MCAN Mortgage Second-Quarter Earnings Rise
MCAN Mortgage (MKP.TO) reported second-quarter net income of C$0.59 per share, up from C$0.51 a year earlier.Analysts polled by FactSet expected C$0.51.Total assets under management reached C$8.5 billion, up 28% from a year ago."We continued to grow our business to deliver improving returns to our shareholders while navigating uncertainty in the current geopolitical and economic environment. Our net interest income has increased as we grew our assets under management while managing our spreads with pricing and hedging strategies. We benefited from residential mortgage renewals which enhance our returns and continued to grow our securitization programs to diversify our funding and optimize our capital," chief executive Derek Sutherland said in a release.The board declared a a third-quarter dividend of C$0.43 per share, payable Sept. 29 to shareholders of record on Sept. 15.The company's shares closed down C$0.43 to C$24.99 Thursday on the Toronto Stock Exchange.
