PCF Bank has revealed that it is aiming to achieve a £750m lending portfolio by September 2022.
The AIM-listed specialist bank is also targeting a 15% return on equity (RoE) by the same date, and hopes to eventually achieve its objective of growing the size of its portfolio to £1bn.
In an exclusive interview with Specialist Banking, Scott Maybury, chief executive at PCF Bank (pictured above), said: “We have existing medium-term targets of a £750m portfolio and a 15% RoE by September 2022.
“Our long-term aspirations are, namely, to grow the size of our portfolio to £1bn, as well as to further diversify our balance sheet, following successful entries into the bridging market and broadcast equipment financing.”
Scott added that PCF was “confident” of managing any uncertainty in the coming year, following the additional £10.75m which was raised in February by the specialist bank ahead of the original Brexit deadline in March.
“Now we have got that capital on our balance sheet, we are confident that we are able to manage any uncertainty in the coming year and continue to meet our growth targets.
“Being a small bank with a small market share, we feel like we can still be very nimble in the marketplace and have lots of opportunity to grow in the sector.”
Scott also highlighted the bank’s continuing efforts to take advantage of new technology, recognising it as the “enabler of growth and profitability”.
“We have upgraded our consumer finance platform this year and will do likewise in 2020 with our SME lending platform.
“The automation and digitalisation this year have included many leading-edge changes, including the use of Open Banking to assist credit decisioning.
“These changes will be rolled out in the coming year and are an exciting development for the group.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Shawbrook names first head of fintech strategy and commercialisation
Shawbrook Bank has named Stuart Doignie (pictured above) as its first head of fintech strategy and commercialisation...
FCA requests further information about overdraft pricing
The FCA has asked major banks to provide evidence of how they arrive at pricing decisions for overdrafts...
Rigour builds resilience
There is a relentless flow of new technologies and development methodologies unfolding on many fronts in the financial services arena...
Enhancing offerings to SMEs with the use of technology
Small- and medium-sized enterprises (SMEs) make up a significant proportion of British businesses...
New digital bank Vive receives banking licence
New digital bank Vive has received its UK banking licence with restrictions from the Bank of England...
Aldermore names Damian Thompson as new group MD for retail finance
Aldermore has named Damian Thompson (pictured above) as its new group managing director for retail finance, subject to regulatory approval...
Tink closes €90m investment round
Tink has completed a €90m (approximately £76.8m) investment round — its largest funding to date — to support its European expansion...
Step back from the hype: what can AI realistically deliver in 2020?
While talk of artificial intelligence (AI) in financial services generates great excitement, it’s important not to get too carried away and caught up in overly ambitious uses of the technology...
Temenos launches microservices architecture tool for large banks
Banking software company Temenos has launched Temenos Transact — a microservices-based architecture tool designed for large banks...
Starling Bank enhances product offering for SMEs
Starling Bank has enhanced its product offering for businesses and sole traders with a range of new features...
2020 vision: Open Banking is open for business
Last year was a major one for Open Banking. September’s PSD2 deadline encouraged banks to accelerate their efforts to become compliant, and while the nuts and bolts of the technology did pose a challenge, the opportunity for both banks and third-party providers (TPPs) has finally come to light...