Cambridge & Counties Bank today announces it enjoyed robust growth in 2017.
Cambridge & Counties Bank , which is jointly owned by Trinity Hall, a College of the University of Cambridge, and Cambridgeshire Local Government Pension Fund, today announces it enjoyed robust growth in 2017. Deposit and lending levels reached all-time highs and the bank announced plans to make its first dividend payment. It predicts further growth for 2018, and believes the full implications of Brexit are unlikely to be known for at least four years.
Between January and December 2017, the niche bank, which specialises in secured lending and deposit products for small and medium sized businesses (SMEs), saw its balance sheet grow from £746 million to £879 million, underpinned by growth across all aspects of its business. Its loan balances grew from £588 million to £690 million, and total deposits increased from £685 million to £798 million.
The bank declared a profit before tax of £24.4 million, a 35% rise on the previous year.
Cambridge & Counties Bank has been able to achieve rapid growth whilst maintaining new customer recommendation levels at 99%. It also maintained very strong credit quality and it has a total capital ratio of 14%.
Mike Kirsopp, Chief Executive at Cambridge & Counties Bank, said:
“We have created a unique proposition in the niche markets we operate in that is based around elevated levels of personalised service combined with the speed, efficiency and know-how that is needed in today’s modern world.”
“We enjoyed another year of impressive growth in 2017, and although there are clearly risks in the marketplace, we remain optimistic for the future.”
“In terms of Brexit, the full effect of this will not be known for around four years, but in the meantime, we haven’t seen any significant impact on our markets or business.”
Simon Moore, Chairman, Cambridge & Counties Bank, said:
“The fact we have maintained such high customer satisfaction levels during our strong growth is testament to the strength of our team and systems. However, we are not resting on our laurels. We will make further investment in our customer experience technology, and will continue to look at ways we can enhance our existing product range and potentially launch into new markets.”