HTB also announced that total assets had increased by 60% to £389m by 30^th June 2016, compared with £243m at the end of 2015, while loan assets increased by 75% to £311m (£178m in 2015).

Alongside this news the bank also reported that there had been a 25% increase in employee numbers, with plans for further business growth.

Mark Sismey-Durrant, chief executive officer at HTB, commented on the results.

“We are delighted with our financial performance in the first six months of 2016 and expect to continue on this strong growth trajectory during the second half of the year.

“In H1, we achieved a pre-tax profit of £1.3m, a solid achievement for a bank that launched just two years ago. As a relatively new business with no legacy loans, we feel well positioned to respond to the current economic political uncertainty around Brexit.

“We are currently financing the construction of almost 850 residential units for UK housebuilders and the vehicles and equipment for 3,800 small businesses.

“Earlier this year, we diversified into the bridging, professional landlord and commercial mortgage markets and have been encouraged by the early signs of success.

“Our focus as a specialist bank is on bringing our expertise and service to help finance the SME market that drives our economy. We have established our business franchise, successfully transitioned into profit and view our future growth prospects with confidence.”