PCF Group PLC has reported a 44% increase in pre-tax profits to £5.2m (2017: £3.6m) in its preliminary results for the year ended 30th September 2018.
The AIM-listed specialist bank announced that retail deposits now totalled £191m, up on the £53m recorded in 2017.
PCF currently deploys its deposits through business finance for vehicles, plant and equipment to SMEs, consumer finance for motor vehicles and Azule Limited.
It also reported a 75% increase in new business originations to £148.4m (2017: £84.6m).
PCF has an initial lending portfolio target of £350m by 2020, with a longer-term objective of £750m by 30th September 2022.
Its portfolio saw growth of 50% this year to £219m, up from £146m last year.
Tim Franklin, chairman at PCF Bank, said: “In the case of portfolio growth, we are a year ahead of schedule to meet our £350m medium-term target.
“Our savings proposition has been well received in the marketplace and supported by the new lower cost of funds, portfolio growth has been strategically positioned in the prime segment of our existing lending markets.
“Subsequent to the year end, we completed the earnings-enhancing acquisition of Azule Limited, a well-established and profitable broadcast and media equipment finance company.
“This acquisition is the first step in the diversification of our portfolio by both product and route to market.
“We look forward to the year ahead with confidence in the bank’s ability to deliver profitable and sustainable growth for our shareholders.”
As part of its diversification plans, PCF revealed that it was planning to enter the bridging finance market.
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