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MCAN Mortgage Corporation Announces Third Quarter Results for 2019
MCAN Mortgage Corporation Announces Third Quarter Results for 2019 Canada NewsWire...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Third Quarter Results for 2019\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.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\nCanada NewsWire\nTORONTO, Nov. 8, 2019\n\n\n\nTORONTO, Nov. 8, 2019 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: \"MKP\") reported net income of $14.6 million ($0.60 per share) for the third quarter ended September 30, 2019, an increase of 32% from $11.0 million ($0.47 per share) in the third quarter of 2018. In the third quarter of 2019, we recorded a $5.0 million net gain on securities compared to a $0.4 million net gain in the third quarter of 2018. Year to date, we reported net income of $37.7 million ($1.57 per share), an increase of 15% from $32.7 million ($1.39 per share) for the same period in 2018.\n\n \n \n\n \nHighlights\nFinancial Performance\nQ3 2019\nReturn on average shareholders' equity1 of 18.05% in Q3 2019, an increase of 3.76% from 14.29% in Q3 2018.Net corporate mortgage spread income1 was consistent with Q3 2018.  The net corporate mortgage spread income1 increased due to a higher average corporate mortgage portfolio balance1 of $1,094 million in Q3 2019 from $942 million in Q3 2018. This was offset by a decrease in the spread of corporate mortgages over term deposit interest1 to 2.48% in Q3 2019 from 2.92% in Q3 2018.  The decrease in the spread of corporate mortgages over term deposit interest1 is due to a portfolio mix with a greater proportion of single family to construction and commercial loans, continued market competition, and increases to expenses and the Bank of Canada overnight rate in 2018 offset by the yield on our primarily floating-rate construction loan portfolio.Equity income from MCAP Commercial LP (\"MCAP\")...