- Gross new lending hit £376 million in FY2024, up 15% vs 2023, highlighting the bank’s support for property investors and UK businesses
- Customer loan balances rose 11% to £1.23 billion while customer deposits increased to £1.27 billion, up 10%
- Property finance drawdowns at over £285 million were the third consecutive year of growth; asset finance drawdowns rose 39% to a record £89 million
- Cost of risk fell from 67 basis points in 2023 to 42bps for 2024
- The bank opened new offices in both Manchester and Reading last year to expand its regional support for clients and commercial finance brokers
Leicester-headquartered Cambridge & Counties Bank, a specialist lender to UK businesses, property professionals and entrepreneurs, registered its highest ever level of gross new lending in 2024 at £376 million, up 15% year-on-year, underscoring the bank’s strong support for clients and demand for its suite of lending solutions.
At over £285 million for the year, property finance drawdowns were the third consecutive year of growth in the bank’s core real estate finance division. Asset finance drawdowns at £89 million delivered a 39% uplift on 2023, a record for the bank and a strong tailwind for its aspiration to become a leading provider of asset finance solutions in the UK. Finance for the purchase of classic, vintage and sports cars using hire purchase and finance lease products increased 41% to £72 million.
Overall, total customer loan balances rose 11% in FY2024 to £1.23 billion while customer deposits increased to £1.27 billion, up 10%. Profit before tax for the year was a robust £35.8 million against the backdrop of a falling interest rate environment.
Donald Kerr, CEO at Cambridge & Counties Bank, said:
“Over the past two years we have invested in our relationship management teams and new technology. 2024 saw the benefits of this investment in the form of increased new business volumes. We also continued to develop our product range with more fixed rate lending and new products such as development finance.
“The UK government wants to stimulate growth: our SMEs and the UK property market are fundamental to this, and both are fully aligned with CCB's own strategy and products. We play an important role in supporting a broad range of businesses and entrepreneurs, which are often overlooked by larger lenders, and, as such, we have a key role to play in supporting the UK at a critical time for the economy.”
In 2024, Cambridge & Counties Bank continued to invest in its digital capabilities as well as its offices and its employees. The bank opened new offices in Manchester and Reading, which has a particular focus on asset finance. Staff numbers increased 8% to finish the year at 243.
Corporate Social Responsibility and sustainability also remained fundamental to the bank. It achieved a B Corp certification in 2023 and in 2024 received its first B Corp impact assessment, achieving an exceptional overall score of 92.8. The median score for ordinary businesses who complete the assessment is 50.9[1].
[1] https://www.bcorporation.net/en-us/find-a-b-corp/company/cambridge-counties-bank-limited/
Rich Hanrahan, CFO at Cambridge & Counties Bank, said:
“In 2024 we continued to invest in our customer journeys, including in our property business where we have optimised the nCino platform along with the launch of our digital servicing application. In asset finance, we streamlined processes for certain customers, significantly reducing the time taken to payout. 2025 will see us build greater flexibility into our technology stack allowing for faster, safer deployment and more innovation.”
Patrick Newberry, Chair of Cambridge & Counties Bank, said:
“At the end of 2024, we successfully reached the end of one three-year planning cycle, exceeding our targets. Our next three-year plan is focused on continued growth and a sustainable and vibrant business which will remain attractive for our people and clients. Important elements are further diversification and the continuation of our technology enablement programme – which is already delivering a faster and better client experience – all to ensure we remain the specialist SME bank of choice in our chosen markets.”