PCF Bank has posted a 57% increase in statutory pre-tax profits to £3.3m (2018: £2.1m) in its half-year results for the six months to 31st March 2019.
Operating income at the specialist bank was up 51% to £10.1m, while its portfolio grew 54% to £276m.
This comes as the bank entered the bridging market earlier this year and has now built a pipeline of approved transactions and enquiries.
As this is a new market for PCF, it doesn’t expect this business line to contribute at the pre-tax profit level until 2020.
It completed a record month for originations in March 2019 with £21m of completions.
Scott Maybury, CEO at PCF Bank (pictured above), said: “We set ourselves ambitious targets and are on track to deliver these ahead of schedule.
“An acquisition and a new property-lending initiative were announced in the period and organic growth in our established markets remains strong.
“We remain on track to meet market expectations and with the enhanced capital structure in place, we are well set to implement our 2019 objectives and medium-term plans.
“We look forward to reporting continued success as the year progresses.”
These 2019 objectives include growing its asset finance and consumer motor finance divisions through increased lending and investing in people and infrastructure to build a bank that can support a significantly larger portfolio.
It now has over 4,500 savings customers, with retail deposits of £204m.
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