Business
MCAN Mortgage Corporation Announces Third Quarter Results and 11% Increase in Net Income
MCAN Mortgage Corporation Announces Third Quarter Results and 11% Increase in Net Income ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Third Quarter Results and 11% 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, Nov. 8, 2018\n\n\n\nStock market symbol TSX: MKP\n TORONTO, Nov. 8, 2018 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") announced net income of $11.0 million ($0.47 per share) for the third quarter ended September 30, 2018, up 11% from $9.9 million ($0.42 per share) in the third quarter of 2017. \nHighlights\nFinancial Performance\nQ3 2018\nReturn on average shareholders' equity was 14.29% in Q3 2018 compared to 13.63% in Q3 2017. Operating expenses decreased significantly from Q3 2017 as a result of a reduction in variable compensation accruals and a non-recurring reimbursement of previously incurred and accrued legal expenses.Year to Date 2018\nFor 2018 year to date, we earned net income of $32.7 million, up $3.6 million (12%) from $29.1 million in 2017. Earnings per share were $1.39 for 2018 year to date, up $0.14 (11%) from $1.25 in 2017. Return on average shareholders' equity was 14.31% for 2018 year to date compared to 13.45% in 2017.Dividend\nOn September 24, 2018, the Board of Directors (the \"Board\") declared a fourth quarter dividend of $0.32 per share to be paid on January 2, 2019 to shareholders of record as of December 14, 2018. This dividend has been accrued as a liability as at September 30, 2018 due to the fact that it was declared prior to the end of the quarter. Shareholders' equity as at September 30, 2018 is calculated net of both this dividend and the third quarter dividend that was paid September 28, 2018. The dividend decrease reflects the expected impact from shifting to a more conservative asset mix, the slower than expected growth in our single family originations to date and the related impact on our net interest income.Corporate Activity\nCorporate assets, which totalled $1.24 billion at September 30, 2018, increased by $27 million (2%) from June 30, 2018. Corporate mortgage portfolio increased by $47 million (5%) during Q3 2018 to $966 m...