"His leadership, vision, and strategic thinking at the UK's leading lender has shaped the intermediary and lending markets that exist today"
Excluding First Mortgage Direct, acquired in July 2019, MAB generated revenue of c.£134m which was broadly flat compared to 2019. The total number of advisers at year end had increased by 8% to 1,580.
MAB says it say a "very sharp recovery in written business" in Q3 following the re-opening of the UK housing markets, with that trend continuing in Q4 2020. Despite lending restrictions in the higher LTV market, written mortgage volumes in the second half of the year "significantly exceeded last year's levels" according to the trading update.
Revenue was particularly strong in December, MAB said, driven by mortgage completions 20% higher than in 2019. As a result, the Group's profit before tax in 2020 is expected to be "materially ahead of current market expectations".
Alongside the trading update, MAB announced that appointment of Mike Jones as an independent non-executive director from the 1st of March. Mike will serve on the Audit, Remuneration, Nomination, and Group Risk Committees.
Mike joined Lloyds Bank in 1985 and retired at the end of 2020. He worked in various roles across LBG, most recently as managing director of intermediaries and specialist Brands since 2010. His primary role was leading the Halifax, BM Solutions and Scottish Widows Bank business development teams working with mortgage intermediaries across the UK.
Peter Brodnicki, CEO of MAB, said: "I am very pleased with our 2020 performance which again demonstrates the resilience of our operating model and our ability to grow market share in all conditions. We responded quickly and decisively to the challenges we faced, we delivered a strong performance, our strategic objectives were achieved, and exciting new growth opportunities were identified.
"We therefore enter 2021 in great shape, with a very strong pipeline of business, ARs, advisers and lead sources, as well as having further strengthened our leading proposition and management team. Despite continued uncertainties brought about by the pandemic, I am extremely confident in our ability to perform strongly and deliver our plans in order to achieve our market share growth ambitions.
"I am also delighted to welcome Mike to the Board. His leadership, vision, and strategic thinking at the UK's leading lender has shaped the intermediary and lending markets that exist today, and his appointment reflects the huge ambition of this business."
