PCF Group PLC has announced that new business originations were up 75% to £148m for the year ended 30th September 2018, compared with the same period last year.
The specialist bank saw its lending portfolio grow by 50% to approximately £219m in the same period, compared with the £146m reported last year.
PCF also said that it was confident that its target to grow the lending portfolio – through organic growth in its existing products – to £350m by September 2020 was on track.
It added that it had reached £190m in retail deposits, up from the £53m reported last year.
Scott Maybury, chief executive at PCF (pictured above), said that a diversified banking model was proving a great strength and its first full year as a bank had been extremely encouraging.
“We have made excellent progress against ambitious targets and our focus on organic growth through existing lending markets has now been supplemented with an earnings enhancing acquisition.
"We look forward to reporting our final results on 5th December 2018."
Earlier this month, PCF Bank announced the acquisition of Azule Limited subject to regulatory approval.
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