Cambridge & Counties Bank has announced record results for 2018, with deposit and lending levels reaching all-time highs.
For 2018, total assets rose above £1bn for the first time to end the year at £1.03bn, up 17% year-on-year and pre-tax profit increased 14% to £27.9m.
The niche bank, which specialises in secured lending and deposit products for small and medium sized businesses, saw loans and advances to customers increase from £690m to £769m
Mike Kirsopp, chief executive at Cambridge & Counties Bank, said: “Notwithstanding increased uncertainty in the UK, due to factors such as Brexit and weakening in some markets, we have delivered a 14% increase in pre-tax profit.
“We have worked hard to deliver another strong year of growth and the Bank is well positioned for continued success in 2019.
“Outside of our core East Midlands and North West markets, last year saw the emergence of strong lending in the South West and Wales following a targeted office expansion and network investment programme.
“Our established SME product offering, and competitive rates have delivered excellent balance sheet growth and maintained our earnings momentum.”
Cambridge & Counties Bank announced at the start of 2019 that lending through Sheffield-based Real Property Finance, one of Yorkshire’s finance brokers, had passed the £100m mark.