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.
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.
- 1 Man taken to hospital with serious injuries after B1098 crash
- 2 Cambridgeshire individual diagnosed with Covid-19 Omicron variant
- 3 Multiple emergency services at scene after B1098 crash
- 4 Four charged with modern slavery crimes on one woman
- 5 Tributes paid to 'beloved husband' killed crossing road
- 6 Man who died in St Neots crash is named
- 7 Trainspotters catch Duchess of Sutherland whistling through Fens
- 8 Dental practice plan move to industrial park
- 9 Woman in court over town pub burglary
- 10 When are Royal Mail's last posting dates for Christmas 2021?
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.