TIDMCCFS
RNS Number : 0322O
Charter Court Financial Svs Grp PLC
15 May 2018
Press release
15 May 2018
Charter Court Financial Services Group plc
Q1 2018 trading update
Charter Court Financial Services Group plc ('Charter Court' or
the 'Group') issues its trading update for the first quarter of
2018.
Strong balance sheet growth maintained
-- Loan book[1] up 28.2% year-on-year to GBP5.5 billion (Q1 2017: GBP4.3 billion)
-- New loan originations of GBP668.2 million in the quarter with strong performance in core segments
of buy to let and specialist residential
-- Maintained strong asset quality and credit performance in the quarter
Continued execution of dynamic funding strategy
-- Funding mix in the quarter further optimised to reduce overall funding spreads while maintaining
a prudent funding profile
-- Executed two securitisations totalling GBP620.6 million in Q1 2018 (FY 2017: GBP597.3 million),
achieving the tightest spreads for the PMF series to date
-- Customer deposits of GBP4.3 billion at 31 March 2018 (Q1 2017: GBP3.7 billion)
-- Final draw down from the Bank of England Term Funding Scheme ('TFS') which closed at the end
of February 2018; total TFS drawings at the end of the quarter stood at GBP1.1 billion
-- Structured sale of GBP277.0 million of CMF 2017-1 securitised mortgage assets resulting in
a gain on sale of GBP15.0 million recognised in the quarter
-- Well capitalised for future growth with an unaudited CET1 ratio of 16.0%[2]
Ian Lonergan, CEO of Charter Court, said:
"I am pleased to report another strong quarter for Charter
Court. We have successfully maintained the strong momentum in our
mortgage originations pipeline at year end 2017 into the first
quarter of 2018, while taking the opportunity to price up our
mortgage products in response to higher swap rates. In line with
our strategy, we continued to work just as hard on the liability
side of our balance sheet, taking advantage of favourable capital
markets conditions to successfully execute two securitisations in
the quarter totalling GBP620.6 million.
Looking ahead, we continue to see strong demand for our buy to
let and specialist residential mortgages and remain confident in
our stated financial targets."
Enquiries:
Analysts and investors
Charter Court Financial
Services Group plc 019 0262 5929
Sebastien Maloney, Chief
Financial Officer
Citigate Dewe Rogerson 020 7638 9571
Sandra Novakov
Michael Russell
Media
Citigate Dewe Rogerson 020 7638 9571
Andrew Hey
Caroline Merrell
About Charter Court Financial Services Group plc
Charter Court is one of the UK's leading specialist challenger
banks by originations, founded in 2008 by its senior management
team and purpose built to focus on specialist buy to let,
residential, bridging and second charge mortgage lending. We
operate through our three brands - Precise Mortgages, Exact
Mortgage Experts and Charter Savings Bank - providing buy to let
and specialist residential mortgages; mortgage servicing,
administration and credit consultancy; and retail savings
products.
We have continued to grow in our chosen markets and to translate
that growth into strong financial and operational performance. At
31 March 2018, our total mortgage balances stood at GBP5.5 billion
generated through our relationships with more than 21,000
intermediaries nationwide, whilst Charter Savings Bank had GBP4.3
billion in retail deposits at the same date from over 120,000
retail savings accounts.
Underpinning our success, our risk management expertise and
automated technology and systems ensure efficient processing,
strong credit and collateral risk control and speed of product
development and innovation. These factors have enabled our strong
balance sheet growth whilst maintaining the high credit quality of
our mortgage assets.
Charter Court was admitted to the main market of the London
Stock Exchange in October 2017 (CCFS.L). Charter Court Financial
Services Limited, a subsidiary of the Group, is authorised by the
Prudential Regulation Authority ('PRA') and regulated by the
Financial Conduct Authority ('FCA') and the PRA. Charter Mortgages
Limited, also a subsidiary of the Group, is authorised and
regulated by the FCA.
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements, which are
based on management's current expectations and projections about
future events. These statements may include, without limitation,
any statements preceded by, followed by or including words such as
"target", "believe", "expect", "aim", "intend", "may",
"anticipate", "estimate", "plan", "project", "will", "can have",
"likely", "should", "would", "could" and any other words and terms
of similar meaning or the negative thereof. These forward-looking
statements are subject to risks, uncertainties and assumptions
about the Group, including, among other things, the development of
its business, strategy, trends in its operating environment, and
future capital expenditures and acquisitions. In light of these
risks, uncertainties and assumptions, the events in the
forward-looking statements may not occur. No representation or
warranty is made that any forward-looking statement will come to
pass. No one undertakes to update, supplement, amend or revise any
such forward-looking statement. Except where otherwise indicated,
the information contained herein are provided as at the date of
this announcement and are subject to change without notice. The
Group's share price and any income from them may fluctuate and
investors may not get back the full amount invested on disposal of
his or her shares. Past performance of the Group cannot be relied
on as a guide to future performance.
[1] Net loan book as at 31 March 2018 has been reduced by the
structured sale of CMF 2017-1
[2] The CET 1 ratio includes post tax profit for Q1 2018 which
has not been verified
This information is provided by RNS
The company news service from the London Stock Exchange
END
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