Wyelands Bank has revealed it is profitable on a run rate basis as it celebrates its first birthday.
Since opening on 21st December 2016, the bank has witnessed a significant growth with total assets rising from £24m to in excess of £600m.
The bank’s interest-earning asset book is also growing on average by around £30m per month since April 2017.
The bank was set up to provide industrial, trading and manufacturing businesses with greater access to working capital, and now has more than 375 business customers and debtors.
Wyelands Bank opened retail savings products in Germany in April 2017 and in the UK in August, and now has around 15,000 customers.
Iain Hunter, CEO of Wyelands Bank (pictured above), said: “We launched Wyelands Bank to help small- and medium-sized businesses to trade, grow and create jobs.
“A year on, I’m delighted that we are supporting this vision and providing much-needed business finance to companies across the UK.
“We’ve had a positive first year and we have achieved profitability on a run rate basis; we are going to keep our foot on the gas.
“We have plans to accelerate the bank balance sheet in 2018 as part of the bank’s commitment to supporting growth, job creation and the UK economy.”
Wyelands Bank was created by international industrialist Sanjeev Gupta and is a member of his GFG Alliance of companies.
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