MCAN FINANCIAL GROUP ANNOUNCES Q2 2022 RESULTS AND DECLARES $0.36 REGULAR CASH DIVIDEND

TORONTO, Aug. 9, 2022 /CNW/ – MCAN Mortgage Corporation d/b/a MCAN Financial Group (“MCAN”, the “Company” or “we”) (TSX: MKP) reported net income of $4.1 million ($0.13 earnings per share) for the second quarter of 2022, a decrease from net income of $19.4 million ($0.73 earnings per share) in the second quarter of 2021.  Second quarter 2022 return on average shareholders’ equity¹ was 3.75% compared to 21.28% in the prior year.  Year to date, we reported net income of $19.6 million ($0.64 earnings per share), a decrease from net income of $35.3 million ($1.38 earnings per share) in 2021. Year to date return on average shareholders’ equity¹ was 8.94% compared to 19.75% in the prior year.  We reported lower total net income mainly as a result of unrealized fair value losses on our REIT portfolio due to the current market environment partially offset by growth in our core…