TORONTO, May 8, 2023 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $23.3 million ($0.67 earnings per share) for the first quarter of 2023, an increase from net income of $15.5 million ($0.52 earnings per share) in the first quarter of 2022. First quarter 2023 return on average shareholders' equity1 was 18.60% compared to 14.19% in the prior year. We reported higher total net income mainly as a result of higher net corporate mortgage spread income from the higher interest rate environment and growth in our portfolio. Our net corporate mortgage spread income1 increased by $9.0 million from Q1 2022.
Read more at newswire.caMCAN FINANCIAL GROUP ANNOUNCES Q1 2023 RESULTS AND DECLARES $0.36 REGULAR CASH DIVIDEND
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