VANCOUVER, April 29, 2013 /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 March 31, 2013 is $0.165 per share and will be paid May 15, 2013.
First quarter net income decreased to $109,228 or $.165 per share compared with $110,853 or $.146 per share for the same period in 2012. Revenue decreased to $139,237 from $162,812.
Return on common equity was 7.11% while return on preferred shares was 6.58%.
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 five 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 Long"__________________ ALAN E.R. LONG, PRESIDENT AND CHIEF EXECUTIVE OFFICER SOURCE Mandate National Mortgage Corporation