VANCOUVER, Jan. 31, 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 December 31, 2013 is $0.035 per share and will be paid February 14, 2014.
Fourth quarter net income was $23,454 or $.035 per share compared with $127,126 or $.18 per share for the same period in 2012. Revenue decreased due to a one time provision for an impaired loan which may be recoverable in 2014.
Return on common equity for the year was 5.67% while return on preferred shares was 5.26%.
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 high dividend yield to its shareholders through its prudent mortgage lending policy. It has been among the top performing mortgage funds for the past ten 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, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
SOURCE Mandate National Mortgage Corporation