Wide Bay seeks borrowers
Wide Bay Australia will source a higher proportion of new business from mortgage brokers in a bid to step up lending after a year of moderate growth in receivables and little growth in profit.The Bundaberg-based building society confirmed yesterday that profit for the full year increased by two per cent, to A$22.7 million.Earnings per share fell to 66.4 cents for the full year, from 70.5 cents, thanks to an increase of eight per cent in the number of shares on issue through the dividend reinvestment plan.The board said it will reduce the DRP discount to five per cent, from 7.5 per cent, this year.In commentary released with the financial statements, Wide Bay said it will widen the use of brokers, who have introduced around 20 per cent of new business in the past.