Mortgage Choice Ltd Strong growth in Financial planning
Strong growth in Financial planning: Mortgage Choice Ltd (ASX: MOC) reported a 16.2% rise in cash NPAT to $11.7 million for the first half of FY17. Cash net profit for the half year was driven by an increase in net commission income, an increase in revenue generated by the strong control on OPEX. Commission income increased by 3%. As per IFRS, the cash NPAT was at $11.4 million, up 6.4% from its corresponding period. Core broking business cash NPAT was up 4% while Financial planning business cash NPAT was up 113% with this business delivering a monthly result in 5 out of 6 months this half. HMC division was shut down during the period, however has received trailing commission from products introduced prior to closure. Growth in FUA and PIF helped Financial planning deliver consistent monthly profit results. Lending loan book jumped up 3.3% to $52.4 billion while settlement was up 2.4% to 6.4 billion. MCFP funds under advice climbed 35.8% from $311.6 million in H1FY16 to $423.1 million in H1FY17. MCFP insurance premiums inforce surged past the $20 million milestone in H1FY16 to $423.1 million in H1FY17. The company reported basic EPS of 9.4 cents, up 16% while IFRS EPS was up 7% to 9.2 cents. The company declared interim dividend of 8.5 cents, which is higher by 6.3% compared with corresponding period.
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