Cambridge & Counties Bank has announced record results for 2018, with deposit and lending levels reaching all-time highs.
In 2018, the niche bank — which specialises in secured lending and deposit products for SMEs — saw total assets increase above £1bn for the first time to £1.03bn, up 17% year-on-year, while pre-tax profit rose 14% to £27.9m.
Mike Kirsopp, chief executive at Cambridge & Counties Bank, said: “Notwithstanding increased uncertainty in the UK, due to factors such as Brexit and weakening in some markets, we have delivered a 14% increase in pre-tax profit.
“We have worked hard to deliver another strong year of growth and the bank is well positioned for continued success in 2019.
“Outside of our core East Midlands and North West markets, last year saw the emergence of strong lending in the South West and Wales following a targeted office expansion and network investment programme.
“Our established SME product offering and competitive rates have delivered excellent balance sheet growth and maintained our earnings momentum.”
Cambridge & Counties Bank reported that loans and advances to customers also increased from £690m to £769m.
Repeat business from existing borrowers in core lending markets accounted for 60% of new business in the second half of 2018.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Triodos Bank creates new UK subsidiary company
Triodos Bank UK has been granted a UK banking licence to operate as a subsidiary company...
Al Rayan names new chief financial officer
Al Rayan Bank has appointed Amir Firdaus (pictured above) as its chief financial officer (CFO)...
NatWest launches biometric feature for business payments
NatWest has announced the launch of a new biometric approval feature for all business payments...
Hinckley & Rugby increases LTI multiplier
Hinckley & Rugby Building Society has increased its loan to income (LTI) multiplier across its residential range for applications up to 80% LTV...
Nationwide partners with seven fintechs to support financially squeezed
Nationwide Building Society has selected seven fintech companies to create apps that will increase financial capability...
Metro Bank to open first store in Liverpool
Metro Bank is set to open a new store in Liverpool on Paradise Street...
Investec removes SVR from all new fixed rate mortgages
Investec Private Bank has removed the standard variable rate (SVR) on its two-, three-, four-, five- and 10-year fixed rate product range for all new clients...
Mid-size automotive manufacturers miss out on £25bn in revenues
UK mid-sized automotive manufacturers could be missing out on £25bn in revenues as a result of insufficient access to funding, according to research from Wyelands Bank...
Leek United hires new finance director
Leek United Building Society has named Rob Broadbent (pictured above) as its new finance director...
Handelsbanken posts 7% lending surge
Handelsbanken has revealed in its latest quarterly results that its UK lending increased by 7% to £21.1bn in Q1 2019 compared with the same period last year...
Al Rayan Bank expands Birmingham headquarters
Al Rayan Bank has expanded its operational headquarters in Edgbaston, Birmingham...