LONDON (Alliance News) - EJF Investments Ltd late Wednesday said it produced a GBP16.3 million profit in its maiden results period between October 2016 and the end of 2017, having been admitted to the specialist fund segment of the London Stock Exchange in early April last year.
The trust said its total net asset value return including dividends was 23.47% between February 9 and the end of 2017, when net assets sat at GBP86.3 million, or 158.23 pence per share. Two quarterly dividends of 2.4p and 2.5p were paid, at a yield of 6.9% versus the initial aim for a yield of 6.0%.
The company said that "robust" performance was driven by the improved regulatory and business environment, as company benefited from higher dollar rates, reduced corporate taxes, higher interest rates and continued consolidation of smaller US banks.
"On behalf of the board, I am pleased to report that the company enjoyed a successful introduction to life as a publicly traded company, exceeding its stated target return and target dividend for 2017," said Chair Joanna Dentskevich.
"Supported by our outlook for the company, underpinned by the manager's expertise and track record along with strong sectoral tailwinds, the board believes that the company is well positioned to continue to deliver upon its investment objective and to grow accordingly," Dentskevich added.
Shares in EJF Investments closed up 1.7% at 180.00 pence per share on Wednesday.
Ejf Investments (EJFI)