Page 8 - 86395_CCB - 2024 Annual Report (web)

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Chair’s statement

2024 has seen another strong
performance from Cambridge &
Counties Bank, notwithstanding many
challenges in the wider economy and the
banking industry. As the rest of Annual
Report will show, notwithstanding these
challenges, we have delivered well and
remain confident that our strategy and
business model are fit for purpose and
that we can continue to follow a strong
growth path.
The start of the year was
characterised by considerable political
uncertainty and an improving but still
weak economic outlook. By the end of
the first half, it was apparent that global
inflation was levelling off, confidence
levels returning and that the UK and
global economies were starting to
recover. The UK was running ahead
of many of the other developed world
economies both in containing inflation
and in starting to grow more rapidly,
which was reflected in increasing
business volumes for the Bank.
In the second half, although political
uncertainty has been reduced following
the UK and US elections, the outlook for
the two countries’ economies remains
uncertain. Uncertain in the US because
of the potential volatility of the new
government, particularly with regard trade
policy, and uncertain in the UK because,
although the Government proclaims a
wish to drive economic growth, a number
of its early initiatives are likely to achieve
the opposite effect, reflected in falling
business confidence in many sectors. We
hope that the Government will steady the
ship and implement policies in the new
year which will stimulate growth.
Our Strategy

Donald’s CEO report explores our
performance and our present views of
progress against our strategy in more
detail. In summary, having reached
the end of one three‑year planning
cycle, exceeding our targets, we have
developed our next three year plan
We are pleased to which shows continued growth, superior
report strong increase returns for stakeholders and a sustainable
and vibrant business which will remain
in both asset finance attractive for our people. Important
planks of the delivery are further
and property lending. diversification and the continuation of