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Mortgage Advice Bureau reports £1.9m pre-tax profit

The Mortgage Advice Bureau has reported a pre-tax profit of £1.9m for 2011, up from £1.25m in 2010.

Its 2011 profit beats its previous record profit of £1.4m in 2007.

The brokerage has attributed its growth to a 30% increase in mortgage applications and increased sales of protection and general insurance.

Peter Brodnicki, chief executive office of MAB, says: “We are delighted with our 2011 results, especially considering that we have invested more heavily than ever in our appointed representative proposition which has been attracting some very high quality firms.

“The sharp increase in sales and profitability of the last few years is set to continue with 2012 expected to be another very strong year.”

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