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SOURCE Mandate National Mortgage Corporation
VANCOUVER, July 30, 2014 /CNW/ - On behalf of the Board of Directors of Mandate National Mortgage Corporation ("Mandate"), Mr. Alan E. R. Long, President, is pleased to announce the dividend payment rate to shareholders of record as at June 30, 2014 is $0.13 per share and will be paid August 15, 2014.
Revenue for the three months ending June 30, 2014 increased to $164,682 from $151,251 in 2013. Second quarter net income decreased to $83,493 or $.13 per share compared with $106,646 or $.16 per share for the same period in 2013. The increase in revenues was due to an increase in fee income whereas net earnings declined due to a write off of bad debt relating to one mortgage.
Annualized return on Common equity was 5.63% while return on Preferred shares was 5.19%.
Mandate operates as a mortgage investment corporation under the provisions of the Income Tax Act (Canada) and invests in a diverse portfolio of residential and commercial mortgages. Mandate has provided and intends to continue to provide a dividend yield to its shareholders through its prudent mortgage lending policy. It has been among the top performing mortgage funds for the past twenty years as reported in the financial press. Mandate distributes quarterly all of its earned income to its shareholders by way of dividend.
ON BEHALF OF THE BOARD OF DIRECTORS
"Alan E.R. Long"___________________________________
ALAN E.R. LONG, PRESIDENT
and CHIEF EXECUTIVE OFFICER
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