Page 10 - 86395_CCB - 2024 Annual Report (web)

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Chief Executive

Officer’s Review

Overview
The year under review was the third and
final year of our current strategic plan. In
beginning our journey to be the “specialist
SME bank of choice” we set ourselves a
series of objectives focused on that ambition.
We wanted to continue to grow organically
by meeting the needs of our customers
through selected products, delivering great
service while modernising our infrastructure,
developing our people and operating within
the Risk Appetite agreed with the Board. We
have had to face several external headwinds
in the three years all of which are well
publicised, and which has required us to
be fleet of foot in adapting to the changing
environment. We have emerged a stronger
bank with strong capital and liquidity metrics,
a growing business set on continuing to
modernise with a great team engaged in Ž For our deposit customers we will
our shared goals. The efforts of everyone leverage the investment made in
in the team in delivering our plans allowed our onboarding process to continue
us to present our Board and shareholders to enhance their experience with
with optionality in the latest strategic us, alongside providing them with
review. We were pleased that there was competitively priced products
consensus that there remains an opportunity
to grow organically and that the Board and Performance
shareholders have confidence in the team
to undertake inorganic activity should the We are pleased to report a strong set of
right opportunity emerge. The journey to financial results with profit before tax of
becoming the “specialist SME bank of choice” £35.8m (2023: £40.9m), driven by strong
continues to be our ambition. asset growth.
After moderating our growth last year due
Strategy to uncertainty in asset values we welcomed
the recovery in our core markets and are
Our strategy then remains consistent, with a pleased to report strong increase in both
determination to deliver optimal outcomes to asset finance and property lending. Year on
a wide set of stakeholders including customers year asset growth increased from 5% (2023)
and brokers, shareholders, colleagues, to 11% in 2024 with record drawdowns in
communities in which we operate, regulators both asset finance and property lending. Our
and suppliers. We will achieve this through asset finance drawdowns at £89m represent
offering our customers value for money,
straightforward products along with service
with them at the centre of our operations.
Ž In our real estate finance business, we
will support experienced operators with
increased focus on a segmented model
rather than a one size fits all approach We are excited about the
Ž With our asset finance business, we prospects for the Bank;
will continue to offer a differentiated
model with our Classic Car business we have the right strategy,
alongside an SME business with business model and people
attention on service to meet increasing
customer expectations to deliver on this potential.