Mortgage Choice Limited has announced a cash profit after tax of $14.8 million for the year ended 30 June 2010, up from $13 million in the 2009 financial year.
Chief executive officer Michael Russell accredited the franchise’s 14 per cent cash profit increase to its new aggregation arm Loankit and non-core diversification strategy under its ‘DREAM’ model, the company’s business diversification model.
“The rise in our cash profit reinforces the determination of our mortgage brokers and our staff to execute our FY10 DREAM strategy and make it a success,” Mr Russell said yesterday.
“Mortgage Choice’s ability to take advantage of alternative revenue streams while nurturing the core proposition is worthy of great applause.”
According to Mr Russell, the franchise doubled its life insurance referrals over the financial year, with $3.8 billion in life insurance policies under management and 14 claims lodged, settled and paid to date.
“Australians are grossly underinsured when it comes to life insurance, and as brokers, there is a duty to be able to provide customers with insurance and other non-core products.”
“Doubling our numver of life insurance referrals has certainly been a pleasing result and we are hoping to smash this record next financial year.”
As at 30 June, Mortgage Choice’s total loan book was $40 billion.
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