Page 9 - CCB_Full-Annual-Report-2021

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Contents

the Executive. Paul had previously been
Chair of the Bank as well as leading the Customer
Nominations and Governance committee deposits broke Strategic Report
before his departure. As a “founding father”
his passion for the organisation always through the
shone through, as well as his support for
maintaining the culture of the Bank, of
which he was a strong advocate. £1bn

The new members of the Board are mark
Patrick Newberry and Tim Harvey-Samuel.
Patrick’s executive career spanned over 30
years with PwC, where his primary focus
was on strategy, performance improvement Corporate Governance Statement
as well as all things regulatory within the
financial services sector. Patrick has taken
on the Chair of Audit Committee. Tim has
extensive banking experience, mainly at
Schroders and Citigroup, where he led the
Chairman’s statement Equity Capital Markets Group for Europe,
Middle East and Africa. Tim is now Bursar
of Trinity Hall, having served in a similar
Overview
capacity at Corpus Christi. I’m delighted
At Cambridge & Counties Bank we started This has been achieved in what we would to welcome both Patrick and Tim to the
2021 determined to support our customers all recognise as challenging circumstances Board and am confident they will greatly
in their ambitions to trade through the for customers and colleagues, and the contribute to the future success of the experience; building a great team while at
pandemic while at the same time taking Board would like me to convey their thanks Bank. Finally, Caroline Fawcett stepped into the same time continuing to face into the Independent Auditor’s Report
advantage of opportunities that were to them for what we regard as a strong set the role of Senior Independent Director, opportunities that the ESG agenda offers –
going to emerge. Having the expertise and of results. and, amongst other duties, is leading the is a deliverable route to sustainable growth
resources to give our existing customers search for my replacement as I come to the for all stakeholders.
time to come through the impacts of Covid Capital end of my tenure as Chair.
has borne fruit as we have transitioned It is pleasing to note that we continue to As I highlighted above this will be my last
our customers out from forbearance and generate high-quality capital, being able to Outlook Report and Accounts as Chairman with
back to financial health. At the same time, resource the growth in the year alongside The current conflict in the Ukraine and the search for my successor underway
we have seen new business volumes in our investment in people and processes. rapidly escalating events in late February already. It has been a privilege to have been
both our real estate and asset finance The Bank delivered Common Equity Tier 1 and early March 2022 is causing significant a member of the board since 2012, and
teams return to meaningful growth with (including IFRS9 transitional relief) of 19.9% disruption to businesses and will continue Chairman since 2016, witnessing first-hand
customer advances up 18% year on year. It with total capital at 23.0% at the year end. to impact economic activity worldwide. how my colleagues have risen to the many
has been pleasing to note that this growth UK inflation is already at its highest level in opportunities and challenges that have Financial Statements
has not been at the expense of quality with Dividends a decade, and the surge in energy prices come our way and I have every confidence
new customers showing improved credit will exacerbate this further, threatening that the Bank will continue to prosper. I
fundamentals. The board was pleased to In line with our shareholders’ desire to the pace of economic recovery, and the would like to take this opportunity to thank
note that customer deposits broke through support the organic growth plans of the markets in which the Bank operates. We all members of the Board and all members
the £1 billion mark and that overall cost of Bank, no dividend is proposed. remain alive to these downside risks, of the Bank’s team, past and present, for
the funding reduced as we took a more including from further Covid 19 outbreaks, their support, friendship, professionalism,
dynamic approach to pricing while enjoying The Board the challenge of climate change, and more and brilliant partnership over the last ten
access to diversified pools of customers.
The evolution of the board continued locally the impact of fresh competition. years. I look forward to seeing Cambridge
as planned in 2020, with the retirement & Counties Bank continue to grow and
This growth was achieved while we of both Ian Smith and Paul ffolkes Davis However, the UK economy is in better thrive under its new leadership.
continued to invest in our systems, after 9 years’ service to the Bank. Ian had shape than many of us hoped it would
processes and people to provide a platform chaired our Audit Committee and had been be this time last year. The Board has Notes to the Financial Statements
for sustainable growth. Management the Senior Independent Director before confidence that the strategy of the Bank
expenses grew at 8% compared to income stepping down. His wise counsel and deep – focusing on core markets; using our Simon Moore
growth at 18% and along with reduced understanding of the business was held key skills of credit underwriting every
impairment resulted in a pre-tax profit of in high esteem by the entire Board and customer; investing in the customer Chairman
£18.5m (up 66% on last year). 12 April 2022