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PCF reports £2.1m profit before tax

Tom Belger | 12:30 Thursday 24th May 2018

PCF Group PLC has announced that profit before tax was up 20% to £21m – notwithstanding the cost of new banking infrastructure and resource – for the six months to 31st March 2018 .

The specialist bank also reported that operating income was up 32% to £6.7m (2017: £5.1m).

PCF revealed that in the eight months since launching as a bank, customer deposits had reached £108m.

The bank also grew its portfolio by 40% to £179m and said that it had made strong progress on its strategic objectives and £350m portfolio target.

This was helped by a 97% increase in new business originations to £69m.

Scott Maybury, CEO at PCF (pictured above), said it had been a rewarding period.

“We set ourselves ambitious targets for our first year as a bank and have made excellent progress towards achieving those objectives.

“We came into this financial year with a significantly higher cost base, but have still delivered good growth in profitability.

“We expect this to accelerate through operational gearing, as we scale our portfolio and continue to put the new capital and infrastructure to work.”

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