The bank, Cambridge & Counties Bank has seen their lending balances increase by £167 million to £588 million in 2016. This is a significant rise of 41% in the company’s landing balances.
The average size of their real estate finance loans has also increased as the bank continues to concentrate on their support of the professional and corporate landlords within the commercial as well as the residential markets.
Their success has been put down to their customer centric focus of their real estate loans business. The bank has also increased its focus on the professional and corporate property investment sector. This and the company’s avoidance of high risk second mortgages alongside development and amateur buy to let markets has seen their balance improve significantly.
Cambridge & Counties Bank has also recently announced a record in annual growth in their deposits, lending and customer acquisition for the year that ended on the 31st December 2016. This is really positive as there were a number of complications during last year, with the uncertainty of the Brexit vote which caused a few projects to stall. The Bank of England also saw their transactions in the buy-to-let market fall significantly in the second half of 2016, so for Cambridge & Counties Bank to have improved their finances so much is a great boost to the company.
The bank saw their balance sheet grow from £518 million to £746 million over 2016. They also saw their loan book increase to £588 million from £416 million. The company has also seen their new asset finance business which has continued to grow month on month. In all, the bank has experienced a total increase of deposits of 45%, valuing £685 million at the end of 2016.
Cambridge &Counties Bank declared a profit before tax of £18.1 million. This profit is a 77% increase on the £10.2 million achieved over the previous year.
