MCAN Mortgage Corp. reports sharp drop in earnings

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Net income at Canada’s MCAN Mortgage Corp was down sharply for the first quarter of 2015 compared to a year earlier. The mortgage lender’s net income was $4.3 million for the first three months of this year, down from $7.4 million in the same period in 2014. Mortgage interest income was up though from $12.4 million in Q1 2014 to $12.5 million in Q1 2015. The quality of home loans was also higher with the impaired mortgage ratio falling to 0.45 per cent from 0.50 per cent in the quarter ($8 million compared to $8.4 million at the end of December 2014.)

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