Cambridge & Counties Bank reports record growth

Mike Kirsopp (photo by Will Johnston)

Cambridge & Counties Bank has announced record annual growth in deposits, lending and customer acquisition for the year ended 31st December 2016.

During this period the Leicester-headquartered niche bank, which specialises in secured lending and deposit products for SMEs, saw its balance sheet grow from £518 million to £746 million, underpinned by strong growth across all aspects of its business. Its loan balances grew from £416 million to £588 million and the bank’s total deposits increased by 45% to £685 million.

The bank declared a profit before tax of £18.1 million, which represents a 77% increase on the £10.2 million achieved during the previous year.

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”.

Simon Moore, non-executive chairman, added: “In many ways, 2016 was a tumultuous year, but our business continued to enjoy strong growth. The strength of our product line and the quality of our staff means that we can continue to offer some of the best and most customised service levels in the industry. This, coupled with plans to expand our workforce, means we remain optimistic that we can continue on our journey of strong growth”.