This follows a recent rebranding from MCAN Mortgage Corporation
MCAN Financial Group has reported a solid net income of $15.5 million at $0.52 earnings per share in Q1 2022 – a slight fall from the $15.9 million in Q1 2021.
Karen Weaver, president and chief executive officer at MCAN Financial Group, said the results are “in line with expectations” in spite of unfavourable market conditions. The firm reached $4 billion in total assets driven by a 5% increase to $118 million in corporate assets.
The earnings per share was impacted by its Rights Offering of almost two million units completed in December 2021. In contrast, there was a 14.19% return on average shareholders’ equity compared to 18.15% at the same time last year.
The Board of Directors is also expecting a regular cash dividend of $0.36 per share to be paid June 30, 2022 to shareholders of record as of June 15, 2022.
Uninsured residential mortgage originations increased 14% to $120, while construction and commercial originations decreased 15% to $102 million. On the other hand, securitized mortgages increased 5% to $1.66 billion from December 2021 to March 2022 due to originations and securitization volumes.
In addition, Weaver reiterated the new trade name from MCAN Mortgage Corporation to MCAN Financial Group, which was first announced early last month. The company clarified it was a trade name change and not a legal name change.
Read more: MCAN Mortgage Corporation subsidiary wins industry excellence award
"Our rebrand not only reflects the scope and breadth of all that we do, it also represents a new phase for MCAN – one defined by a continued focus on growth and ingenuity using our extensive real estate expertise and manifested by collaborative and fulfilling internal and external partnerships,” Weaver said.
Last August 2021, MCAN Financial Group was recognized as a 2022 5-Star Mortgage Employer by Canadian Mortgage Professional. The company had also ranked 13th on the 2022 Best Workplaces in Canada under 1,000 employees.
