Growth in lending increased from £3.3bn in 2023 and was driven by record new lending volumes said the bank in its report which recorded results up to the 31st December 2024.
However, total profit before tax saw a 12.6% decline in the same time period, falling from £33.4m in 2023 to £29.2m in 2024.
Adjusted profit before tax fell 8.2% to £39.1m in 2024, from £42.6m the year before.
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Adjusted profit before tax pre impairments increased 18% to £100.9m, up from £85.5m in 2023.
The company said that while 2024 had left them on balance with a more positive economic outlook, “the expected stability and optimism for growth that was promised from a change in UK government has not yet materialised”, with the firm citing concerns over perceived adverse impacts of the Budget, despite a gradual decline in inflation figures.
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