Cambridge & Counties Bank sees profits soar
- Credit: Archant
Cambridge & Counties Bank has seen both deposit and lending levels reach an all-time high, it has been announced.
The bank, which is jointly owned by Trinity Hall, a College of the University of Cambridge, and Cambridgeshire Local Government Pension Fund, has enjoyed ‘robust growth’ throughout the year.
Bosses also predicted further growth for 2018 and believe the ‘full implications of Brexit are unlikely to be known for at least four years’.
It comes as the bank announced plans to make its first dividend payment.
The niche bank which specialises in secured lending and deposit products for small and medium sized businesses (SMEs), saw its balance sheet grow from £746m to £879m between January and December 2017.
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Its loan balances grew from £588m to £690m, and total deposits increased from £685m to £798m.
The bank declared a profit before tax of £24.4m, a 35 per cent rise on the previous year.
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Mike Kirsopp, chief executive at Cambridge & Counties Bank, said: “We have created a unique proposition in the niche markets we operate in that is based around elevated levels of personalised service combined with the speed, efficiency and know-how that is needed in today’s modern world.
“We enjoyed another year of impressive growth in 2017, and although there are clearly risks in the marketplace, we remain optimistic for the future.
“In terms of Brexit, the full effect of this will not be known for around four years, but in the meantime, we haven’t seen any significant impact on our markets or business.”
Simon Moore, chairman of Cambridge & Counties Bank, said: “The fact we have maintained such high customer satisfaction levels during our strong growth is testament to the strength of our team and systems. However, we are not resting on our laurels.
“We will make further investment in our customer experience technology, and will continue to look at ways we can enhance our existing product range and potentially launch into new markets.”
The bank launched in June 2012 and has a unique ownership structure, being owned 50 per cent by Trinity Hall and 50 per cent by Cambridgeshire Local Government Pension Scheme.