Despite recent tough market conditions and a decrease in cash earnings, Mortgage Choice is buoyed by prospects for the year ahead, it revealed at its annual general meeting yesterday.
The ASX-listed brokerage, now in its seventeenth year of operation, posted a net profit after tax of $26.8 million (AIFRS) for financial year 2008-09 up from $19.3 million last financial year.
Cash earnings were down to $13.0 million however from the $17.1 million registered last financial year, representing a 23.9 per cent drop.
Mortgage Choice chairman Peter Ritchie said the board was pleased with the results in what was a challenging year.
According to Mr Ritchie, the financial year marked several key milestones, including building a deeper lender panel as well as the broadening of the brokerage’s proposition to include personal and commercial loans, asset finance and risk insurance products
“Mortgage Choice has emerged from the GFC with its head held high, having cemented its position as an industry leader that is well prepared to take onboard the opportunities arising,” he said.
Overall housing loan approvals for the 2009-09 financial year totalled $10.1 billion, which brought the brokerage's loan book to $36.03 billion at financial year end, up 8.3 per cent on financial year 2007-08.
The board declared a second half fully franked dividend of 5.5 cents per share, bringing the total ordinary dividend for the year to 10.25 cents per share.
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