VANCOUVER, July 30, 2012 /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, 2012 is $0.163 per share and will be paid August 15, 2012.
Revenue for the three months ending June 30, 2012 increased 48.15% to $219,579 from $148,213 in 2011. Second quarter net income increased 65.7% to $116,379 or $.163 per share compared with $70,232 or $.08 per share for the same period in 2011. The increase in revenues net earnings was primarily due to the recovery of unaccrued interest on a loan in arrears.
Return on Common equity was 6.34% while return on Preferred shares was 7.05%.
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 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
SOURCE Mandate National Mortgage Corporation