TORONTO, Aug. 8, 2023 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $15.9 million ($0.46 earnings per share) for the second quarter of 2023, an increase from net income of $4.1 million ($0.13 earnings per share) in the second quarter of 2022. Second quarter 2023 return on average shareholders' equity1 was 12.47% compared to 3.75% for the same period in the prior year. Year to date 2023, we reported net income of $39.2 million ($1.13 earnings per share), an increase from net income of $19.6 million ($0.64 earnings per share) for the same period in the prior year. Year to date 2023 return on average shareholders' equity1 was 15.51% compared to 8.94% for the same period in the prior year. We reported higher total net income mainly as a result of higher net corporate mortgage spread income. Our net corporate mortgage spread income1 increased by $8.0 million for the current quarter and $17.1 million for the current year to date compared to the same periods in the prior year. While the economy continues to change and provide uncertainty, we are committed to a strategy of managing controllable factors to protect our bottom line and taking advantage of opportunities that arise.
Read more at newswire.caMCAN FINANCIAL GROUP ANNOUNCES Q2 2023 RESULTS AND INCREASES ITS REGULAR CASH DIVIDEND NEARLY 6%
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