Mortgage Choice Healthy Half Yearly Profit

Submitted by Share Trading on 25 February, 2010 - 07:37

Mortgage Choice (MOC) has seen a healthy 22 percent increase of their half year net profit to $7.8 million. Mortgage Choice is an independently owned mortgage broker which offers home loan packages from 23 lenders. Operating revenue fell as trailing commissions from the existing loan book fell. However, the company’s income was buoyed by $28 million worth of new lending as well as a 23 percent increase over the previous 12 months of additional housing finance commitments. MOC lifts with interim dividend to 5.5 cents a share (from 4.75 cents for the same period last year).