06:36 AM EDT, 05/07/2024 (MT Newswires) -- MCAN Mortgage ( MAMTF ) d/b/a MCAN Financial Group (MKP.TO) overnight Monday reported first-quarter net income of $23.2 million, or $0.65 per share, in line with last year's $23.3 million, or $0.67 per share.

A sole analyst polled by Capital IQ expected $0.70.

Return on average shareholders' equity for Q1 was 17.09% versus 18.60% a year earlier.

The board declared a second-quarter regular cash dividend of $0.39 per share. The dividend will be paid on June 28 to shareholders of record as of June 14.

Common Equity Tier 1 and Tier 1 Capital to risk-weighted assets ratios were 19% at March 31, 2024, as compared with 19.6% at March 31, 2023.

Looking ahead, the company said it believes that its business is well structured with its focus on multiple facets of the Canadian residential real estate market.