Charter Court grows bridging loan book by 22.8% ahead of merger
By Sam MonkCharter Court Financial Services has announced a 22.8% year-on-year increase in its bridging loan book to £249.9m in its interim results for the six months to 30th June 2019
The specialist bank — which focuses on specialist BTL, residential, bridging and second charge mortgage lending — also recorded a 27.9% year-on-year increase in bridging originations to £168m in H1 2019, compared with H1 2018.
Other highlights from the half-year report included:
- 23.8% year-on-year increase in its loan book to £7bn on 30th June 2019, compared with £5.7bn on 30th June 2018 and £6.7bn on 31st December 2018
- profit before tax totalled £82.6m in H1 2019 (H1 2018: £93.1m)
- retail deposits reached £6bn in H1 2019, compared with £4.3bn in H1 2018
“We continued to leverage our specialist lending platform to once again deliver against all our targets in the first half of 2019,” said Ian Lonergan, CEO at Charter Court (pictured above).
“In addition to [a] strong first-half performance, I am pleased to report that our recommended all-share combination with OSB has received shareholder approval, clearance by the CMA and now remains subject to the satisfaction or waiver of other conditions, including approvals from relevant UK regulatory authorities."
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