Commercial News

Cambridge & Counties Bank reports record SME lending

Rozi Jones -
3rd April 2019
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"A big part of our success is down to the broker partners and intermediaries we work with"

Cambridge & Counties Bank has announced record results for 2018, with deposit and lending levels reaching all-time highs.

The Bank, which specialises in secured lending and deposit products for SMEs, saw loans and advances to customers increase from £690 million to £769 million. Total liabilities grew 13% to £907 million, within this, customer deposits increased from £798 million to £901 million.

Total assets rose above £1 billion for the first time in 2018, up 17% year-on-year, while pre-tax profit increased 14% to £27.9 million.

Mike Kirsopp, Chief Executive at Cambridge & Counties Bank, said: “Notwithstanding increased uncertainty in the UK, due to factors such as Brexit and weakening in some markets, we have delivered a 14% increase in pre-tax profit. We have worked hard to deliver another strong year of growth and the Bank is well positioned for continued success in 2019. Outside of our core East Midlands and North West markets, last year saw the emergence of strong lending in the South West and Wales following a targeted office expansion and network investment programme. Our established SME product offering, and competitive rates have delivered excellent balance sheet growth and maintained our earnings momentum.

“A big part of our success is down to the broker partners and intermediaries we work with, and I would like to personally thank them for their continued support. Key to these relationships is our ability to provide a smooth and seamless experience when onboarding new customers, and subsequently managing accounts in a way that continues to meet the needs of all stakeholders. Our overall customer satisfaction remains market leading and, looking forward, maintaining and building on this is a core priority for us.”

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