Sunny

Sunny

max temp: 23°C

min temp: 15°C

ESTD 1874 Search

East Anglia: Lending by ‘challenger’ bank Cambridge & Counties reaches £200m

06:00 18 August 2014

Gary Wilkinson, chief executive of the Cambridge & Counties Bank

Gary Wilkinson, chief executive of the Cambridge & Counties Bank

Archant

“Challenger” bank Cambridge & Counties has announced further growth for the six months to the end of June, with its loan book reaching £200million by the end of the first half an increase of 400% on a year earlier.

shares

And deposits from customers who, like its borrowers, are primarily small and medium-sized enterprises (SMEs) were 217% higher, at £200m.

As a result of this growth, the bank, which launched in 2012 specifically to help to SMEs invest in growth and jobs, reported a profit before tax of more than £1million for first half of 2014 compared to a loss of £700,000 for the same period last year.

The bank has been in monthly profit since July last year and this performance is projected to accelerate, with the it expecting profit in the second half of 2014 to more than double.

Gary Wilkinson, chief executive, said: “To see a million pound profit in a six month period ending just two years after launch is a great achievement.

“It shows that a new bank can compete with and provide an alternative to the mainstream banks. Our traditional banking approach of using experienced and empowered staff to make decisions means we have said ‘yes’ to many businesses who have had a blanket ‘no’ from their existing bank.

“And not only do we just lend, but we do so whilst providing a great service too; 99 per cent of our new customers state they would recommend Cambridge & Counties.”

Cambridge & Counties Bank is owned jointly by the Cambridgeshire Local Government Pension Fund and the University of Cambridge’s Trinity Hall.

It is based in Leicester and, while it has so far focused on the East Midlands and East Anglia, it is expanding further across the UK, having recently increased its activity in the West Midlands, the North and the South West.

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Dame Fiona Kendrick:, chief executive of Nestlé  UK & Ireland

Food giant Nestlé has announced plans to close its defined benefit pension scheme, sparking the threat of industrial action.

The Treasury has sold another 1% stake in Lloyds Banking Group.

The taxpayers’ stake in Lloyds Banking Group has fallen to below 16% after the Government sold off another tranche of shares.

The installation of solar panels on the roof of Precision Marketing Group's premises in Lamdin Road, Bury St Edmunds

A Suffolk-based firm will be among the organisations taking part in a nation-wide celebration of solar energy tomorrow.

Candy Gaga'’s Wanda Hewell, right, and daughter, Cherish.

Tower Ramparts in Ipswich now has its very own castle – thanks to the success of a local sweet shop business.

Stansted Airport

A report into the future of Britain’s airports does not rule out a second runway at Stansted – and raises fears of extra night flights to the Essex airport.

Growth in manufacturing eased last month  to its slowest level in two years.

Britain’s manufacturing sector grew at its slowest pace in more than two years last month, impacted by subdued demand from Europe.

Speedy Hire
 has warned that its results for this year will come in

Tool rental business Speedy Hire saw nearly a third of its stock market value wiped off after it announced the shock departure of its chief executive and warned over a major blow to full year profits.

Greene King chief executive Rooney Anand.

Pubs and brewing group Greene King today posted another year of record revenues, with sales within its key Retail division topping £1billion for the first time.

Suffolk Coastal considers convenience store bid

Planning chiefs have responded to concerns about noise and antisocial behaviour arising from proposals for a new convenience store in Kesgrave by insisting on closing times being brought forward an hour and the installation of a barrier to restrict overnight parking.

Tim Dunford, managing director and master brewer at the Green Jack Brewery, third from left, with Beer for Summer judges Mark Dorber, left, and Charlie McVeigh of The Draft House, right, and Peter Gordon, on trade director of Budweiser Budvar.

A Suffolk brewing company is celebrating after winning a new national “Beer for Summer” competition.

Most read

Most commented

Topic pages