Cambridge & Counties Bank has encountered a 400 per cent rise in its loan book targeted at SME businesses. Growing from £40 million in 2013 to £200 million this year.
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div>Cambridge & Counties Bank has encountered a 400 per cent rise in its loan book targeted at SME businesses. Growing from £40 million in 2013 to £200 million this year.
As a result of this growth, the SME challenger bank, which launched in 2012, reported a profit before tax of more than £1 million* in the first half of 2014 compared to a loss of £700,000 for the same period last year.
Cambridge & Counties Bank, headquartered in Leicester, has grown by primarily focusing on its heartlands of East Midlands and East Anglia but it’s expanding more across the UK. In particular it has recently increased its activity in the West Midlands, the North and the South West.
Gary Wilkinson, Chief Executive at Cambridge & Counties Bank, said: “To see a million pound profit in a six month period ending just two years after launch is a great achievement.”
“It shows that a new bank can compete with and provide an alternative to the mainstream banks. Our traditional banking approach of using experienced and empowered staff to make decisions means we have said ‘yes’ to many businesses who have had a blanket ‘no’ from their existing bank.”
The corresponding figures for its book of deposits from customers (also primarily SMEs) are £63 million and £200 million – a rise of 217 per cent.
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