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.
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