By Daniel Lanyon on 7th March 2017
Five years after its launch from the depths of the credit crunch, this challenger bank is growing fast.
SME focused Cambridge & Counties Bank saw record growth in 2016 for deposits, lending and customer acquisition.
The bank was launched in 2012 and is jointly owned by Trinity Hall, a college of the University of Cambridge and Cambridgeshire Local Government Pension Fund.
It saw deposits grow by 45 per cent to £685m in 2016, and its lending balances by 41 per cent to £588m. The number of depositing customers increased from 4,000 to 6,000, while its total assets now stands at three quarters of a billion pounds. This prompted profit before tax to leap up 77 per cent to £18.1m for 2016. Staff numbers also grew, from 94 to 121.
The bank specialises in secured lending and deposit products for small and medium sized businesses (SMEs), saw its balance sheet grow from £518m to £746m.
The firm is predicting further strong growth in 2017 with increasing forecasted profits providing the capital to fund its balance sheet growth, and lending.
Mike Kirsopp, Chief Executive at Cambridge & Counties Bank said: “Despite growing competition from traditional banks and new entrants, demand for our product range and the service we offer has remained strong."
“With increasing profits providing the capital to fund our balance sheet growth and our expectation of a relatively stable interest rate environment, we are optimistic for further strong growth in 2017,” he said.