Cambridge and Counties Bank announces big increase in new lending

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The Cambridge & Counties merchant bank saw its gross new loans rise by almost 50% last year to £323million.

The specialist bank said the figures reflected the work it was doing to help SMEs, entrepreneurs and property professionals capitalize on growth opportunities in the UK.

The Leicester-based bank said gross customer loans and advances rose 18% in its 2021 financial year to nearly £1bn, while customer deposits ended the year up 12% to over £1bn.

The company said its after-tax profit rose 65 per cent to £15.5 million while employment numbers rose by around 20 to 183.

Bank President Simon Moore said: “The pandemic has accelerated the pace of change in our industry.

“As uncertainty persists post-pandemic, including the conflict in Ukraine, global supply chain disruption and high inflation, we are seeing customer demand remain robust and opportunities continue to emerge.

“We have the right strategy, the right business model and the ambition to realize the bank’s potential.”

Chief executive Donald Kerr said the bank continued to invest in 2022, making appointments in Scotland, the Midlands and the South East.

He said: “While the pandemic remained a challenge for us all in 2021, the UK economy improved and the bank was well placed to meet demand through our competitive products and customer-centric approach. customer.

“Our valued relationship with brokers remains our focus and a key foundation for our growth.

“We are committed to delivering on the bank’s strategy: expanding our reach to serve our customers and brokers, investing in our people and technology, and in the future, providing an even richer service.

“We have also seen significant success in our ESG [environmental, social, and governance] program and our commitment to continuously improve our approach to sustainability and social responsibility.

“We will continue this momentum in 2022.”

Cambridge & Counties Bank is owned equally by Trinity Hall, a college of the University of Cambridge, and the Cambridgeshire Local Government Pension Fund.

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