Cambridge & Counties Bank said it saw its highest level of customer loans and deposits yet last year, and reported a 50 per cent rise in profits.
The business bank, which is based in Leicester city centre, said gross customer loan balances last year rose 6 per cent to £1.05 billion while customer deposits rose 8 per cent to £1.1 billion. Overall the bank delivered £310 million in gross new lending for the year, and recorded pre-tax profits of £28.5 million – up 54 per cent on the £18.5 million it made in 2021.
Chief executive Donald Kerr said: “We continue to deliver against our strategic priorities to become the specialist SME Bank of choice for our customers and the finance brokers that serve them. Our focus on servicing their needs through a personal approach builds on our deep understanding of their requirements and is evidenced by the growing number of satisfied customers and broker partners: we continue to enjoy over 90 per cent customer satisfaction.
“We delivered an excellent financial performance this year benefitting from higher rates in this more uncertain environment.
“As customers reassess investment priorities in this challenging macroeconomic environment, our focus continues to be on lending responsibly while also helping our customers navigate the challenges they face.”
The bank’s asset finance arm, which helps businesses acquire essential equipment, plant, machinery and vehicles, increased 31 per cent to £71 million.
Dedicated finance for the purchase of classic cars and sports vehicles through hire purchase and finance lease products increased 17 per cent to £42 million.
In a reflection of enhanced customer demand and continued growth, staff numbers increased to 206, up from 183 in 2021.
For the third year running in 2022, the bank said it was independently accredited as Carbon Neutral Plus and said it met a pledge to increase women in top jobs, with 32 per cent female representation in senior management, 30 per cent on its board, and 33 per cent of its executive committee. It wants to elevate female representation at all levels of senior management to 40 per cent by 2025.
Bank chairman Patrick Newberry said: “The key to the bank’s continuing success is a forensic focus on its chosen sectors of real estate lending and asset finance.
“Our strategy of servicing the market through well-managed relationships with brokers and borrowers continues to deliver strong growth and robust returns.
“A key component of servicing those relationships is our smart manual underwriting supported by well-honed customer service and strong credit risk management models and tools.
“Our performance would not have been possible without the commitment and hard work of our staff.
“Our team has moved on from the pandemic, returning to more normal working routines while taking advantage of the best of the hybrid working model. I would like to pay a particular tribute to all of the team and to thank them for their unstinting efforts during the last year.”
