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Mortgage Choice has managed to overcome economic instability to record strong cash profit for the 2011 financial year.
According to the company’s annual results, released today, the brokerage managed to achieve a healthy cash profit of $15.9 million – 7.4 per cent more than this time last year.
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The group also managed to grow its loan book by 6 per cent to $42.4 billion and lift its franchise numbers 5.4 per cent to 368.
Mortgage Choice chief executive Michael Russell said it has been a tough year for the group, but that Mortgage Choice emerged a consistent performer, unscathed and ready to capitalise on the opportunities that lie in wait.
“We are pleased to announce a 7.4 per cent rise in cash profit, a 5.4 per cent lift in franchise numbers, our group market share reaching 4.1 per cent of all new home loans in Australia and our customer satisfaction rating averaging 92.3 per cent for the year,” Mr Russell said.
“We also saw stable productivity from our Mortgage Choice brokers, who average 58 loans each per year, and a doubling of the brokers in our aggregation arm, LoanKit,” he said.
“It is satisfying to present a healthy financial performance, loan book and recruitment growth, broker efficiency and customer satisfaction during a year of great change for the market and for Mortgage Choice, which has been steadily evolving to ensure we make the most of a new lending landscape.”
