PCF Group PLC has reported that PCF Bank has received approximately ?£51m of retail deposits to date since it began its retail deposit-taking operations on 27th July 2017.
As a result, the bank has been able to deliver interest expense and facility cost savings due to the diversity of its funding model.
The announcement was made in a trading update for the year ended 30th September 2017, ahead of the bank's final results on 5th December.
Trading highlights included new business originations across the bank totalling ?£74.1m, up 19.3% on the same period last year (11 months ending 31st August 2016: ?£62.1m).
This was largely driven by SME lending.
Scott Maybury, CEO of PCF Group, said: "I am pleased to announce a strong pre-close trading update.
â€œThe successful launch of PCF Bank's retail deposit products has coincided with a number of new business initiatives, utilising the cheaper cost of funds to expand the bank's addressable lending market.
â€œOur success in delivering these projects is testament to the team at PCF and provides momentum as we enter the new financial year and continue our strategy of scaling the portfolio and generating profitable and sustainable growth.
"There is excellent potential for growth in our proven, existing markets in the short and medium term; and over the next three years, asset diversification will provide greater acceleration in portfolio growth.
"This has been a year of great achievement, marked by our arrival as a new entrant bank and we look forward to reporting our full-year results in December."
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese urges holidaymakers to shop around for their bank to save money abroad
Brits travelling abroad have been encouraged to save money by shopping around for bank accounts...
Tandem introduces healthy balance feature
Digital bank Tandem has announced the launch of a new healthy balance notification feature on its banking app...
The Access Bank UK joins Bacs
The Access Bank UK has been announced as the latest brand to join Bacs Payment Schemes Limited (Bacs)...
Nearly 75,000 SMEs supported through BBB programmes
The British Business Bank (BBB) has reported that the total stock of finance provided through its programmes in the last financial year rose by 33% to £12.25bn...
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...