TORONTO, Feb. 26, 2024 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported our highest annual net income in our history of $77.5 million ($2.22 earnings per share) for 2023, an increase from net income of $55.4 million ($1.77 earnings per share) for the prior fiscal year. Return on average shareholders' equity1 was 15.05% for 2023 compared to 12.47% for the prior fiscal year. We reported higher total net income for the year mainly as a result of higher net corporate mortgage spread income as we continued to adjust our portfolio to take advantage of the higher interest rate environment. Our net corporate mortgage spread income1 increased by $30.7 million for the current fiscal year compared to the prior fiscal year. For the fourth quarter of 2023, we reported net income of $19.9 million ($0.56 earnings per share), a decrease from net income of $24.1 million ($0.75 earnings per share) in the fourth quarter of 2022. Fourth quarter 2023 return on average shareholders' equity1 was 15.01% compared to 21.17% for the same period in the prior year. While net corporate mortgage spread income was strong and ahead of the prior year, a number of factors impacted our Q4 results, including recording a higher provision for credit losses in the current year. We are committed to a strategy of managing controllable factors to protect our bottom line and taking advantage of opportunities that arise in the current market environment.
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