LONDON (Alliance News) - Charter Court Financial Services Group PLC on Friday said it has sold off some investments for GBP6.0 million.
Charter Court has disposed of its residual interests in Price Mortgage Funding 2018-1b PLC and Precise Mortgage Funding 2018-2B PLC to Merrill Lynch International.
The deal will generate a pretax gain of GBP30.3 million, Charter Court said, and reduce gross assets of GBP584.0 million and risk weighted assets of GBP197 million.
The two PMFs were issued in January and March 2018, and are made up of prime buy-to-let mortgages originated by Charter Court.
As of December 31, Charter Court said its loan book was GBP6.66 billion, with new loan originations at GBP2.85 billion in 2018, which is in line with management expectations.
Chief Financial Officer Sebastien Moloney said: "We are delighted with the outcome of this transaction which has generated a pre-tax gain of GBP30.3 million, exceeding the expectations we set at the time of our 2018 interim results.
"The transaction reconfirms our ability to structure and execute complex transactions to generate shareholder value, notwithstanding difficult market conditions."
"We enter 2019 with strong capital ratios, leaving the group ideally positioned to pursue its growth journey. We look forward to updating you on our financial delivery and broader business performance for the full 2018 year in our results announcement scheduled for release on March 19," he added.
Charter Court shares were up 1.4% on Friday at 280.40 pence each.
