Charter Court Confident For Future As Annual Profit More Than Doubles

20th Mar 2018 11:51

LONDON (Alliance News) - Charter Court Financial Services Group PLC on Tuesday said it ended 2017 with a robust pipeline and has "enjoyed" a strong start to 2018.

Charter Court, which offers retail savings and specialist lending products as well as credit analysis, listed on the London's main market in September 2017, raising GBP220.0 million from its initial public offering.

The company posted pretax profit of GBP111.7 million for 2017, up from GBP48.9 million the prior year, attributable to the significant increase in net interest income and GBP17.7 million gain on the sale of loans, compared to no such gain in 2016. Net interest income rose to GBP144.1 million from GBP87.3 million the year before.

Charter Court said that its loan book has grown to GBP5.4 billion. This was 41% higher than the GBP3.8 billion loan book the year prior.

The company said that the loan book growth was driven by strong increase in buy-to-let and specialist residential mortgage origination volumes. It generated GBP2.7 billion in new mortgage originations in 2017, up 9.6% from GBP2.5 billion the year before.

Overall, the group said it remains "well capitalised" with its Common Equity Tier 1 ratio of 16% as at December 31, "comfortably" above its minimum threshold of 3.3%.

Charter Court Chief Executive Officer Ian Lonergan said: "Our annual results for 2017, our first as a listed company, demonstrate that we are continuing to grow strongly in our specialist markets at the same time as maintaining our asset quality and meeting or exceeding all other medium term key performance indicator targets set out at IPO."

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