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Earnings

MCAN FINANCIAL GROUP REPORTS ANNUAL RESULTS AND DECLARES 5% INCREASE IN NEXT QUARTER'S CASH DIVIDEND

By The Northwire Desk — AI Analysis Feb 23, 2026 · 20:00 MKP · 24.38 MCAN MORTGAGE CORPORATION
MKP · Price

Executive Summary

  • MCAN Mortgage Corp. reported FY 2025 net income of C$74.9 M (‑3% YoY) with total assets under management up 30% to C$7.8 B.
  • Q4 2025 net income surged 128% YoY to C$17.6 M, driven by higher mortgage originations and MCAP investment gains.
  • The Board declared a Q1 regular cash dividend of C$0.43 per share, a 5% increase over the prior quarter’s C$0.41.

Key Details

  • Financial Highlights FY 2025 vs 2024
  • Net interest income: C$95.8 M (‑1% YoY)
  • Net income: C$74.9 M (‑3% YoY)
  • EPS: C$1.89 (down from C$2.06)
  • Total assets under management: C$7.8 B (+30% YoY)
  • ROE: 12.07% (up from 11.02%)

  • CET1 ratio: 18.82%

  • Q4 2025 Highlights vs Q4 2024

  • Net interest income: C$24.7 M (flat YoY)
  • Net income: C$17.6 M (+128% YoY)
  • EPS: C$0.44

  • Book value per share: C$15.93

  • Mortgage Origination Growth

  • Total residential mortgage assets: C$4.6 B (+26%)
  • Uninsured residential mortgages: C$1.3 B (+16%)
  • Insured residential mortgages: C$3.3 B (+30%)

  • Uninsured originations up 33% YoY; insured originations up 38% YoY

  • Construction & Commercial Mortgages

  • Balance grew to C$1.2 B (+5% YoY)

  • Loan advances for the year: C$631.4 M

  • MCAP Investment Performance

  • Income from MCAP: C$33.4 M (+16% YoY)

  • Credit Quality & Provisions

  • Provision for credit losses: C$13.5 M (up from C$3.3 M) – mainly due to interest provisioning on impaired construction loans and growth in uninsured mortgages.
  • Impaired non‑securitized mortgage ratio: 1.69% (down from 2.46%).

  • Average LTVs at year‑end: 66.3% for uninsured residential, 60.7% for construction loans.

  • Dividend Announcement

  • Q1 2026 cash dividend: C$0.43 per share (5% increase).

  • Record date: March 13 2026; payment date: March 31 2026.

  • Shareholder Meeting

  • Annual & Special Meeting scheduled for April 30 2026, 4:30 pm EST.

  • Selected Balance Sheet Items (C$ thousands)

  • Total assets: C$6,477,470 (2025) vs C$5,347,565 (2024).
  • Cash & equivalents: C$79,828 vs C$61,703.

  • Shareholders’ equity: C$644,848 vs C$599,189.

  • Cash Flow Highlights

  • Operating cash flow: C$12,187 K (down from C$53,773 K).
  • Investing cash flow: +C$16,165 K.

  • Financing cash flow: –C$10,227 K (net outflow).

  • Management Commentary

  • CEO Derek Sutherland highlighted steady results despite lower rates, strong growth in uninsured residential originations, and the launch of an unsecured mortgage securitization program.
  • Emphasis on continued investment in new products and infrastructure for sustainable growth.
Read the original news release →

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