Page 13 - CCB_Annual Report_2022

12 Strategic Report 13

Supporting our

customers and

servicing through a

personal approach
external landscape. Enhanced efficiency Outlook
reduces our cost: income ratio, and We delivered a strong performance
future-proofs our income generation in 2022, and none of this would be
capabilities underpinning improved possible without the contribution and
shareholder returns. We are seeing commitment of our people, and the
tangible benefits from these investments.
extensive experience they each bring
The key elements of execution are Commercial Mortgage Lender of the to the business. I extend my enormous
significantly within our control. Our focus Year, Specialist Lender of the Year) and thanks to each one. Our proven and
is now on the opportunities this creates for by Business Moneyfacts for our products resilient business model and experience
continued growth in our customer base, (Best Service from a Commercial Mortgage in navigating the economic conditions,
our people, and our financial strength. Provider, Best Service from an Asset enables the Bank to face into the
Based Finance Provider, Best Business continuing challenging economic
Overall, we have the right strategy and are Fixed Rate Deposit Account Provider, environment from a position of strength.
executing on the key components that Innovation in the SME Finance Sector). Whilst UK inflation and interest rates
will underpin our delivery of consistent This year, we have conducted a further are likely to peak in H1 2023, we remain
returns and profitable growth over the review of potential growth opportunities, alert to the impact of these on the wider
coming years.
expanding our geographical footprint and financial market conditions, on our
reach through the investment in 8 new customers, and our people.
Supporting our customers and our people
business relationship managers across The regulatory landscape for financial
Our focus on supporting our customers and our commercial real estate team, a new services sector is also set to undergo
servicing their needs through a personal Head of Asset Finance, an additional important changes in the years ahead with
approach builds on our deep understanding Asset Finance relationship manager and the introduction of the FCA’s (Financial
of their requirements and is evidenced by 3 asset finance lending support officers, Conduct Authority) new Consumer Duty
the growing number of satisfied customers extending our product offering to include and Basel 3.1. Our customer focus, high
and broker partners. We continue to enjoy fixed rate products, supported investment standards of governance and commitment
over 90% customer satisfaction. Our in our ESG ambitions, advancing finance to responsible business practice mean
success continues to be underpinned by our to fund EPC improvement initiatives, that the Bank is well-placed to deliver on
manual underwriting criteria and disciplined increased funding of electric vehicles, and this to continue to improve outcomes
pricing. We consistently apply these criteria continuing to generate a strong pipeline for customers.
throughout the economic cycle allowing of business opportunities aligned with our Our Purpose and
us to offer high service levels and target business model. The Bank remains well capitalised, with Business Model
relevant flexible solutions to underserved The Bank has an important role to play in strong liquidity and an asset backed
SME customers through our network of helping people and businesses transition to lending portfolio. We have retained an
brokers. During 2022 we invested in our a lower carbon future and this responsibility appropriate credit loss provision which Purpose statement
front-end customer servicing technology, is a key priority. For the third year running, reflects our economic forecasts and
simplifying the customer journey, and the Bank has been independently scenario weightings, to provide a robust Cambridge & Counties Bank is a UK Bank
streamlining our internal processes to accredited as Carbon Neutral Plus. I am level of coverage across our loan portfolio. that specialises in providing lending and
generate faster lending decisions and pleased with the significant progress we We are confident we can deliver our deposit products for Small and Medium
access to funding solutions for our continue to make in developing our ESG strategy, building on the investment we Enterprises (SMEs).
customers. Our ongoing transformation agenda. We were awarded the ‘Socially have made over the past couple of years Ownership
programme continues to deliver efficiencies Responsible Business of the Year’ by and the momentum created in 2022 and
and capacity to help mitigate the impact of Embark CSR. Notwithstanding the progress are well-placed to continue delivering Established in June 2012, Cambridge &
rising inflation and allowing us to continue we have already made, we remain at on our track record of profitability Counties Bank has a stable and supportive
to improve our customer experience. the beginning of a long journey and and growth. We are excited about the ownership structure being jointly owned
Our deposit offerings continue to provide recognise there is more to do to develop prospects for the Bank; we have the right by Trinity Hall, a college of the University
market leading returns to businesses, our indirect scope 3 emissions, transition strategy, business model and people to of Cambridge, and Cambridgeshire County
charities, clubs, societies and associations – plans, targets and metrics. This also deliver on this potential. Council as Administering Authority of
increasingly underserved markets – as well includes our ability to address challenges the Cambridgeshire Local Government
as retail customers through a network of around data and modelling as we continue Pension Fund.
Deposit Intermediaries.
to work alongside our customers and The Bank is authorised by the Prudential
We remain focused on supporting the SME suppliers, to enhance our understanding Regulation Authority, regulated by the
market, continuing to be nominated and and capabilities. The pursuit of B-Corp Financial Conduct Authority and the
recognised by the National Association of accreditation embodies how we embed our Donald Kerr Prudential Regulation Authority, and is
Commercial Finance Brokers (NACFB) for wider stakeholder impacts and community Chief Executive Officer registered under the Financial Services
our services (Business Bank of the Year, considerations in everything we do. 30 March 2023 Compensation Scheme.