|By PR Newswire||
|October 29, 2012 06:01 PM EDT||
VANCOUVER, Oct. 29, 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 September 30, 2012 is $0.193 per share and will be paid November 15, 2012.
Third quarter net income increased 34% to $133,802 or $.19 per share compared with $99,762 or $.12 per share for the same period in 2011. Revenue increased 4.3% to $196,036 from $188,078 in 2011.
Return on common equity was 8.32% while return on preferred shares was 7.71%.
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, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
SOURCE Mandate National Mortgage Corporation