Challenger bank quadruples profits

Cambridge & Counties Bank has announces record annual growth in deposits, lending and customer acquisition for the year ended 31st December 2015.

During this period the bank, which has its headquarters in Leicester, saw its balance sheet grow to over £500m, underpinned by strong growth across the business. Its loan book grew by 66 per cent to reach £416m and total deposits increased by 21 per cent to £472m.

The bank declared a profit before tax of £10.2m, which represents a fourfold like for like increase on the £2.5m achieved for the previous year and ahead of forecasts.

Overall the bank delivered a return on investment 26 per cent.

Mike Kirsopp, chief executive, said: “We are delighted to report a strong full year performance with a fourfold increase in profit before tax, driven by the continued growth of our loan book and deposits. Despite 2016 showing increased market volatility in the face of international developments and uncertainty caused by the EU referendum, early signs suggest that we are well placed to deliver another strong year of growth in 2016.”