Mortgage Choice (ASX:MOC) H1 results


Mortgage Choice (ASX:MOC), CEO, Michael Russell explains the result, the 7% growth in its loan book to $41.2 billion from a year earlier and its 4.1% share of the home loan market. Cash profits grew 13% to $8.8M for the six months to 31 December 2010 with the board declaring a 6c interim dividend up from 5.5c a year ago in recognition of the good result. Michael Russell also talked about initiatives including the purchase late last year of mortgage comparison site and its function in generating leads, adding new green field franchises and improvement in its share price over the last six months. On the subject of mortgage exit fees Mortgage Choice believe providers have the right to recoup costs and the abolishment of exit fees will see them recouped by smaller lenders in the form of a rebateable establishment fee. END