MIC's net income spikes
Firm Capital MIC has announced that its net income grew by 27.6% annually to reach approximately $7.565 million during the third quarter, while net income for the nine months ending Sept. 30 increased by 16.9% to $22.251 million.
“The increase is mainly a result of higher interest income due to a larger average investment portfolio size (on average, $58 million higher in the third quarter of 2021 relative to the third quarter of 2020), offset by a decrease in average interest rate of 0.28% per annum,” Firm Capital said.
Adjusted income also posted annual increases of 10.7% in Q3 and 11.6% in the nine months ending Sept. 30.
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Firm Capital’s investment portfolio increased by $16 million to $575.2 million as of Sept. 30, while new investment funding totalled $346.2 million from January to September.
“The corporation continues to exceed its yield objective of producing a return on shareholders’ equity in excess of 400 basis points over the average one-year Government of Canada Treasury bill yield,” Firm Capital said.
Annualized return on total shareholders’ equity reached 8.71% in Q3, “representing a return on total shareholders’ equity of 842 basis points per annum over the average one-year Government of Canada Treasury bill yield of 0.29%,” Firm Capital said.
