23 May 2018 – interim results
The AIM-listed specialist bank has announced its interim results covering the six months to 31 March and these have shown impressive growth with reported pre-tax profit up 20% to £2.1m (2017: £1.7m). Operating income was up 32% to £6.7m (2017: £5.1m). Earnings per share were maintained at at 0.8p. In the company’s first eight months as a bank, customer deposits have reached £108m and the company was rated 2018 Best New Provider by the savings specialist, Savings Champion. The group’s loan portfolio has continued to grow and now stands at £179m (2017: £128m) and is well on the way to the group’s target of £350m. The lower cost of funding due to the new banking licence has resulted in a 97% increase in new business to the loan book of £69m (2017: £35m). These are clearly excellent results and the group’s expansion is set to continue as its loan portfolio increases – although the shares have had a good run we believe they may have further to go and they remain ATTRACTIVE