Cambridge & Counties Bank Report Record Growth...
- The number of depositing customers increased from 4,000 to 6,000
- Total deposits grows to £685 million, a 45% increase year-on-year
- Lending balances increase to 41%, £588 million
- Total assets stand at three-quarters of a billion pounds
- Customer satisfaction maintained at 99%
- Profit Before Tax jumps 77% to £18.1 million for the year ended 31 December 2016
- Staff numbers rise from 94 to 121
- Further growth predicted for 2017
Cambridge & Counties Bank today announces record annual growth in deposits, lending and customer acquisition for the year ended 31 December 2016.
During this period Cambridge & Counties, which specialises in secured lending and deposit products for small and medium-sized businesses (SMEs), saw its balance sheet grow from £518 million to £746 million, underpinned by strong growth across all aspects of its business. Its loan balances grew from £416 million to £588 million and the bank’s total deposits increased by 45% to £685 million.
Mike Kirsopp, Chief Executive at Cambridge & Counties Bank said:
“Despite growing competition from traditional banks and new entrants, demand for our product range and the service we offer has remained strong.
“With increasing profits providing the capital to fund our balance sheet growth and our expectation of a relatively stable interest rate environment, we are optimistic for further strong growth in 2017.”
The bank declared a profit before tax of £18.1 million, which represents a 77% increase on the £10.2 million achieved for the previous year.
Despite competition in all of Cambridge & Counties markets increasing in 2016, the bank’s focus on its quality of service and its customer-centric underwriting meant its margins held up very well. The bank has maintained very strong credit quality, its return on investment for 2016 stood at 40.2%, and its total capital ratio now stands at 14.0%.