21st Aug 2018 09:10
LONDON (Alliance News) - Charter Court Financial Services Group PLC said it saw a strong interim performance with a rise in profit and the initiation of a dividend.
Charter Court, which offers retail savings and specialist lending products as well as well as credit analysis, posted pretax profit of GBP93.1 million for the six months to the end of June, reflecting a 57% uplift from GBP59.3 million.
This was attributable to increase in net interest income to GBP84.4 million from GBP65.3 million, and a GBP36.4 million from the sale of loans, up from a gain of GBP17.7 million the year before.
Charter Court said that its loan book grew by 29% to GBP5.69 billion from GBP4.42 billion the prior year.
The company said that the loan book growth was due to the continued uptake of buy to let and specialist residential mortgage propositions.
Charter Court has declared an inaugural dividend of 2.8 pence per share.
The company has increased its guidance on organic originations to GBP2.7 billion for 2018 from GBP2.5 million and continues to target a net interest margin of more than 300 basis points.
"We continued to make progress in the first half of 2018, delivering against or exceeding all of our targets. Steady growth in our balance sheet was maintained, with originations driven primarily by the strong uptake of our specialist buy to let products designed for the growing sophistication of our chosen market segments. This positive result was achieved whilst controlling risk efficiently and effectively, maintaining the high quality of our mortgage book," Chief Executive Officer Ian Lonergan.
Shares in Charter Court Financial Services were up 1.6% at 338.00 pence on Tuesday.
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