TORONTO, Nov. 6, 2023 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $18.5 million ($0.53 earnings per share) for the third quarter of 2023, an increase from net income of $11.7 million ($0.37 earnings per share) in the third quarter of 2022. Third quarter 2023 return on average shareholders' equity1 was 14.20% compared to 10.52% for the same period in the prior year. Year to date 2023, we reported net income of $57.6 million ($1.66 earnings per share), an increase from net income of $31.3 million ($1.01 earnings per share) for the same period in the prior year. Year to date 2023 return on average shareholders' equity1 was 15.06% compared to 9.47% 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 $8.2 million for the current quarter and $25.2 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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