Small business lender Cambridge & Counties Bank has reported profit before tax of £10.2m, up fourfold on the £2.5m posted the year before.
The bank’s loan book grew by 66 per cent to reach £416m, while deposits increased by 21 per cent to £472m.
The bank, owned by the University of Cambridge’s Trinity Hall and the Cambridgeshire Local Government Pension Fund, saw a return on investment of 26 per cent for the year.
“Despite 2016 showing increased market volatility in the face of international developments and uncertainty caused by the EU referendum, early signs suggest that we are well placed to deliver another strong year of growth in 2016,” said chief executive Mike Kirsopp.
Kirsopp has worked as a director at Lloyds TSB business banking and also at Bank of Scotland’s corporate arm following the takeover of HBOS by Lloyds. He has lead the bank since it launched in 2012.
The bank is one of many small business lenders that sprung up to fill a gap in the market following a pull back by traditional high street lenders after the financial crisis.
Last year Cambridge & Counties opened its fifth branch in Birmingham and launched an asset finance business with a staff of 10. Overall staff numbers increased from 65 to 94.