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Cambridge & Counties Bank reports £27.9m pre-tax profit

Simon Thompson | 15:08 Monday 1st April 2019

Cambridge & Counties Bank has announced record results for 2018, with deposit and lending levels reaching all-time highs.

In 2018, the niche bank — which specialises in secured lending and deposit products for SMEs — saw total assets increase above £1bn for the first time to £1.03bn, up 17% year-on-year, while pre-tax profit rose 14% to £27.9m.

Mike Kirsopp, chief executive at Cambridge & Counties Bank, said: “Notwithstanding increased uncertainty in the UK, due to factors such as Brexit and weakening in some markets, we have delivered a 14% increase in pre-tax profit.

“We have worked hard to deliver another strong year of growth and the bank is well positioned for continued success in 2019.

“Outside of our core East Midlands and North West markets, last year saw the emergence of strong lending in the South West and Wales following a targeted office expansion and network investment programme.

“Our established SME product offering and competitive rates have delivered excellent balance sheet growth and maintained our earnings momentum.”

Cambridge & Counties Bank reported that loans and advances to customers also increased from £690m to £769m.

Repeat business from existing borrowers in core lending markets accounted for 60% of new business in the second half of 2018.

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