Record profits for Peterborough-based challenger bank

Profits for the bank, which specialises in lending to small and medium sized businesses and private landlord sectors, have risen by 88 per cent to £95 million for 2015.

The bank, based at Western House, Peterborough Business Park, Lynch Wood, notched up £6.1 billion of net lending to businesses and homeowners.

The group, which listed on the stock market last March and employees about 900 people nationally, has also announced that customer deposits rose by 29 per cent to £5.7 billion last year.

Chief executive Phillip Monks said: “It has been an excellent year, both operationally and financially, for the group.

“We have delivered record levels of profitability with our profit before tax up by 88 per cent.

“We are serving more customers than ever.

He said: “Net lending is up to £6.1 billion driven by strong double digit growth in asset finance and all our mortgage portfolios.

“We continue to support UK businesses and were pleased to be the third largest net lender to small and medium-sized enterprises under the Bank of England’s Funding for Lending Scheme in 2015.

“Our online deposit business grew in line with our lending and continued to enhance our reputation for innovation with the launch of our SME Rate Checker.

He added: “We are committed to supporting the UK’s SMEs, homeowners, landlords and savers who are often under- or poorly served by the wider market.

We have a clear and differentiated growth strategy and remain both excited about the opportunity in our chosen markets and confident of our ability to deliver continued strong profitable growth and attractive, sustainable returns for shareholders.”