $19\n \n .4 million (\n \n $0.73\n \n earnings per share) in the second quarter compared to net income of\n \n $7.8 million\n \n (\n \n $0.32\n \n earnings per share) for the same period in the prior year. For the six months ended\n \n June 30, 2021\n \n , MCAN reported net income of\n \n $35\n \n .3 million (\n \n $1.38\n \n earnings per share), compared to a net loss of\n \n $1\n \n .9 million (\n \n $0.08\n \n loss per share) in the prior year.  Net income was 149% higher for the quarter and 1,925% year to date 2021 due to growth in our corporate and securitization assets, an increase in the market value of our REIT portfolio in 2021 (compared to market value losses in 2020), as well as a decrease in our credit loss provision due to improved economic forecasts.  We also realized higher net corporate and securitized mortgage spread income\n \n 1\n \n and higher equity income from MCAP compared to the same periods in 2020.\n \n \n \n \n \n \n \n \n \n The Board of Directors (the \"Board\") declared a quarterly cash dividend of\n \n $0.34\n \n per share to be paid September 30, 2021 to shareholders of record as of September 15, 2021.\n \n \n \"We are very pleased with our strong Q2 2021 results.  Our mortgage portfolio continues to grow in response to a buoyant housing market propelled by very low interest rates.  We have been enhancing our s...