The Adviser

Top brokerage announces strong financial results

Mortgage Choice has released its financial results for FY13, showing strong growth in net profit after tax of five per cent.

Total group revenue on a cash basis was up 4.2 per cent to $150 million as the total loan book reached $47.7 billion, an increase of 5.8 per cent in the year.

A total of $11.9 billion worth of housing loan approvals were written by the Mortgage Choice group in the year, up from $11.2 billion in FY12.

Mortgage Choice CEO Michael Russell said the FY13 results were very positive.

"These are all excellent results, which were achieved while operating in a period of dampened consumer and business confidence,” he said.

Mortgage Choice announced a fully franked final dividend of 7 cents per share, taking the total dividend for the year to 13 cents per share.

"Shareholders will be pleased yet again with the dividend result, which is equal to that received in FY12 - a fully franked dividend of 13 cents per share," said Mr Russell.

The CEO added that Mortgage Choice is well placed to capitalise on a strengthening market.

"Looking forward to a more positive outlook for FY14, we are expecting an uplift in confidence. The property market is already showing signs of improvement in terms of property price growth, strong auction clearance rates and steady increases in housing finance commitments, which is reflected in our recent, strong home loan approvals," he said.

Mr Russell also highlighted the success of the new Mortgage Choice Financial Planning business.

"The progress of Mortgage Choice Financial Planning is very pleasing. We have a unique proposition for our franchisees, advisers and customers and we are looking forward to a consumer launch in the not too distant future," Mr Russell said.

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