GlobalData
2 min read
UK-based specialist lender Cambridge & Counties Bank achieved a record level of gross new lending in 2024, reaching £376m (approximately $500m), a 15% increase compared with 2023.
The company reported a pre-tax profit of £35.8m for the year, despite a declining interest rate environment.
Property finance drawdowns reached over £285m, marking the third consecutive year of growth in the bank's core real estate finance division.
Meanwhile, asset finance drawdowns also saw growth, reaching £89m, a 39% increase from 2023.
Cambridge & Counties Bank CFO Rich Hanrahan said: “In asset finance, we streamlined processes for certain customers, significantly reducing the time taken to payout. 2025 will see us build greater flexibility into our technology stack, allowing for faster, safer deployment and more innovation.”
Additionally, finance for classic, vintage, and sports cars using hire purchase and finance lease products rose by 41% to £72m.
Overall, total customer loan balances increased by 11% in FY 2024, reaching £1.23bn, while customer deposits grew by 10% to £1.27bn.
Last year, the bank invested in digital capabilities, offices, and employees, opening new offices in Manchester and Reading, with a focus on asset finance.
Staff numbers increased by 8%, ending the year with 243 employees.
Cambridge & Counties Bank CEO Donald Kerr said: “Over the past two years, we have invested in our relationship management teams and new technology. 2024 saw the benefits of this investment in the form of increased new business volumes. We also continued to develop our product range with more fixed-rate lending and new products such as development finance.
“The UK Government wants to stimulate growth: our SMEs and the UK property market are fundamental to this, and both are fully aligned with CCB's own strategy and products. We play an important role in supporting a broad range of businesses and entrepreneurs, which are often overlooked by larger lenders, and, as such, we have a key role to play in supporting the UK at a critical time for the economy.”
"Cambridge & Counties Bank reports 15% increase in new loans for 2024 " was originally created and published by Leasing Life, a GlobalData owned brand.
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